Opinion Leisure & Hospitality Dubai restaurants struggle in the dog days of summer The summer expat exodus and rent increases are piling pressure on Dubai's hospitality industry July 26, 2024
Analysis Real Estate Canary Wharf’s evolution is a nod to QIA change of strategy The futuristic designs for the former HSBC Holdings headquarters in London’s Canary Wharf may provide a glimpse into the strategy in recent years of one of its major shareholders – the Qatar Investment Authority. Reportedly a casualty of the Covid pandemic and subsequent shift to remote working, 8 Canada Square is to be turned into […] July 26, 2024
Real Estate Interest in Saudi commercial space may be peaking Weakening demand in Saudi Arabia’s commercial sector suggests the market could be reaching a plateau, a new survey indicates. The Global Commercial Property Monitor report by the UK’s Royal Institution of Chartered Surveyors (Rics) found that demand for space rose by 20 percent in the second quarter of 2024, compared with a 53 percent rise […] July 25, 2024
Real Estate Large deals drive Qatar and Kuwait real estate in Q2 Large one-off transactions masked an otherwise sluggish performance in the Qatari and Kuwaiti real estate markets in the second quarter of this year. The number of mortgage transactions in Qatar from April to June increased by more than 42 percent over the same period last year. Some 376 deals were signed for a total value […] July 24, 2024
Construction Three Saudi companies acquire fund behind world’s tallest tower The Saudi Arabian fund behind what will be the tallest tower in the world has been acquired in a $1.8 billion (SAR6.8 billion) deal. Kingdom Holding Company, Sumuo Holding Company and Jeddah Economic Company (JEC) have signed an agreement to take ownership of the Al Inma Jeddah Economic Fund, which is currently wholly owned by […] July 22, 2024
Real Estate Al Mazaya reports legal proceedings after alleged fraud The Omani subsidiary of Al Mazaya Holding has uncovered alleged fraudulent activity by employees of the company, estimated at OR242,000 ($628,000). A criminal complaint has been filed by the Kuwait-based real estate development giant against “some of the company’s employees” regarding collections of the sale and rent of some units, according to filings on Boursa […] July 19, 2024
Giga-projects Full steam ahead on ‘largest urban park in the world’ Saudi Arabia is forging ahead with construction of what it calls the “largest urban park in the world”, publishing videos of its first buildings under construction after a tunnel opened earlier this year. King Salman Park in Riyadh is owned by the Public Investment Fund and was recently valued by real estate consultancy Knight Frank […] July 19, 2024
Real Estate Dar Global to build new Trump tower in Dubai The Trump real estate brand got another boost in the Gulf on Thursday as developer Dar Global announced it would build a Trump Tower in Dubai. The London-listed overseas arm of Saudi Arabia’s largest developer Dar Al Arkan said further details about the agreement with the Trump Organization, such as the exact location and construction […] July 18, 2024
Construction Earthquake rebuild fuels rise in Turkish construction hires A sharp increase in hirings and orders point to a rebound in Turkey’s construction sector, although rising costs, high interest rates and weak demand for new residential properties remain big challenges to continued growth. Employment levels in the construction sector reached 80-month highs in May and more than 1.8 million workers were on the books, […] July 18, 2024
Construction Eagle Hills gets claws into Indonesia Eagle Hills, the Abu Dhabi developer, looks set to add Indonesia to its burgeoning worldwide portfolio. A tentative agreement was signed on Wednesday with the Indonesian government to develop $3 billion worth of tourism assets in the Southeast Asian archipelago. The deal has a validity of one year only, with the possibility of renewal, and […] July 17, 2024
Analysis Finance Middle East property tech draws venture capital interest Venture capital is pouring into the Middle Eastern property technology industry, buoyed by continued growth in regional real estate. Property tech offerings encompass listing websites, rental management services and investment products, among others. In the first half of 2024 startups in the sector became the number one target for early-stage funding, beating fintech, which has […] July 16, 2024
Opinion Finance American business weighs prospect of ‘Trump trade’ Some sectors, such as energy and real estate, stand to gain on an election win July 15, 2024
Video length: 08:13 Analysis Real Estate Logistics deals keep Kuwaiti real estate ticking over A near doubling in the value of logistics deals drove an otherwise struggling real estate sector in Kuwait in the first six months of this year, as the Gulf state’s non-oil business activity keeps growing. The latest Ministry of Justice data, out this week, showed the value of transactions linked to warehouses totaled KD16.8 million […] July 12, 2024
Real Estate Investcorp buys US student housing assets for $160m Investcorp, Bahrain’s alternative asset manager, has acquired two student housing properties in the US for $160 million, as university enrolment numbers surge. The two properties, the University of Florida in Gainesville and the University of Texas at Austin, have a combined 914 beds. The two universities are ranked among the top 10 public universities in […] July 12, 2024
Real Estate Sports and entertainment to push up Riyadh retail rents The sports and entertainment sectors will be key drivers in Riyadh retail rents rising by 28 percent by 2026, according to new research, with rates already up 3 percent in the past year. “The total existing retail supply in Riyadh stands at 3.6 million square metres, with around 27,050 square metres of retail space entering […] July 11, 2024
Real Estate Omani fund targets commercial assets after IPO Jabal Real Estate Investment Fund has targeted a swathe of commercial assets in Oman after officially listing on the Muscat Stock Exchange. The company, which has a capital portfolio of OR17 million ($45 million), is considering an office building and a warehousing complex in the sultanate. No further details were given, although both properties boast […] July 11, 2024
Real Estate UAE developer to build $500m project in Egypt KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo. The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news […] July 10, 2024
Sustainability Forests in the desert: more than just a pipe dream Planting trees in the sand has been done before and can be done again, but when water is so scarce it is a remarkable challenge, says Valentina Pasquali July 8, 2024
Construction Turkish contractors bag $7.6bn worth of overseas projects Turkish contractors have started work on overseas projects valued at $7.6 billion in the first half of 2024, according to official data. The number of projects reached 82 in the January-June period, state-run Anadolu Agency said, quoting trade ministry data. The average project value increased to $92 million in the first half of 2024, up […] July 5, 2024
Real Estate Development plans push up RAK property prices Residential real estate prices in Ras Al Khaimah have grown by as much as 25 percent in the past eight months as developers vie to secure prime waterfront lots. The allure of the UAE’s first casino, which is under construction, is also contributing to the hike, according to Dubai-based brokerage firm Metropolitan Premium Properties. Studios […] July 4, 2024
Analysis Retail Does Dubai need more malls? The people say yes In a city that already has more than 60 million square feet of leasable retail space, one of the highest per capita in the shopping-crazy Gulf, it is perhaps surprising to see more malls being built or added to the pipeline. Yet that is exactly what is happening in Dubai, where this week Sobha Realty […] July 4, 2024
Construction DIFC Square launched to meet Dubai’s growing office demand More than 500,000 sq ft of office space is to be added to the heart of Dubai International Financial Centre with the launch of three new towers. DIFC Square will be built over 1 million square feet, 60 percent of which will be dedicated to grade A office space. At a cost of around $270 […] July 3, 2024
