Analysis Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Infrastructure Sharjah begins work on $338m airport terminal expansion Work has commenced on Sharjah International Airport’s AED1.24 billion ($337.62 million) terminal expansion project, which is expected to be completed by 2027. Sharjah Crown Prince and deputy ruler Sheikh Sultan bin Mohammed bin Sultan Al Qasimi laid the foundation stone for the project, the UAE state-run Wam news agency reported. Spanning an area of 190,000 […] January 4, 2024
Infrastructure Dubai launches new entity to oversee parking operations Dubai has set up a new company to oversee operations related to parking spaces in the emirate. Parkin, a public joint stock company set up following the issuance of a law by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will have financial, administrative and legal autonomy to fulfil its responsibilities. The company’s duration stands at […] January 4, 2024
Real Estate Aldar’s green retrofits lead to ‘phenomenal payback’, says CEO Aldar Properties has increased the value of buildings in its portfolio by up to 10 percent through green retrofits, its group chief executive said. The Abu Dhabi developer has seen “phenomenal” payback, Talal Al Dhiyebi told AGBI, after investing around $40 million to improve the energy efficiency of residential and other real estate. “We’ve done […] January 3, 2024
Real Estate Arada’s $163m land plot to house 50-floor residential tower UAE-based real estate developer Arada will build a 50-storey luxury residential tower adjacent to Dubai International Financial Centre (DIFC). The company purchased a land plot in Zabeel 2 for AED600 million ($163.36 million) from Rital Properties, the real estate subsidiary of Emirates NBD. The 138,466 sq ft land plot is close to Index Tower and […] January 3, 2024
Industry Second industrial city planned for Saudi’s Aseer region Work has started on a second industrial city in the Aseer region of Saudi Arabia after the first attracted investments of more than SR2 billion ($533 million). The development is being implemented by the Saudi Authority for Industrial Cities and Technology Zones (Modon) and the Aseer Region Development Authority. The Second Aseer Industrial City covers […] January 3, 2024
Banking & Finance Giga-projects squeeze liquidity for Saudi banks Banks in Saudi Arabia are being pushed to finance the kingdom’s colossal Vision 2030 projects, triggering a liquidity squeeze in the mid-market sector and creating demand for private credit, a senior executive at Rothschild & Co told a conference in Abu Dhabi Private credit refers to non-bank lending, where investors provide debt financing directly to […] January 3, 2024
Infrastructure Taqa-led consortium to build $408m Saudi water project A consortium led by the Abu Dhabi National Energy Company (Taqa) has won a contract from state-run Saudi Water Partnership Company (SWPC) to develop the AED 1.5 billion ($408.44 million) Juranah independent strategic water reservoir project in Makkah. The consortium includes Vision International Investment Company (Vision Invest) and Gulf Investment Corporation (GIC), Taqa said in […] January 2, 2024
Analysis Real Estate A moment of calm after two hectic years for UAE real estate Dubai’s real estate market reported record growth in 2023, but analysts are predicting slower price rises and a steady supply next year. “Demand is very, very strong and has driven up prices,” said Taimur Khan, head of Middle East research at consultancy CBRE. For 2024, he is predicting “a contraction in the total number of […] January 2, 2024
Real Estate Rising supply softens Dubai’s short-term housing market Short-term rents in Dubai’s housing market have fallen this year as the rapid rise in supply begins to outstrip demand. Vinayak Mahtani, CEO of bnbme holiday homes, told AGBI that over the past three years, he had seen 100 percent growth in the short-term rental market. “It’s become a buzzword in Dubai, a trendy business,” […] December 29, 2023
Infrastructure IHC unit and India’s Adani launch smart meter business India’s Adani Energy Solutions has formed a joint venture with Abu Dhabi’s Esyasoft Holdings to expand its smart meter business in India and globally. Adani Transmission Step-Four, a wholly owned subsidiary of Adani Energy, has acquired a 49 percent stake in Esyasoft Holdings’s smart metering solutions arm. Esyasoft holds the remaining 51 percent stake. The […] December 28, 2023
Real Estate Bahrain introduces real estate data service for investors Bahrain’s Real Estate Regulatory Authority has launched an online service providing investors with data on the kingdom’s real estate sector. Aqari Data Bank uses artificial intelligence to give up-to-date information on transaction volumes, property valuations, land classifications and the locations of commercial complexes, healthcare facilities and educational institutions. The subscription-based platform provides interactive maps and […] December 27, 2023
Opinion Economy 2023 was a year of living dangerously The Gulf will hope it can maintain its safe haven status December 26, 2023
Opinion Real Estate The dark side of life in Los Angeles The economic record of California will come under global scrutiny December 22, 2023
Real Estate Dubai’s Union Properties settles $188m bank debt Dubai developer Union Properties has repaid debts worth up to AED875 million ($187.6 million) to a “national bank”, according to a bourse filing, as efforts to restructure the company continue. Union Properties, best known for its Motor City development in the emirate, announced the debt payment following a board meeting on Thursday and said the […] December 22, 2023
Construction The Avenues – Khobar to be built by Kuwait developer Kuwaiti developer Shomoul Holding this week launched a retail and residential project in the eastern Saudi city of Khobar worth SAR7.2 billion ($1.92 billion), securing a SAR4.35 billion loan for the first stage of construction. The government’s Tourism Development Fund, set up in 2020, provided the loan along with a consortium led by National Arab […] December 22, 2023
Construction Developer Jabal Omar plans debt-to-capital conversion Jabal Omar Development Company, one of the largest companies on the Saudi stock exchange, said this week it will settle around SAR547.5 million ($146 million) in debt owed to two companies by converting it into shares in a formal capital increase. The real estate developer builds and manages property in the pilgrimage city of Mecca. […] December 21, 2023
Opinion Giga-projects Saudi budget reveals realism now guides the way The price of oil remains fundamental to the government’s financial health December 20, 2023
EXCLUSIVE Renewable Energy Yellow Door targets South Africa and Saudi Arabia Yellow Door Energy, the Dubai solar electricity provider that has raised nearly $500 million in funding from investors, is targeting South Africa and Saudi Arabia as key growth markets. The company builds bespoke solar power plants for corporate clients, usually at their premises. These include factories, offices, shopping malls and warehouses. Yellow Door also finances, […] December 20, 2023
Economy Saudi mortgage lending rises despite GDP slowdown Saudi banks’ mortgage lending to individuals and businesses rose in the third quarter, up 13 percent on 2022, despite a slowdown caused by lower oil prices and oil output cuts. A bulletin released this week by the central bank reported loans of SAR591.7 billion ($158 billion) to individuals and SAR155.5 billion to companies in Q3. […] December 18, 2023
Video length: 05:22 Construction Norwegian architects to help bring opera to Saudi masses Norwegian architects Snøhetta have unveiled the design for an opera house to be built in Riyadh by 2028 as part of Saudi Arabia’s drive to make a once forbidding capital city a global cultural destination. Video representations of the Royal Diriyah Opera House were shown last week at a ceremony in the historical Diriyah district […] December 18, 2023
Exclusive Construction Aldar ‘confident’ of doubling market cap within five years Abu Dhabi developer Aldar Properties is ramping up an international expansion drive that, alongside plans to grow its UAE portfolio, will help to double its market cap, its group chief executive said. Aldar’s market cap is currently $12 billion, and group CEO Tilal Al Dhiyebi foresees “doubling that in five years,” he told AGBI in […] December 18, 2023
