Analysis Real Estate Mid-range housing leapfrogs affordable competition in Dubai Sales of affordable housing in Dubai declined over the past six years as a share of total transactions amid changing developers’ preferences and broader cost-of-living increases, industry professionals say. Properties below AED1 million ($272,000) peaked at 46 percent of all residential deals in the emirate in the third quarter of 2018. That figure has steadily […] October 16, 2024
Real Estate World Islands ‘still a decade away from completion’ The multi-billion dollar World Islands off the coast of Dubai will not be complete for another decade at least as logistics and costs stymie development, the man behind its biggest project has revealed. The $14 billion development, originally consisting of 300 man-made islands, was launched by the government-backed property company Nakheel more than 20 years […] October 15, 2024
Analysis Real Estate Real estate picks up in Saudi Arabia’s Eastern Province The Gulf city of Dammam and the Eastern Province that surrounds it have long trailed behind Riyadh, Jeddah and Mecca in the push for glitzy development, but real estate activity is picking up across the hospitality, residential and industrial sectors. The province, which has deep pockets thanks to its importance to the Saudi energy industry, […] October 14, 2024
Opinion Real Estate Saadiyat Island table talk – property and pallets Russian business people have been outbidding other expats for grand villas October 11, 2024
Real Estate Riyadh leads Saudi Arabia’s hot property market Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […] October 11, 2024
Construction Egypt’s Forbes Tower has designs on Burj Khalifa records Egypt’s 50-storey Forbes Tower is a self-consciously Dubai-esque development. It will have the world’s tallest central atrium, the fastest elevator, and is due to be the first net-zero tower in the Middle East and North Africa. Magnom Properties, the Egyptian-Saudi-owned developer, plans to spend $1 billion building the 240m tall tower, and has embraced comparisons […] October 11, 2024
Gaming Wynn Resorts says UAE site will earn $1bn in gaming revenue Wynn Resorts estimates that gaming revenue from its forthcoming resort in Ras Al Khaimah will be between $1 billion and $1.66 billion, it revealed at an investor presentation. The range assumes a UAE market size of $3 billion to $5 billion and Wynn’s 33 percent share of it, based on two more integrated resorts eventually […] October 9, 2024
Real Estate Turkey’s real estate proposal: turn gold into bricks A senior business leader in Turkey has proposed a radical plan to encourage Turks to take the gold bullion hidden under their mattresses and convert it into real estate. However, many people may be wary of exchanging a solid gold asset for the uncertainty of the country’s property market. With the precious metal appreciating strongly […] October 9, 2024
Retail Cenomi Centers sets up fund to complete Qassim mall Saudi mall operator Cenomi Centers has partnered with GIB Capital to set up a SAR1 billion ($270 million) real estate development fund that will manage a Cenomi land sale in Qassim and allow a mall project there to go ahead. Bahrain’s Gulf International Bank (GIB), the third-largest lender in the country, is almost wholly owned […] October 8, 2024
Analysis Giga-projects World Cup and Expo wins divert funding to Riyadh Saudi Arabia’s giga-projects have slowed down because of financing constraints – and now the government’s unexpected success in bidding for global events is redirecting even more resources towards Riyadh. Even prestigious developments such as Neom, the $500 billion futuristic city in north-west Saudi Arabia, are taking second place. The priority is turning the capital into […] October 8, 2024
Real Estate Apartments in UAE among cheapest to build in the world Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […] October 8, 2024
Analysis Tourism Interest builds in mid-range Saudi hotels after luxury focus Saudi Arabia’s emphasis on luxury hotels has provided openings for investors in the mid-range segment, industry specialists said. “Look at the size of the country and what you can do. I work in all 13 regions and you’d be shocked at the untouched areas. It’s not Dubai where it’s all glitzy. They have a culture,” […] October 7, 2024
Real Estate New Expo City plan to drive Dubai’s economic growth A new master plan has been released for Expo City Dubai, one of the five key urban centres set to double the emirate’s economy by 2033. The new master plan will establish Expo City Dubai as a hub for pioneers, entrepreneurs, investors, innovators, educators and students, the UAE state-run Wam news agency reported, quoting Dubai […] October 4, 2024
Real Estate Work to resume on world’s tallest tower in Saudi Arabia Construction is to resume on the world’s tallest tower in Jeddah, Saudi Arabia, which will be over one kilometre high when completed. Jeddah Economic Company (JEC), an associate of Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has reached an agreement with Saudi Binladin Group to continue developing the Jeddah Economic Company Tower, KHC […] October 3, 2024
Analysis Real Estate Off-plan luxury projects drive real estate risk in Dubai The rapid growth in off-plan development, particularly luxury properties, is injecting vulnerability in Dubai’s otherwise solid real estate market. Developers launched 391 projects in Dubai between January and mid-September, a 43 percent year-on-year increase. Many of the apartment towers in the pipeline are designed as high-end, and often branded, residences. “I feel there’s an oversupply […] October 2, 2024
Real Estate Abu Dhabi mortgage deals surge as real estate thrives Mortgage transactions in Abu Dhabi rose 20 percent year on year in the third quarter of 2024 amid robust growth in the real estate sector. The total value of the mortgage deals reached AED13.5 billion from 2,594 transactions, the UAE state-run Wam news agency reported, citing Dari, a unified property services platform. Overall, real estate […] October 2, 2024
Construction PIF-backed Roshn raises $2.4bn for expansion Saudi Arabian giga-project developer Roshn has secured a new SAR9 billion ($2.4 billion) credit facility from a consortium of locally-listed banks. The loan will support the developer’s expansion and growth plans over the next five years, state-run Saudi Press Agency reported. “We intend to use these funds to further advance our ambitious strategy in the […] October 2, 2024
Tourism PIF companies push ahead with Mecca expansion plans Saudi Arabia’s Public Investment Fund is building a vast commercial district in Mecca with an estimated value of $10 billion, giving the Islamic holy city a radical makeover. After a series of ownership changes, two companies have emerged as the lead developers of commercial space around the Grand Mosque in Mecca – the 100 percent […] October 2, 2024
Analysis Real Estate Lack of plots gives Palm Jumeirah added air of exclusivity Palm Jumeirah, Dubai’s world-famous man-made island, is running out of undeveloped land. Developer Nakheel’s announcement earlier this week that it will pay nearly $500 million to Alec Engineering & Contracting to build the new 75-storey Como residential tower on Palm Jumeirah is bound to be one of the last of its kind. Since it will […] September 29, 2024
Real Estate Adani in talks to buy stake in Emaar’s Indian subsidiary Adani Realty, owned by Indian billionaire Gautam Adani, is holding discussions with Emaar Properties to buy a stake in the Dubai-based developer’s Indian subsidiary, a news report said. Adani Realty and Emaar executives are discussing a possible transaction for a stake sale in Emaar India in Dubai, Business Today magazine reported, citing unnamed sources. The talks […] September 27, 2024
Real Estate Dar Global reports H1 2024 loss as revenue drops 60% Developer Dar Global, a Saudi-listed Dar Al Arkan subsidiary, recorded a loss in the first half of 2024 after revenues fell nearly 60 percent year on year. The company, also listed on the London Stock Exchange, reported losses of nearly $13 million between January and June, compared to a profit of $21 million a year […] September 27, 2024
Real Estate Why Birmingham is the place to invest in the UK Strategically located in the centre of England and home to the largest economy outside London, Birmingham is a prosperous, high-growth investment city and one of the UK’s most important regional hubs. But it is the city’s future growth projections that make it such an exciting investment opportunity. Birmingham is experiencing unparalleled growth, positioning itself as […] September 27, 2024 In association with
