Real Estate Union Properties to repay $263m debt in 2024 Union Properties plans to repay AED966 million ($263 million) to lenders in 2024 as part of its debt restructuring plan. The developer, which trades on the Dubai Financial Market, has repaid AED290 million ($78.96 million) worth of debts as a result of AED816 million generated from plot sales in the first quarter of 2024. The […] April 3, 2024
Giga-projects Roshn to build its first residential district in Mecca The Saudi giga-project Roshn is building its first residential community in Mecca, which will cater to middle income Saudis. The Almanar project will sit on the western outskirts of the city, with easy access to Jeddah airport. It will house 17,000 people in its first phase, Roshn said this week. The development will include three […] April 2, 2024
Giga-projects Neom and Jeddah offer appeal to expat buyers Many expatriates in Saudi Arabia are interested in buying property in Neom and Jeddah Central and willing to spend over $1 million, a real estate survey showed this week. “When asked about which giga-project they would most like to buy a home to live in, Neom emerges as the clear favourite, followed by Jeddah Central […] April 2, 2024
Construction ADIA backs Indian developer in $240m deal Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, and India’s Kotak Alternative Investment Fund will support Indian developer Prestige Group in building residential projects across four Indian cities. The deal is valued at 20 billion rupees ($240 million), Prestige Group said in a statement to the Bombay Stock Exchange on Monday. The projects will be […] April 1, 2024
Construction Losses narrow for developer of King Abdullah Economic City Emaar the Economic City, the developer of King Abdullah Economic City near Jeddah, narrowed its losses in 2023 as revenue nearly tripled. The developer cut losses to SAR253 million ($67 million) last year from SAR1.2 billion in 2022. Revenue was up 184 percent year on year to more than SAR1 billion in 2023, driven by sales […] April 1, 2024
Analysis Real Estate Dubai land shortages push property prices even higher A shortage of undeveloped land in Dubai has caused an unprecedented rise in the cost of plots, setting the stage for further increases in the city’s already high property prices. Experts note that in some areas land prices have nearly quadrupled over the past year, compelling developers to rethink their strategies to capitalise on this […] March 29, 2024
Real Estate Abu Dhabi launches $953m housing project for citizens The Abu Dhabi government will build an AED3.5 billion ($953.08 million) residential project through a public-private partnership in the emirate to meet the housing needs of its citizens. The project, comprising 1,146 residential villas on Al Raha Beach, was launched by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Abu Dhabi […] March 27, 2024
Real Estate RAK government to raise stake in property developer to 34% The Ras Al Khaimah government is planning to raise its stake in the emirate’s flagship real estate developer to more than a third. Shareholders in RAK Properties have approved a capital increase with the issuance of 920 million new shares, each with a nominal value of one dirham, effectively increasing the company’s capital by AED920 […] March 26, 2024
Real Estate Saudi home ownership fund hands out $257m in March Saudi Arabia’s Real Estate Development Fund provided another SR963 million ($257 million) in housing support in March. This takes the total given since 2017 to increase home ownership in the kingdom to $15 billion, the Saudi government said. The government is trying to raise home ownership among nationals to 70 percent of the population by […] March 25, 2024
Analysis Real Estate What Dubai’s united nations of property buyers want When purchasing a property in Dubai amenities are important to Brits, while Indian buyers are all about the return on investment, according to real estate experts. Last year Dubai recorded 1.6 million real estate transactions, a record 17 percent year-on-year increase, according to data from the Dubai Land Department. The demand comes from a largely […] March 25, 2024
Analysis Tourism Abu Dhabi’s futuristic vision of an Egyptian metropolis By 2052, Egypt’s Ras El Hekma will be “competing with the most important cities of the world,” according to the new project’s promotional video. Published on February 23, the day the Abu Dhabi sovereign wealth fund ADQ bought development rights to this stretch of coastline as part of a $35 billion deal, the video shows […] March 22, 2024
Real Estate Real estate broker licence numbers in Kuwait rise by 17% Almost 230 new licences were issued to land and property sales agents in Kuwait in 2023, bringing the total to 1,594 by the end of December, a 17 percent rise on 2022. Kuwait’s property sector is hoping that a new law allowing foreigners to buy will lead to increased business opportunities. A total of 228 […] March 21, 2024
Real Estate Dubai mortgage holders squeezed by end of low fixed rates Purchasing a home in Dubai for AED2 million ($544,600) in 2021 meant manageable monthly mortgage payments of about AED7,600, at a 2 percent interest rate secured for three years. With these fixed-rate contracts now expiring, home owners have told AGBI that banks are rolling over to rates as high as 7 percent, resulting in monthly […] March 21, 2024
Logistics Investcorp to strengthen US presence with $526m venture Bahrain’s alternative asset manager, Investcorp, has unveiled a new $526 million venture to acquire industrial real estate assets in the United States. The venture has been set up with two unidentified sovereign wealth funds, mirroring a similar strategy launched in November 2021. The three entities have committed over $1 billion of investment over the past […] March 21, 2024
Giga-projects Work underway on cube at centre of New Murabba giga-project The company building New Murabba, one of Saudi Arabia’s biggest giga-projects, said this week that construction was underway on the development’s centrepiece: a cubic structure being marketed as “large enough to hold 20 Empire State Buildings”. The New Murabba Development Company, which is owned by the Saudi Public Investment Fund, is charged with creating a […] March 20, 2024
Construction Sharjah developer launches Syria home-building campaign The Sharjah developer Arada has launched its third annual Ramadan charity campaign, pledging to build homes for displaced families in Syria. For every house sold at Arada’s real estate developments during the holy month, the company will build a home for a Syrian family affected by recent conflict and the February 2023 earthquakes. The “Home […] March 19, 2024
Construction 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 […] March 19, 2024
Construction 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 […] March 17, 2024
Trade 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 […] March 14, 2024
Real Estate 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 – […] March 14, 2024
Exclusive Real Estate 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 […] March 13, 2024
Video length: 04:50 VIDEO Real Estate 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 […] March 7, 2024
