Construction Al Habtoor forced to look overseas for contractor Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […] May 16, 2023
Analysis Construction GCC construction dilemma as Saudi ‘sucking up’ skilled talent Saudi Arabia’s huge construction projects are luring workers out of neighbouring countries in the GCC and resulting in skills shortages, say experts and builders. Construction executives in the UAE and Oman in particular have voiced concerns about the overall resource demands of the region as Saudi Arabia’s market continued to show strong growth during the […] May 10, 2023
Video length: 02:49 Video Red Sea Global considering public listing Red Sea Global, the developer behind one of Saudi Arabia’s biggest gigaprojects, is studying the possibility of a public market offering, a senior executive said. “There will be some kind of public market event, whether it’s an initial public offering, whether it’s an establishment of a REIT [real estate investment trust], those are things that […] May 8, 2023
Video length: 02:49 Video Tourism Red Sea Global to spend $20bn by 2024 Red Sea Global will open its first hotels this year at the new Saudi Arabian tourist destinations, Red Sea Project and Amaala. The company, owned by Saudi sovereign wealth fund PIF, has spent $5 billion so far, according to its CEO, and will be spending another $15 billion by 2024. “Between Red Sea and Amaala, […] May 3, 2023
Business of Sport Red Sea Global builds on adventure sports tourism Red Sea Global (RSG), the Red Sea and Amaala mega-project developer, has launched a new company to boost sports tourism in Saudi Arabia. Akun, meaning “to be”, is a new adventure sports company that will operate and manage adventure and sports experiences at RSG destinations, including gravel- mountain-, fat-tyre and electric biking, trail running and […] May 2, 2023
Tourism Sustainability looms large at Arabian Travel Market 2023 Ahead of Dubai hosting one of the world’s largest travel conferences, key stakeholders in the emirate’s travel and hospitality industry have been keen to stress its sustainability credentials. Centred on the theme Working Towards Net Zero, this year’s Arabian Travel Market (ATM) on May 1 to May 4 is expected to draw in 34,000 attendees […] May 1, 2023
Analysis Tourism Gulf hospitality market banks on hotel-building surge Following the chaos of Covid and a surge in visitors for the Fifa World Cup and Expo 2022, the Gulf hospitality market might have been expected to return to a period of relative normality. But major tourism investment drives are afoot as GCC states seek to further diversify their economies. Almost 170,000 hotel rooms are […] April 30, 2023
Employment GCC consulting market to exceed $4 billion The GCC consulting market is expected to pass $4 billion in revenues this year, as the huge raft of giga-projects continue to transform the region. According to a report from UK research firm Source, the region’s consulting sector witnessed almost 16 percent growth in 2022 to reach $3.87 billion. Dane Albertelli, research analyst at Source, […] April 18, 2023
Real Estate Branded homes deepen share of Dubai’s property market Luxury branded residences made up almost two-thirds of off-plan apartment sales in Dubai last year, up from 30 percent in 2020, as appetite for this type of real estate grows. Sales of branded residential property – developed in partnership either with upscale hospitality groups such as the Ritz-Carlton and the Four Seasons, or luxury brands […] March 29, 2023
Real Estate Saudi families pause plans to buy property as villa prices rocket Rising home prices are forcing Saudi families to pause plans to get on the property ladder, according to real estate consultancy Knight Frank. The agency’s Saudi Report 2023, which is based on a survey of 1,014 Saudi-national households, found that only 40 percent of tenants were keen to buy a home this year, down from […] March 21, 2023
Logistics AD Ports to invest $200m to develop Safaga Port in Egypt Abu Dhabi’s AD Ports Group has signed a 30-year concession agreement worth $200 million to develop and operate Egypt’s Safaga port. In addition, two 15-year agreements, a memorandum of understanding (MoU) and three head of terms (HoT) for ports in Egypt’s Red Sea region and the Mediterranean Sea were signed. These agreements allow for expanded […] March 19, 2023
Energy Saudi teams up with Iceland to explore its geothermal potential Iceland is helping Saudi Arabia to explore its geothermal power resources as the kingdom accelerates its transition away from hydrocarbons. The Saudi Industrialisation and Energy Services Company (also known as Taqa) and Reykjavik Geothermal have signed a joint venture agreement to establish Taqa Geothermal Energy, headquartered in Riyadh. The deal comes as research shows that Saudi […] March 16, 2023
Aviation Riyadh Air set to spark price war among regional rivals Saudi Arabia’s new national airline is bound to intensify the rivalry between Gulf carriers, analysts have said, and price wars are likely. Riyadh Air, which is wholly owned by the kingdom’s Public Investment Fund, was launched on Sunday and will be run by aviation veteran Tony Douglas. The carrier’s first international flight will take off […] March 14, 2023
Tourism Saudi tourism appeal growing ‘at the speed of light’ Saudi Arabia’s tourism sector is growing “at the speed of light”, a senior official said as the Gulf kingdom made its debut at the Berlin travel show. According to Fahd Hamidaddin, CEO of Saudi Tourism Authority, the country recorded a total of 93.5 million domestic and international visits last year as it transforms “at a […] March 8, 2023
Opinion Aviation Regional airline rivalry is set to drive down fares The Middle East flight hubs are about to feel the squeeze March 6, 2023
Tourism Red Sea Global bucks trend as Saudis take on hospitality roles Saudi nationals are flocking to the kingdom’s Red Sea Global mega-project to take up jobs in the multi-billion dollar development. One of the areas in the project, simply named The Red Sea, is on track to welcome its first guests in 2023 when the initial hotels open. Upon full completion in 2030, the project will […] March 6, 2023
Analysis Economy Growing female workforce helps drive Saudi economy Saudi Arabia’s non-oil economy is forecast to grow by more than 5 percent this year, driven in part by an influx of women joining the country’s workforce. Expansion of the female labour force has been described as “one of the stand-out successes” of the kingdom’s Vision 2030 programme and shows no signs of slowing. The […] March 3, 2023
Exclusive Real Estate Dubai mortgage market needs overhauling, says Gulf developer Mortgage systems for overseas investors looking to buy completed homes in Dubai need to be overhauled, says the leader of one of the Gulf’s biggest property firms. “Dubai is a very unique market where off-plan sells higher than the ready properties,” said Ziad El Chaar, CEO of Dar Global Real Estate, Saudi Arabian real estate […] February 28, 2023
UAE firms on recruitment drive to support Saudi events boom British boxer Tommy Fury achieved a close victory over American rival Jake Paul in Riyadh on Sunday, in front of celebrities such as Mike Tyson and Cristiano Ronaldo. The bout was the latest footnote in Saudi Arabia’s goal to become a global hub for entertainment and sporting events. With the kingdom launching the Events Investment […] February 28, 2023
Construction Value of Saudi project contracts doubled to $24.6bn in 2022 The value of giga-project related contracts awarded in Saudi Arabia in 2022 grew by 103 percent to $24.6 billion from $12 billion the previous year. As the kingdom accelerates activity towards achieving its Vision 2030 economic diversification goals, Neom saw the highest number and value of awarded contracts, especially on infrastructure works on The Line. […] February 24, 2023
Banking & Finance Dar Al Arkan subsidiary completes $600m London listing Saudi Arabian real estate firm Dar Al Arkan’s independent global subsidiary has completed a listing on the main market of the London Stock Exchange (LSE), with a valuation of SAR 2.26 billion ($600 million). Dar Global has been admitted to the ‘standard segment’ of the official list of the UK’s Financial Conduct Authority as part […] February 23, 2023
Analysis Construction Mega-projects to cushion Mena cement makers from global blows Cement producers in the Middle East are expected to have an “exceptionally good year” thanks to the region’s pipeline of mega-projects. Emir Adiguzel, director of the World Cement Association, said the global industry faced a difficult period but the Middle East would buck the trend. “According to our members located in the Middle East, the […] February 16, 2023
