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
Construction Danube’s new $218m housing project to be ready by 2026 Danube Properties has launched an AED800 million ($217.8 million) twin-tower housing project in Dubai’s Jumeirah Village Circle, which is expected to be completed in the fourth quarter of 2026. The 40- and 46-storey tower project, Elitz 3, will have 750 units, the Dubai-based developer said in a statement. The new development is the ninth project […] August 8, 2023
Real Estate RAK Properties’ profit surges 245% to $24m in H1 2023 RAK Properties on Thursday reported net profit for the first half of 2023 surged 245 percent year on year to AED88.19 million ($24.01 million). Revenue at the Abu Dhabi-listed developer rose by an annual 164 percent to AED511.64 million during the six months, driven by high demand for new project launches in both Abu Dhabi […] August 3, 2023
Real Estate Abu Dhabi firms in talks for $12bn real estate and tourism giant Abu Dhabi’s ambitions to rival its neighbour Dubai as a global events destination have stepped up a notch with talks to create one of the largest real estate, hospitality, events and catering platforms in the region. Sovereign wealth fund ADQ and IHC Capital Holding have submitted an offer to wrap some of their shareholdings into real […] August 2, 2023
Real Estate Looming deadline sees scramble for Riyadh offices As an end of year deadline for setting up regional headquarters in Saudi Arabia looms, international companies are taking lower grade Riyadh office space due to a shortage of availability in prime locations. Crown Prince Mohammed bin Salman announced in February 2021 plans to transform Riyadh into one of the top cities in the world, […] August 2, 2023
Real Estate Oyo expands to meet expat demand for Abu Dhabi flats Indian hospitality chain Oyo is adding 2,000 apartments to its offering in Abu Dhabi as demand grows for expat housing. The furnished units will be available for long-term rent and many will be located in business districts such as Khalifa City, Al Zeina, Al Raha, Al Reem Island, Al Reef and Al Mushrif. Other apartments […] August 2, 2023
Construction UAE-UK Business Council targets building emissions Decarbonising the built environment should be a key aim for the UK and UAE as they work to accelerate the energy transition, the head of the UAE-UK Business Council has told AGBI. The council’s executive director Bradley Jones said the two countries had “a great deal of expertise in retrofitting existing buildings and developing alternative, […] August 1, 2023
Real Estate Aldar targets China as sales to overseas buyers balloon Aldar Properties is working to attract more Chinese customers as it reports a fourfold increase in sales to overseas and expat buyers for the first half of the year. “One interesting demographic we are starting to see is the Chinese,” said Faisal Falaknaz, group chief financial and sustainability officer at the Abu Dhabi developer. “It […] August 1, 2023
Video length: 03:53 VIDEO Construction Dubai tests modular building to cut demand down to size Dubai Municipality has awarded Linq Modular a licence to start work on a pilot for a seven-storey modular building. Linq will design and build the pilot modules at its 300,000-sq-ft factory in Dubai Industrial City – which has the capacity to produce 1,900 units per year. The units could be used for a residential or a […] August 1, 2023
Construction Aldar Education expands into Bahrain and Dubai Aldar Properties has increased investment in its education business, with over AED350 million ($95 million) added to the initial AED1 billion commitment announced last year, it said on Monday. A filing to the Abu Dhabi Stock Exchange notes that the company is expanding into Dubai and Bahrain, as well as adding a new acquisition in […] July 31, 2023
Exclusive Real Estate Dubai businessman ready to take on The World A Dubai businessman is in talks to try and launch a project on The World, as the emirate’s record-breaking real estate market revives interest in the manmade island development. The World was launched in 2003 by state-owned master developer Nakheel. Made up of 300 small manmade islands in the shape of the map of the […] July 31, 2023
Real Estate Dubai has 392 real estate projects under development Nine real estate projects worth AED4.06 billion ($1.11 billion) were completed in the first half of 2023, according to the Dubai Land Department (DLD). The emirate has 392 real estate projects currently under development, the UAE state-run Wam news agency reported, citing DLD data. The first half of 2023 saw the registration of 42,583 real […] July 27, 2023
Real Estate Russians bucking trend in Dubai with bigger, pricier homes Russian buyers are bucking the trend in Dubai real estate and buying bigger, more expensive houses as they make the emirate their new permanent home. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of this year. Villas topped previous records set in 2014. Property […] July 27, 2023
Analysis Real Estate Residential deals slump in Saudi as mortgage costs rise Residential real estate deals in Saudi Arabia fell by nearly a third during the first half of 2023 as higher mortgage costs eroded purchasing power. New analysis from Knight Frank showed there were about 70,000 transactions during the first six months of the year, down from 103,000 in the same period last year, representing a […] July 26, 2023
Real Estate Off-plan sales in Abu Dhabi surged 111% in Q2 to $490m The value of off-plan property deals in Abu Dhabi more than doubled to AED 3.8 billion ($490 million) in Q2 2023 from AED 1.8 billion in Q2 2022. In a Q2 market overview report based on data from Quanta, the consultancy JLL said most of the deals were in the AED2 million to AED3 million […] July 26, 2023
Real Estate Norwegians return to Dubai commercial property sector Norwegian investors were the second-largest group active in Dubai’s commercial real estate in the second quarter of the year, marking a dramatic return after being largely absent since before the Covid-19 pandemic. The number of sales transactions in Dubai’s commercial sector reached 3,080 in the second quarter of 2023, a year-on-year increase of 22 percent, […] July 25, 2023
Real Estate Turkey island in Dubai set for $21m auction A manmade island on The World development off the coast of Dubai has been put up for auction, with the price tag starting at AED78 million ($21.24 million). Part of an archipelago built in the shape of the map of the world, the island – named Turkey – has had “many” potential buyers visit the 47,645 […] July 25, 2023
Real Estate Foreign investment up 363% in Abu Dhabi real estate Abu Dhabi real estate encountered a record 363 percent rise in purchases by foreign buyers in the first half of 2023, according to new data. Foreign purchasers spent AED834.6 million ($227.2 million), Abu Dhabi’s Department of Municipalities and Transport (DMT) reported. The DMT figures showed that the most popular location among overseas investors was Saadiyat […] July 20, 2023
Analysis Real Estate Dubai real estate still playing catch-up after pandemic Dubai’s real estate market is experiencing soaring demand but the supply shortfall from the Covid pandemic is still having an impact and is likely to remain for at least another two years, experts have said. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of […] July 19, 2023
