Real Estate London’s suburban real estate moves Middle East investors While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […] November 28, 2023
Real Estate PIF expects $1trn real estate spending over next decade Saudi Arabia’s Public Investment Fund (PIF) says it intends to invest SAR4 trillion ($1.1 trillion) in the real estate sector over the next 10 years, mainly developing 12 cities as part of the Saudi Downtown project. The Saudi Downtown Company was established in 2022 as a fully owned subsidiary of the PIF to develop city […] November 27, 2023
Real Estate Abu Dhabi real estate deals soar to new high of $18.5bn Real estate transactions in Abu Dhabi hit a new high of AED 67.76 billion ($18.45 billion) in the first nine months of 2023, propelled by rising demand from local and international investors. Buying, selling and mortgage activities across the real estate sector rose 56 percent year on year, Abu Dhabi Media Office reported, citing data […] November 27, 2023
Construction PIF unit launches $354m entertainment centre in Aseer Seven, a wholly owned subsidiary of the Public Investment Fund (PIF), has launched its fifth entertainment destination in Saudi Arabia. The SAR1.3 billion ($353.96 million) project near Abha International Airport will cover a land area of 64,000 sq m with a built-up area of more than 79,000 sq m. The architecture, designed by California-based firm Gensler, […] November 27, 2023
INTERVIEW Real Estate UAE buyers help ex-England footballer hit property goals The former Manchester United and England footballer Gary Neville has revealed that one in five properties in his luxury residential development have been snapped up by UAE investors. Neville, a Champions League-winning defender turned entrepreneur, visited the Emirates this week to gauge Middle Eastern interest in his £400 million ($501 million) hotel and apartment project […] November 26, 2023
Real Estate Foreign HQs drive Riyadh rent growth to record highs A rush of international companies to set up regional headquarters in Riyadh is driving record increases in commercial property rents, latest figures reveal. Prime rents in the Saudi capital rose by almost 24 percent in the year to Q3, according to CBRE, with rents currently at SAR2,617 ($712) per sq m. Observers say Saudi Arabia’s […] November 23, 2023
Analysis Real Estate Investors favour Emaar for Dubai property returns Dubai’s residential property sector rebound has reaped huge profits for the emirate’s developers and landlords. Yet for equity traders, there is really only one investible conglomerate: Emaar Properties and its subsidiary, Emaar Development. There has been upheaval among second-tier developers listed on Dubai’s bourse, while the other major players, such as Nakheel, Dubai Properties and […] November 22, 2023
Real Estate Turkish house sales drop 14% as prices double House sales in Turkey during the first 10 months of 2023 were down by 14.3 percent year on year to just under 1 million, according to data from the Turkish Statistical Institute. Pressure on Turkey’s housing market has been exacerbated by the ongoing cost-of-living crisis, high inflation and an influx of displaced people from the […] November 21, 2023
Real Estate Saudi-backed Oryx plans logistics centre in UK Oryx Real Estate Partners, a UK-based investment and asset manager, has acquired a five-acre development site in Milton Keynes on behalf of a consortium of GCC family offices, mainly from Saudi Arabia. The company, whose chairman and co-founder Fawaz Al Rahji is also chairman of Saudi family office Al Rahji Partners, plans to invest between […] November 16, 2023
Real Estate Qatar to invest $1.5bn in Egypt’s industrial sector Qatar will invest $1.5 billion in Egypt’s industrial sector in 2024, according to Egyptian commercial service chief Yahya Al-Wathiq Billah. This is the first investment by the Gulf nation in Egypt since signing a bilateral agreement in March 2022, Egypt Today newspaper reported. Billah said that trade volume between the countries increased by 47 percent […] November 16, 2023
Analysis Real Estate Dubai real estate faces price drop of up to 10%, says S&P Dubai’s real estate market is poised for a 5 to 10 percent slump in prices in the next 12 to 18 months, an analyst said on Wednesday. The shift in the market – an important driver of the emirate’s economy – will be driven by imbalances in supply and demand, according to Tatjana Lescova, associate […] November 15, 2023
Construction Deyaar plans new launches as profit rises three-fold Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), reported a nearly three-fold rise in net profit for the third quarter on new project launches amid a recovery in the emirate’s real estate market. Net profit for the three-month period reached AED119 million ($32.41 million), compared to AED36.35 million a year earlier, the developer said in […] November 15, 2023
Real Estate Emaar earnings jump 42% on back of real estate demand Shares in Emaar Properties were up 4.4 percent in trading on Friday off the back of strong financial results announced for the first nine months of the year. Dubai’s largest developer reported a 42 percent year-on-year increase in profit on higher property sales and a surge in real estate demand. The developer’s nine-month net earnings […] November 10, 2023
Real Estate Seera Group invests $160m in Riyadh business park Saudi travel major Seera Group plans to invest SAR600 million ($160 million) in a real estate fund to finance the development of a new business park in Riyadh. Seera will be the primary investor in the Sharia-compliant fund with the aim of developing the Kayanat Central Business Park in the north of the Saudi capital. […] November 9, 2023
Construction ADCB to sell majority stake in property unit for $109m Abu Dhabi Commercial Bank (ADCB) has received an offer to sell a majority stake in its wholly-owned property management subsidiary Abu Dhabi Commercial Properties (ADCP). The binding offer comes from Nine Yards Plus Holding, an Abu Dhabi-based EIH Ethmar International Holding (EIH) subsidiary, the lender said in a statement published on the Abu Dhabi stock […] November 9, 2023
Construction Dar Al Arkan profit nearly doubles as lease revenue rises Profits almost doubled for the third quarter at Saudi Arabia’s largest developer, Dar Al Arkan, driven by a fall in operating expenses and an increase in lease revenue. For the quarter ended September 30 2023, profits rose 91.27 percent to SAR151.91 million ($40.49 million), from SAR79.42 million a year earlier, the company said in a filing to […] November 6, 2023
Construction RAK Properties profit nearly triples on robust demand RAK Properties reported a 282 percent increase in net profit in the third quarter of 2023, as new project launches propelled a 137 percent growth in revenue. The developer’s net profit reached AED105.17 million ($28.63 million) in the three months ended September 30, 2023, compared to AED27.55 million a year earlier. Revenue hit AED685.56 million […] November 3, 2023
Construction Aldar nets $844m in sales from Dubai project sell-out Aldar Properties sold 786 villas and townhouses at its first residential development in Dubai, generating over AED3.1 billion ($844 million) in sales in one day. The developer launched 468 units in the first phase of Haven and another 318 units due to high demand, the Abu Dhabi-headquartered developer said in a statement. Overseas and expatriate […] November 2, 2023
Construction Tecom to expand logistics facilities as profit rises 34% Tecom Group plans to develop new Grade A storage and logistics facilities as demand for high-quality commercial space surges across Dubai. The Dubai-based business park operator will add 200,000 sq ft of total gross leasing area for logistics and storage in Dubai Science Park. The expansion comes as the company posted a 34 percent year on […] November 1, 2023
Oil & Gas Saudi GDP shrinks following oil output cuts Real GDP growth in Saudi Arabia contracted by 4.5 percent in the third quarter, as ongoing Opec+ oil output cuts affect the broader economy. Government data released this week showed oil activities decreased by 17.3 percent in the third quarter from a year earlier. However the General Authority for Statistics said there was an expansion […] October 31, 2023
Real Estate Apartment prices rise on news of Dubai Creek Tower revamp The price of Dubai apartments with a view of what is intended to be the world’s tallest building have risen by nearly 10 percent since the project’s redesign was announced in August. Property developer Emaar hopes to start work on the revamped $1 billion Dubai Creek Tower next year. Sidharth Kumar, a real estate agent […] October 31, 2023
Real Estate Aldar plans European moves after unveiling record sales Aldar Properties is planning to expand into Europe after posting record sales for the year so far, its chairman said on Monday. Sales at the Abu Dhabi-based real estate developer reached nearly AED8 billion ($2.2 billion) in the third quarter, driving a 48 percent increase in net profit. For the year to September 30, sales […] October 30, 2023
