Real Estate Omani developer reveals Muscat mixed-use project The Omani developer Al Fayha United Development company has launched a 13,000 square metre mixed-use project in Muscat. The Smart Home project in Al Ghala Heights, opposite Madinat Al Irfan, will include an apartment building comprising nine floors and a penthouse. Sheikh Saud bin Hamad al Ta’i, chairman of Al Faiha Development Company, said residential […] March 3, 2024
EXCLUSIVE Real Estate Trump still has ‘big pull’ for $2m branded villas in Oman Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […] February 14, 2024
Business of Sport Saudi ‘golden ball’ rule cues up snooker controversy Saudi Arabia will host its first major snooker tournament in Riyadh in March, though the deal has aroused controversy because of a new “golden ball” rule. The Riyadh Season World Masters of Snooker is the latest in a series of top sports events the kingdom is organising during the first months of 2024. The Riyadh […] January 23, 2024
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
Tourism UK singer Robbie Williams reveals Dubai hotel plan UK pop singer Robbie Williams has revealed plans to build a hotel resort in Dubai. The 49-year-old former member of Take That, who performed in Abu Dhabi last month, told Wondery’s Brydon & podcast that he is building a 700-room hotel in Dubai. He explained to host Rob Brydon that the development was spurred by […] November 2, 2023
Construction Durar launches $191m luxury project on Al Marjan island The Dubai-based developer Durar has launched a new AED700 million ($190.58 million) branded residential tower on Al Marjan Island, Ras Al Khaimah, as the emirate sees heightened development activity in the luxury segment. Work on the residential project, called Masa Residences, will start by January 2024 and is scheduled to be completed by the last […] October 30, 2023
Opinion Finance Iran seeks relief from inflation and FX shortages The transfer of $6 billion in funds frozen by the US cannot come soon enough for Iran’s hard-pressed citizens. As part of an agreement last month for the release of American-Iranian prisoners, President Biden’s administration has agreed to the release of the foreign exchange which had been blocked in South Korea. Rising prices are at […] September 1, 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
Banking & Finance Mubadala-backed investor in race to buy US publisher A US-based investment company, backed by Abu Dhabi’s Mubadala Investment Company, has emerged as a bidder for American book publisher Simon & Schuster. Octavian & Co., an investment company based in New York and publisher of the quarterly magazine “Octavian Report”, is headed by Richard Hurowitz, The Wall Street Journal reported citing informed sources. Nasdaq-listed […] June 22, 2023
Tourism RAK casino plan is a trump card for property investors Plans to build the UAE’s first casino in Ras Al Khaimah are improving the odds of the emirate appealing to property investors around the world. New research from real estate consultant Knight Frank reveals the upcoming Wynn resort and casino would increase the likelihood to invest in property in the emirate for nearly a third […] June 14, 2023
Economy Iran growth forecasts cut but Gulf trade could rally Growth forecasts for Iran’s economy have been cut as analysts see US sanctions remaining in place “for the foreseeable future”, but expanding trade with the UAE and improved relations with Saudi Arabia may help to cushion the blow. Fitch sees growth slowing to 2.3 percent in 2023-24 from a previous forecast of 5.8 percent because […] April 27, 2023
Banking & Finance Jared Kushner’s private equity firm backed by UAE and Qatari funds Sovereign wealth funds from the UAE and Qatar invested millions of dollars in former US president Donald Trump’s son-in-law Jared Kushner’s private equity firm, according to a news report. The UAE fund invested more than $200 million with Kushner’s Affinity Partners, while a Qatari entity put in an equivalent amount, the New York Times said, […] March 31, 2023
Construction Damac expands to the Maldives with resort deal Damac Properties is expanding further into South Asia with the signing of an agreement to operate a new Mandarin Oriental resort in the Maldives. The 34-hectare luxury resort, which is currently under development and will stretch across three private islands on the Bolidhuffaru Reef, is due to open in 2025 and will be the Dubai […] December 6, 2022
Banking & Finance Jared Kushner’s firm leads $200m funding for Dubizzle’s owner UAE-based unicorn Emerging Markets Property Group (EMPG) has completed a $200 million investment led by Affinity Partners, a global firm launched in 2021 by former US president Donald Trump’s son-in-law Jared Kushner. EMPG owns leading UAE classifieds platforms Bayut and Dubizzle, along with several platforms across emerging markets focused on Mena, South and Southeast Asia. The investment round […] October 28, 2022
EXCLUSIVE Trump-branded properties in Dubai report 100% growth Donald Trump may be the subject of an ongoing criminal investigation in the US, but his name is still big business in Dubai, where properties in the Gulf city bearing his brand name have appreciated by nearly 100 percent and continue to command strong demand. The former US president is under multiple probes, including the […] October 16, 2022
Arab Youth Survey 2022 Arab youth ‘trust Russia and China more than UK and US’ Arab youth see the United States and the United Kingdom as bigger enemies than Russia and China, with the majority blaming the US and NATO for the war in Ukraine, a new survey has said. Close to three quarters (72 percent) of young Arabs describe Russia as either a strong ally or somewhat of an […] September 21, 2022
Retail How Ounass got the Gulf hooked on online luxury Luxury fashion website Ounass is among the e-tail platforms credited with developing the momentum of online shopping in the Gulf region. A report by consultancy Bain and Company claims 70 percent of GCC shoppers are now comfortable with digital retail, having always been better known for their love of malls, operated by the likes of Emaar […] July 29, 2022
Real Estate Dubai’s Damac makes US debut with $120m Miami deal Damac Properties plans to use the beachside site in Miami to build an ultra-luxurious, Cavalli-branded condominium May 28, 2022
Manufacturing Gulf ports trump US in global efficiency rankings Heavy investment has seen the Middle East dominate the top of the rankings of a list of the most efficient container ports in the world, with some Saudi ports up to four times more efficient than their North American rivals. The latest edition of the Container Port Performance Index (CPPI), which was developed by the […] May 26, 2022
