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Real Estate

Real estate and property news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Nobu Aldar record

Nobu penthouse shatters Abu Dhabi sales record

A three-bed penthouse at Nobu Residences on Saadiyat Island has sold for AED137 million ($37.3 million), fetching the highest price per sq m ever seen in Abu Dhabi, at AED96,000 ($26,137), Aldar Properties has claimed. It comes after the sale of a four-bed duplex sky villa in Nobu Residences for AED130 million, the state-run WAM […]

Dubai's ruler Mohammed bin Rashid Al Maktoum launched the Economic Agenda to double the size of the emirate's economy. Oreseya Capital will contribute to this aim

Nakheel and Meydan merge with Dubai Holding 

Two of Dubai’s largest state-backed developers – Nakheel and Meydan – will merge into Dubai Holding, the investment vehicle of Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum, to create a new global economic entity.  Nakheel and Meydan will become part of Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, with […]

Buildings taller than 90m are banned in Budapest to preserve the city's architecture

UAE developer wins $6bn Budapest contract

An Emirati developer has finalised a €5.5 billion ($6 billion) deal to transform a rundown area of Budapest in the same week that the UAE and Hungary signed an economic cooperation agreement aimed at improving bilateral trade and investment. Eagle Hills International, which is based in Abu Dhabi, has partnered with the Hungarian government to […]

Construction cranes tower over the Grand Mosque in Mecca, as a pilgrim kneels in prayer

Super-rich Muslims seek homes in Saudi holy cities

Wealthy Muslims are keen to take advantage of golden residency visas in Saudi Arabia to buy nearly $2 billion of property in Mecca, Medina and Riyadh, according to new research.  Just over 500 high-net-worth individuals from nine countries with a sizeable Muslim population – Algeria, India, Indonesia, Iraq, Iran, Malaysia, Pakistan, Singapore and Turkey – […]

A planned Dar Global development in Oman. The company aims to shake up real estate marketing with AI

Dar Global spin-off to use AI in real estate marketing

Dar Global, the London-listed arm of the Saudi Arabian real estate developer Dar Al Arkan, is establishing a venture dedicated to finding technological solutions to real estate companies’ biggest challenges. Ziad El Chaar, CEO of Dar Global, told AGBI that the company’s new Propgenuis spin-off would introduce tools aimed at automating social media management for […]

Head, Person, Face Deyaar's CEO, Saeed Al Qatami, says there has been 'phenomenal growth' in the commercial space Video length: 04:50

Dubai luxury real estate has stabilised, says Deyaar CEO

Demand for mid-segment and affordable properties will increase in the coming months as luxury real estate prices start to stabilise, according to Saeed Al Qatami, CEO of the Dubai master developer Deyaar Development.  “This is a segment that will see more demand and an increase in prices. Luxury has stabilised,” Al Qatami said. Last month […]

The value of Saudi real estate transactions fell 11 percent during 2023 to SAR193 billion

Al Akaria profit falls 39% as Saudi home sales drop

Saudi Real Estate Company (Al Akaria) said net profit fell 39 percent to SAR67.6 million ($18 million) in 2023. Revenue fell 12 percent year on year to SAR1.8 billion due to a decline in the sale of units and land plots by SAR531 million, the Saudi-listed developer said in a statement. In addition, financing charges […]

Developer Dar Global's revenue jumped 351 percent year on year to $360.6m in 2023

Dar Al Arkan unit aims for $700m revenue in two years

Dar Global, the international real estate arm of Saudi-listed Dar Al Arkan, is targeting $700 million in combined revenues for 2024 and 2025 amid expansion beyond the GCC region. Following its London Stock Exchange listing, the company’s growth strategy in new markets and territories has seen the gross domestic value of its portfolio rise to […]

The development by Al Fayha is the second mixed-use development announced for Muscat in a matter of days

Omani developer reveals Muscat mixed-use project

The Omani developer Al Fayha United Development company has launched a 13,000 square metre mixed-use project in Muscat. The Smart Home project in Al Ghala Heights, opposite Madinat Al Irfan, will include an apartment building comprising nine floors and a penthouse. Sheikh Saud bin Hamad al Ta’i, chairman of Al Faiha Development Company, said residential […]

Properties under construction accounted for three quarters of the 11,200 transactions last year in Abu Dhabi off-plan property sales residential sales real estate

Abu Dhabi residential sales buoyed by off-plan purchases

Property sales in Abu Dhabi’s residential sector were up 83 percent year on year in 2023 as a raft of new launches enticed buyers to the off-plan market. There were more than 8,000 units introduced to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last […]

Attendees at the Big 5 convention in Riyadh ranked Saudi Arabia among the top three most enticing construction markets in the world alongside China and India

Foreign expertise vital for Saudi construction

Saudi Arabia’s construction industry needs more foreign involvement if achieving its Vision 2030 goals is to become a reality, according to attendees of the Big 5 conference in Riyadh. In the first half of 2023 alone $44 billion worth of new projects were awarded in the kingdom’s $140 billion construction sector, according to real estate […]

Architecture, Building, House

Dubai’s Emaar unveils $26bn projects as market rebounds

Dubai’s largest developer, Emaar Properties, has unveiled two new mega projects with a development cost of AED96 billion ($26.14 billion), driven by a rebound in the emirate’s real estate sector. The projects – The Heights Country Club and Grand Club Resort – will target the high-end residential and hospitality segments, the developer said in a […]

A market worker in Cairo stands under a pro-President Sisi banner. The ADQ deal has raised hopes that Egypt's economy can rebuild

Abu Dhabi’s $35bn throws Egypt a liquidity lifeline

A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […]

Gulf bidders want to develop land for tourist resorts in the Ras Ghamila area of Sharm El-Sheikh, Egypt

Saudi and Qatari funds bid for new Egyptian project

Consortiums backed by Saudi Arabia’s Public Investment Fund and Qatar Investment Authority are among several Gulf bidders seeking to develop land in the Ras Ghamila area in Sharm El-Sheikh, Egypt, a local Egyptian media outlet reported. The winning consortium will be announced within two months after evaluating the submitted offers, Daily News Egypt reported, citing […]

Ras Al Khaima casino

Casino plan tempts Dubai’s Danube to buy plots in RAK

Danube Properties, a Dubai-based real estate developer, is pursuing land deals in Ras Al Khaimah as the emirate’s real estate market heats up, driven by the planned arrival of a casino. Prices for one-bedroom apartments are now matching or even exceeding those in Downtown Dubai, an upmarket part of the UAE’s commercial capital, after RAK’s […]

Union properties land sales

Union Properties sells $136m of land to ‘foster growth’

Dubai developer Union Properties has sold more than AED500 million ($136 million) worth of land as it continues to address levels of debt. It is also looking at further offers on assets worth more than AED1.2 billion ($326 million), according to a filing on Dubai Financial Market on Monday, although no locations have been revealed. […]

Tawoos will develop two towers as part of the Al Khuwair Downtown Project that is intended to transform Muscat

Omani contractor signs tower deal for billion-dollar project 

Omani conglomerate Tawoos Group has signed a deal to build two mixed-use towers within the sultanate’s billion-dollar Al Khuwair Downtown Project. The project in the Muscat governorate has raised $1.3 billion in investments, according to a report from the Oman Observer, and covers an area of 3.6 million square metres. Tawoos Group will be responsible […]

A worker looks out at Riyadh from a tower under construction in the city

PIF explores buying stake in Saudi Binladin Group

Saudi Arabia’s Public Investment Fund (PIF) is planning to acquire a stake in Saudi Binladin Group, one of the biggest construction groups in the kingdom, a media report said.  The sovereign wealth fund is working with US investment bank Morgan Stanley on a potential deal, Bloomberg reported, citing people aware of the matter.  The $700 […]

UAE new cairo

UAE developer to build $2bn project in Egypt’s New Cairo

Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo. Named The Crest, the development in the Hadayek Al-Andalus area will be built on a plot spanning 665,000 sq m. It will comprise residential, commercial […]

A view of the financial district in Bahrain's capital Manama. The kingdom's real estate remains more affordable than other Gulf states

Bahrain and UAE sign $4bn real estate deal

A UAE property investment and development company has signed a $4 billion deal to develop real estate across Bahrain. Abu Dhabi’s Eagle Hills International has finalised a joint cooperation agreement to set up Binaa Al-Bahrain, with a focus on residential, commercial and entertainment projects across the kingdom. The new company will work with Edamah, the […]

ultra-luxury property Palm Jumeirah

Lottoland founder bets on Dubai’s ultra-luxury property market

The founder of a global lottery gambling platform has bet $136 million on the launch of his latest venture, an ultra-luxury property development company initially focused on Dubai’s Palm Jumeirah. David von Rosen, who set up Lottoland in 2013, said he has now invested heavily in 25 Degrees, named after Dubai’s latitude, alongside a Dubai-based […]

UP real estate Union Properties Dubai scene Fredrick Öhlander Unsplash

UP to invest $1bn in real estate projects as profits rise

Union Properties (UP), a previously troubled Dubai real estate developer, has said it plans to spend AED5 billion ($1 billion) on new projects, after its financial results rebounded last year. Net profit for 2023 increased by 2,600 percent year on year to hit AED811 million, according to a bourse filing on Thursday. UP, best known […]