Construction Morocco raises $2.2bn to fund World Cup projects Morocco has reportedly generated €2 billion ($2.2 billion) in new loans to fund developments needed to co-host the 2030 Fifa World Cup. The euro-denominated bonds are the first to be issued in five years, Bloomberg reported. The four- and 10-year bond tranches were priced at 155 and 215 basis points, narrower than the previous estimate, […] March 27, 2025
Construction Drake & Scull swings to $1bn profit post-restructuring Drake & Scull International turned a profit last year following the completion of its restructuring plan. The contracting company, which trades on the Dubai Financial Market, swung to a net profit of AED4 billion ($1 billion) last year, compared to a net loss of AED367 million in 2023. Revenue marked a 20 percent rise to […] March 27, 2025
Real Estate UAE dominates UK overseas mortgage market Property buyers from the Middle East – particularly the UAE – are among the top international clients for UK mortgage brokers, according to new research. About 30 percent of 300 brokers surveyed by investment company Raw Capital Partners said they had arranged mortgages for clients from the Middle East and UAE over the past five […] March 25, 2025
Real Estate Bahrain struggles to fill existing office space as supply grows Bahrain is facing difficulty in filling its available office space even as the kingdom prepares for more supply. Demand for the space is “weak”, with limited interest from existing businesses and new entrants, commercial real estate services and investment provider CBRE said in a report. The Gulf state, the smallest by population in the six-member […] March 25, 2025
Aviation Egypt partners with IFC for airport privatisation Egypt’s civil aviation ministry has partnered with the International Finance Corporation (IFC) to introduce public private partnerships (PPP) at 11 airports, in a bit to improve infrastructure, connectivity and passenger services. As a pilot project, the IFC, a member of the World Bank, will act as the lead PPP transaction adviser for Hurghada International Airport, […] March 25, 2025
EXCLUSIVE Giga-projects PIF spending cuts slow giga-projects and trigger layoffs Saudi Arabia’s $925 billion Public Investment Fund (PIF) has ordered deep spending cuts across more than 100 of its companies, slowing projects and triggering layoffs, people familiar with the matter have told AGBI. The sovereign wealth fund at the heart of the government’s economic transformation strategy is mandating a minimum 20 percent reduction in 2025 […] March 24, 2025
Construction China asked by Kuwait to build housing for foreign labourers Kuwait has asked China to appoint a construction company to build six projects to house 220,000 foreign labourers, after accidents that claimed the lives of overseas workers because of improper conditions. The plan has been on the cards for several years but gained momentum last year after a fire in a labour housing complex in […] March 24, 2025
Energy Orascom wins $2.6bn contract for Saudi power plant A consortium comprising Egypt-listed Orascom Construction and Spain’s Técnicas Reunidas has signed a contract to build a 3 gigawatt gas-fired power plant in Saudi Arabia’s Eastern Province. The consortium signed an engineering, procurement and construction contract worth around $2.6 billion for expanding the Qurayyah independent power project, Orascom said in a statement on Monday. In […] March 24, 2025
Infrastructure Morocco’s $1.3bn highway overhaul for 2030 World Cup Morocco plans to invest MAD12.5 billion ($1.3 billion) to develop its highway infrastructure for the 2030 Fifa World Cup. The investments, spanning from 2025 to 2032, will focus on three major projects: the Continental Rabat-Casablanca Highway, Tit Mellil-Berrechid Highway, and Ain Harrouda and Sidi Maarouf junctions, Morocco News World reported citing a statement from the […] March 24, 2025
Construction Mecca property developer shares could jump after IPO Shares in Saudi Arabia’s Umm Al Qura, which will start trading on the main stock exchange on Monday following an initial public offering, should attract “a lot of interest” from investors looking to capitalise on the real estate market in one of Islam’s holiest cities, analysts have said. The company, which is overseeing a mixed-use […] March 23, 2025
Real Estate Dubai moves to formalise real estate tokenisation Dubai is running a pilot scheme that allows for the tokenisation of property title deeds, the first jurisdiction in the Middle East to do this. Tokenisation is the process of creating and trading digital tokens that are backed by real-world assets on a blockchain. It enables direct and verifiable peer-to-peer transactions. Through the process, a […] March 20, 2025
Real Estate Emaar in talks with Adani over $1bn sale of Indian business Dubai real estate developer Emaar Properties is in talks with India’s Adani Group to sell its Indian business for $1.4 billion, according to reports. The billionaire Adani family and Emaar are discussing the structure of a transaction, Bloomberg said, without identifying sources. An agreement could be reached as early as next month. Emaar India started operations […] March 20, 2025
Leisure & Hospitality Kuwait’s Action Real Estate enters US hospitality sector Kuwait’s Action Real Estate Company and Malta-based Corinthia Group have acquired two boutique hotels in a prime location in the US with a 100 rooms, the companies said in a statement. The acquisition of Maison 140 and the nearby Mosaic Hotel in Beverly Hills, California, by the Action-Corinthia joint venture is part of a broader […] March 20, 2025
Infrastructure Algeria cancels deep-water port project with China Algeria has officially shelved a $3 billion project to build what could have been one of Africa’s largest ports, nine years after a group of Chinese and Algerian companies signed an initial agreement, Ports Europe reported. The Algerian authorities, China State Construction Engineering Corporation and the China Harbour Engineering Company, signed an initial agreement in […] March 19, 2025
Real Estate Al Akaria explores new launches after four-fold profit rise Saudi Real Estate Company (Al Akaria) said net profit for 2024 nearly quadrupled amid a rise in property sales and rental income. Profit surged to SAR215 million last year from SAR68 million in 2023 due to higher profit share from associates and a drop in zakat expenses. Revenue rose 10 percent year on year to […] March 19, 2025
Video length: 04:25 VIDEO Real Estate Short-term rentals appeal to Dubai investors The holiday home market is growing rapidly in Dubai, with between 30,000 and 45,000 rental listings now compared to 7,000 in 2017. While they may no longer offer the 10 percent return on investment of a few years ago, rental properties are still an attractive and flexible option for investors, according to Anna Skigin CEO […] March 18, 2025
Real Estate Riyadh adds 10 times as much office space as Dubai Riyadh added the most office space of any Middle Eastern city last year, nearly 10 times as much as its regional rival Dubai. However, the additional supply is unlikely to ease a chronic shortage of prime commercial property in the Saudi capital in the short term. Riyadh, which has a population of seven million, added […] March 18, 2025
Giga-projects Neom-backed Volocopter bought by Chinese company Chinese automotive and aerospace group Zhejiang Wanfeng Auto Wheel has acquired failed German air taxi developer Volocopter, a partner in Saudi Arabia’s Neom giga-project, for $11 million. The sale follows Volocopter’s collapse into insolvency in December, raising questions over Neom’s urban air mobility ambitions in its futuristic city development on Saudi Arabia’s north-western Red Sea […] March 18, 2025
Real Estate Dar Global targets Saudi expansion after land deals Dar Global, the international development arm of Saudi-listed Dar Al Arkan, has purchased two land plots in Jeddah and Riyadh for $390 million, advancing expansion plans in the kingdom, according to a statement to the London stock exchange. The acquisitions follow the launch of Trump Tower Jeddah and Neptune villa project in Riyadh, the London-listed developer […] March 18, 2025
Infrastructure Iraq’s long delayed Faw port nears completion Iraq’s long-delayed redevelopment and construction of its Faw port near the Arabian Gulf will be completed this year, the Iraq state news agency reported, paving the way for improved access for goods to Iraq and beyond. South Korea’s Daewoo won a $2.6 billion contract to build five main piers at the port in 2010 and […] March 17, 2025
Infrastructure Dubai’s Tabreed explores acquisitions for expansion Dubai-listed district cooling company Tabreed is aiming to expand through acquisitions and organic growth in the UAE and global markets. “We aim to grow our connected capacity by 3 percent to 5 percent annually over 2025 to 2027,” chief financial officer Adel Salem Al Wahedi wrote in the company’s 2024 annual integrated board report. The […] March 17, 2025
Real Estate High demand drives gains in Abu Dhabi real estate Rental and sale prices in Abu Dhabi grew strongly in 2024, driven by tight supply and intense competition in the property market, according to a market survey. Residential rents grew 20 percent in 2024, while sales prices climbed by 11 percent, according to real estate consultancy Cushman & Wakefield Core. Prices for homes in Khalifa […] March 17, 2025
