Sustainability Mubadala unit banks on decarbonising buildings The UAE has set a target of reducing emissions in its building sector by 56 percent by 2030 compared to 2019 levels. This is part of the country’s broader efforts to slash emissions by 40 percent by the end of the current decade. However, it is going to be difficult for the UAE to reach […] December 15, 2023
Giga-projects Qiddiya to host first gaming district in Saudi Arabia The Qiddiya giga-project, near Saudi Arabia’s capital Riyadh, will host the first multi-use gaming and esports district in Saudi Arabia. The kingdom is striving to become a global gaming and sports centre by 2030. The upcoming gaming and esports district, which is claimed to be the first in the world, is part of the launch […] December 15, 2023
Real Estate ADCB sells 80% stake in property unit for $161m Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80 percent stake in its wholly-owned property management subsidiary, Abu Dhabi Commercial Properties (ADCP), for AED591 million ($160.92 million). The agreement was signed with Nine Yards Plus Holding, the real estate subsidiary of Abu Dhabi-based EIH Ethmar International Holding (EIH), the bank said in a […] December 15, 2023
Banking & Finance Saudi Arabia seals $11bn syndicated bank loan Saudi Arabia has concluded an $11 billion syndicated loan arranged from a group of lenders to help fund its vast infrastructure developments in what an adviser to the agreement describes as the largest government loan worldwide this year. The 10-year facility is also the biggest loan to any borrower in Europe, the Middle East and […] December 14, 2023
Tourism Golf course emerges from the desert at Diriyah giga-project Saudi Arabia is developing a luxury golf and equestrian resort outside Riyadh as part of the Diriyah giga-project, with three major hotel brands announcing this week that they were taking part. Aman, Oberoi and Six Senses are the first hotels to start construction in the mountainous rocky land on the edge of the desert west […] December 14, 2023
Construction How Saudi tech is addressing the lack of construction sand A patented technology developed in Saudi Arabia is aiming to increase the use of desert sand in concrete manufacturing. ClimateCrete’s technology modifies the surface of the fine local sand particles, making a much more durable and stable concrete. At a time of unprecedented levels of construction in the kingdom, it plans to make concrete production […] December 14, 2023
Real Estate Aldar joins Mubadala and Ares to invest in Europe real estate Abu Dhabi-listed Aldar Properties has partnered with Mubadala Investment Company (Mubadala) and Ares Management Corporation (Ares) to invest $1 billion through a private credit fund in the UK and Europe’s real estate market. Mubadala will hold a 50 percent stake in the new platform, while Aldar will own 30 percent. Ares will hold the remaining […] December 14, 2023
Construction Investcorp buys 50% of Corsair’s $5bn infrastructure business Bahrain-based alternative investment firm Investcorp has acquired a 50 percent stake in the $4.8 billion infrastructure business of New York-based investment firm Corsair Capital. The transaction was completed by establishing Investcorp Corsair Infrastructure Partners (Investcorp Corsair), a new entity jointly owned by the two companies, the Manama-headquartered company said in a statement. The new entity […] December 12, 2023
Construction Zamil wins $153m deal to build Saudi defence complex A Dammam construction company has won a SAR575 million ($153 million) contract to build a defence manufacturing complex in Al Kharj, central Saudi Arabia. Zamil Steel Construction Company agreed the deal with Saudi Arabian Military Industries (Sami), a Public Investment Fund company set up to lead the development of the kingdom’s defence industry. The Al […] December 11, 2023
Analysis Construction Locals bemused by Jeddah’s planned transformation Amid a vast area of empty land in north Jeddah’s Obhur district, a lone unfinished tower stands out on the horizon with motionless yellow cranes around its edges – a stalled sign of the transformation of Saudi Arabia’s second city. Now work on the tower – possibly the tallest in the world upon completion – […] December 11, 2023
Sustainability Turning trash into tokens: blockchain’s answer to waste Trash, garbage, detritus. Whatever you call it, the waste management industry around the world faces a huge challenge as it must handle a substantial and growing volume of rubbish. In 2020, according to the World Bank, the world generated 2.24 billion tonnes of solid waste, amounting to a footprint of 0.79 kg per person per […] December 11, 2023
Construction Contractors upbeat despite Dubai real estate warning The mood was decidedly upbeat at the Big 5 construction conference in Dubai this week, despite recent warnings that the emirate’s real estate sector will slacken next year. Dubai residential property prices rose nearly 17 percent year-on-year in the first half of 2023, the fastest pace in nearly a decade. But a senior S&P Global […] December 8, 2023
Analysis Construction Project overruns remain but payment issues improving Delays in construction project timelines and payments remain a concern in the Gulf. However, things seem to be on the up on the payment side at least, multiple industry professionals said during the Big 5 Global conference in Dubai this week. The larger Middle East region suffers from some of the worst project overruns in […] December 7, 2023
Opinion Real Estate Big squeeze: Dubai’s office market reaches new peak The emirate is witnessing a ‘first come, first served’ leasing mentality December 7, 2023
Logistics Saudi port operator to develop Bangladesh terminal Saudi company Red Sea Gateway Terminal International Limited (RSGTI) has signed a 22-year concession to develop a container terminal at Bangladesh’s primary port in a deal worth $170 million. RSGTI, a subsidiary of the Sustained Infrastructure Holding Company (Sisco), signed the deal with the Chittagong Port Authority to develop Patenga Container Terminal. In a filing […] December 7, 2023
Analysis Giga-projects Big 5 builders seek answers to Saudi’s $1.5trn question Saudi Arabia’s mammoth pipeline of giga-projects was the focus of the Big 5 Global conference in Dubai this week, as the region’s main construction players discussed how to juggle fast-approaching 2030 deadlines with the kingdom’s push for sustainable development. Saudi Arabia has signed off on $78 billion of construction projects so far this year, up […] December 7, 2023
Construction US Green Building Council to launch new ratings system The US Green Building Council is launching a new ratings system to measure structures against tough sustainability targets. It is the first time in 10 years that the organisation has updated its policy, with the industry largely relying on the Leadership in Energy and Environmental Design (Leed) green building system. According to the US Green […] December 6, 2023
Video length: 06:23 EXCLUSIVE Banking & Finance Mashreq will ‘follow science’ for fossil fuel fund phase-out The UAE’s Mashreq Bank will “follow the science” when it comes to phasing out funding for fossil fuel companies, according to a senior executive. Mashreq is one of the top contributors to the UAE Banks Federation’s AED1 trillion ($272 billion) pledge to boost their green financing. The bank has committed to facilitating AED110 billion in […] December 6, 2023
Analysis Markets Real estate trusts struggle despite strong Dubai market Dubai’s resurgent property market has delivered riches to property owners and shareholders of leading developers like Emaar Properties, but investors in two listed Dubai real estate investment trusts – Emirates REIT and ENBD REIT – are nursing sustained losses. Both trusts are listed on Nasdaq Dubai. The emirate’s international bourse launched in 2005 with the […] December 6, 2023
Construction Concrete institute launching low carbon building code The American Concrete Institute is unveiling what it claims is the first-ever low carbon building code at the Cop28 climate conference. Building codes are a set of rules that standardise the construction process. They have historically focused on safety and serviceability, but must now address sustainability needs, Antonio Nanni, a professor at the University of […] December 5, 2023
Infrastructure Gulf telcos sign deal to create $2bn tower company Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […] December 5, 2023
SPECIAL REPORT Construction Qatar and Saudi Arabia poles apart on construction growth Qatar and Saudi Arabia may share an 87km border, but the performances of their construction markets are poles apart. While activity in Saudi Arabia reaches record levels, buoyed by work on giga-projects such as Neom and Diriyah, work in Qatar has dried up after the completion of contracts signed before the 2022 Fifa World Cup. […] December 5, 2023
