Tourism Builder picked for luxury resort as Egypt tourism rebounds A construction contract has been awarded to build the first phase of the $1.7 billion Soul Luxury Beach Resort on Egypt’s north coast. Eagle Hills Properties, based in Abu Dhabi, has signed a $62 million contract with Egyptian company Orascom Construction. It described the deal as a “significant milestone” in the development of the resort, […] August 29, 2023
Real Estate Qatar wealth fund buys troubled New York hotel A luxury Manhattan hotel, which has been on the market for a number of years after being caught up in the 1MBD Malaysian investment fund scandal, has been sold to Qatar’s sovereign wealth fund. The Qatar Investment Authority has bought the 46-storey Park Lane Hotel for almost $623 million, according to city records, as first […] August 29, 2023
Real Estate Palm Jumeirah’s $52m plot to house high-end residences A new high-end residential project is slated to be built on Dubai’s Palm Jumeirah following the sale of a plot of land on the man-made, palm-shaped island. The plot was sold for AED190 million ($51.73 million), one of the highest land deals recorded in Dubai in 2023, said global property consultancy JLL, who arranged the deal […] August 29, 2023
Construction Work to begin on Reem Hills villas in September Q Properties, a real estate development subsidiary of Abu Dhabi-listed Q Holding, has awarded an AED1.76 billion ($479.17 million) construction contract for the first phase of Reem Hills villas on Abu Dhabi’s Al Reem Island. UAE-based Trojan General Contracting will build the 218 luxury villas and develop the three million sq ft of built-up area. […] August 29, 2023
Analysis Finance Saudi Arabia pushes easy mortgage financing scheme Saudi Arabia has increased funding for home ownership for citizens over the past year in an effort to reach Vision 2030 targets. The kingdom’s sluggish mortgage market has been affected by high US interest rates. The Saudi riyal is pegged to the US dollar, tying the Saudi mortgage market to US interest rate fluctuations. Residential […] August 29, 2023
Construction Contract awarded for work on Avenues Khobar project Kuwaiti developer Mabanee has awarded a construction contract worth SAR3.66 billion ($976 million) for the first phase of The Avenues Khobar, a mixed-use project in Saudi Arabia. The contract was won by a joint venture between Saudi’s AlKifah Contracting Company and Kuwait’s Al Ahmadiah Contracting and the work will be completed in three years, Mabanee […] August 28, 2023
Real Estate Meraas appoints main contractor for Jumeirah project China Railway 18th Bureau has been appointed main contractor for the latest residential project to be built in Dubai’s Port De La Mer. Developer Meraas Holding appointed the company for its Le Ciel project, in which three residential buildings will be built, consisting of eight floors with 178 properties, ranging from one to four bedrooms. […] August 25, 2023
Real Estate US builder to manage Riyadh business hub expansion US construction and engineering company Parsons Corporation has won a contract to manage the expansion of the King Abdullah Financial District (KAFD). The Virginia-based business said it has been awarded a five-year contract by the KAFD Development and Management Company for Saudi Arabia’s prime business and lifestyle destination. The contract supports the expansion of the […] August 23, 2023
Real Estate Ajman property deals rise 16% as economy rebounds Real estate transactions in Ajman rose 15.6 percent year on year in the first half of 2023, propelled by the UAE’s thriving economy. The number of property deals reached 5,310 and were valued at AED7.17 billion ($1.95 billion), the UAE state-run Wam news agency reported, citing Omar bin Omair Al Muhairi, director-general of Ajman’s Department […] August 23, 2023
Real Estate Falconcity of Wonders plots to go under hammer in Dubai Hundreds of plots of land at a Dubai development that promised homebuyers views of a replica Eiffel Tower or Taj Mahal have been put up for auction. The Falconcity of Wonders project was launched in 2005, at the height of the Dubai real estate boom, and its masterplan included districts themed around Paris and Venice. […] August 23, 2023
Construction Bahrain office rents fall as oversupply issues grow Office rents in Bahrain are expected to experience continued downward pressure with new supply set to hit the market. Rental rates increased by 1.6 percent in the second quarter of the year compared to the first three months of 2023, at an average value of BHD6.5 per sq m. And office vacancy rates hit their […] August 18, 2023
Construction Dubai real estate market bats off interest rate hits International private credit funds could be ready to tap into the Dubai real estate market with competitive interest rates. The Central Bank of the UAE raised its borrowing rate in July after the US Federal Reserve pushed its interest rate to a 22-year high. Now Asian and European funds are looking at the market as […] August 17, 2023
People & Lifestyle UAE decking out offices to promote worker wellbeing The UAE is increasingly adopting building standards that meet employee demand for office conditions that enhance wellbeing. The Middle East has witnessed a 24-fold increase in Well Building Standard adoption over the last 19 months, with a large majority coming from the UAE. The Well Building Standard is an international system that measures, monitors and […] August 17, 2023
Economy German decline scares off Middle East property investors Middle East investors are increasingly wary of buying German real estate due to the country’s stuttering economy and the allure of more profitable, less risky alternatives. This hesitance is exacerbating a slump in Germany’s property sector. Sales in the first half of 2023 totalled €14.9 billion, down 59 percent year on year and 53 percent […] August 17, 2023
Construction Saudi Arabia signs $1.3bn housing deals with China Saudi Arabia has signed 12 infrastructure development agreements with Chinese companies and banks worth more than SAR5 billion ($1.33 billion). The agreements include five housing-related projects, state-run SPA reported, citing the housing ministry. Speaking at the Saudi-Chinese Business Forum in Beijing, Saudi housing minister Majid Al Hogail said the kingdom offers significant investment opportunities in […] August 17, 2023
Construction PIF unveils FM subsidiary to target $35bn business Saudi Arabia’s Public Investment Fund (PIF) has established a facilities management business to support the growth of its real estate sector. Saudi Facility Management Company (Fmtech) will offer a range of services, including utilities management, energy management, waste management, maintenance, housekeeping, security and landscaping services, the sovereign wealth fund said in a statement. In addition, […] August 11, 2023
Construction Emaar share price declines despite first-half profit rise Dubai’s Emaar Properties reported a 15 percent rise in first-half net profit on Thursday as declining costs and surging other income more than offset a double-digit drop in revenue. Yet investors seemed unimpressed, and the company’s share price, and that of its subsidiary Emaar Development, were both down in early trading on Dubai’s bourse. Emaar […] August 10, 2023
Real Estate Abu Dhabi house prices 25% lower than 2014 Average house prices in Abu Dhabi are 25 percent cheaper than they were during the 2014 peak. One area that bucks the trend is Saadiyat Island, one of the most popular locations in the emirate. Known as the cultural island and home to the Louvre Abu Dhabi and Guggenheim Abu Dhabi museums, house hunters will need […] August 10, 2023
Construction Jamal Omar loses petition against zakat claim of $95m Jamal Omar Development, the company which has led construction in the holy city of Mecca, must pay Islamic alms (zakat) of SAR357 million ($95 million) for the years 2012-2018, after losing a complaint against the Saudi government tax authority. The building firm, which is listed on the Saudi stock exchange, made the petition after it […] August 10, 2023
Video length: 02:36 VIDEO Real Estate Dubai office rents spike as employers vie for talent Office rents in Dubai rose sharply in the first half of this year as demand continues to grow, according to new research. Demand reached 580,000 sq ft in H1 2023, a 23 percent increase on the same period last year. Businesses are gravitating towards Grade A space, using the high-quality offices as a “showroom” to […] August 8, 2023
