Construction Saudi cement maker Al Jouf plans to sue over $36m loss A Saudi cement producer is planning to sue three of its former board members for their role in an investment that resulted in a SAR136 million ($36.3 million) loss. Al Jouf Cement Company said in a filing to the Saudi Stock Exchange it was seeking authorisation from its general assembly for the liability lawsuit, which […] December 5, 2023
Construction UAE’s Aldar buys British developer for $291m Abu Dhabi-listed Aldar Properties has acquired London-based developer London Square in a deal worth AED1.07 billion ($291.4 million). The transaction marks Aldar’s first acquisition outside the Mena region. The Abu Dhabi developer plans to leverage its expertise and balance sheet to support London Square’s land acquisition strategy to develop larger prime central London sites. Additionally, […] December 1, 2023
Tourism Neom’s Siranna promotes Saudi eco-friendly tourism Saudi Arabia’s giga-project Neom has unveiled its latest eco-friendly tourism destination on the coast of the Gulf of Aqaba. Siranna, located in northwest Saudi Arabia, will be home to a 65-key hotel and 35 “exclusive” residences. The architecture of the “ultra-luxurious” destination comprises hexagonal pillars that will “blend into the adjoining mountain and wadi”, Neom […] November 30, 2023
Construction Atlantis may expand further in Palm Jumeirah Resort group Atlantis Global is “looking at different options” to expand its Dubai footprint further, despite president Tim Kelly predicting a drop in room rates across the emirate. The company operates the Atlantis The Palm resort at the tip of Palm Jumeirah, and opened the neighbouring Atlantis The Royal property in February this year, at […] November 30, 2023
Giga-projects Riyadh Expo 2030 to spur giga-project construction Saudi Arabia will host the World Expo 2030 in Riyadh, surpassing bids from Italy and South Korea in what analysts and officials said would be a boon for tourism and a spur to finish ambitious development projects on time. A total of 119 countries endorsed Riyadh’s candidacy during the 173rd general assembly of the Bureau […] November 30, 2023
Real Estate Saudi property prices hold up despite drop in sales The Saudi residential property market is beginning to take a hit from the economic slowdown caused by the kingdom’s oil production cuts. Yet according to figures published by real estate consultancy CBRE, prices remain resilient in the face of a fall-off in third quarter sales. A total 61,473 transactions took place in the third quarter, […] November 28, 2023
Real Estate London’s suburban real estate moves Middle East investors While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […] November 28, 2023
Real Estate PIF expects $1trn real estate spending over next decade Saudi Arabia’s Public Investment Fund (PIF) says it intends to invest SAR4 trillion ($1.1 trillion) in the real estate sector over the next 10 years, mainly developing 12 cities as part of the Saudi Downtown project. The Saudi Downtown Company was established in 2022 as a fully owned subsidiary of the PIF to develop city […] November 27, 2023
Real Estate Abu Dhabi real estate deals soar to new high of $18.5bn Real estate transactions in Abu Dhabi hit a new high of AED 67.76 billion ($18.45 billion) in the first nine months of 2023, propelled by rising demand from local and international investors. Buying, selling and mortgage activities across the real estate sector rose 56 percent year on year, Abu Dhabi Media Office reported, citing data […] November 27, 2023
Construction PIF unit launches $354m entertainment centre in Aseer Seven, a wholly owned subsidiary of the Public Investment Fund (PIF), has launched its fifth entertainment destination in Saudi Arabia. The SAR1.3 billion ($353.96 million) project near Abha International Airport will cover a land area of 64,000 sq m with a built-up area of more than 79,000 sq m. The architecture, designed by California-based firm Gensler, […] November 27, 2023
INTERVIEW Real Estate UAE buyers help ex-England footballer hit property goals The former Manchester United and England footballer Gary Neville has revealed that one in five properties in his luxury residential development have been snapped up by UAE investors. Neville, a Champions League-winning defender turned entrepreneur, visited the Emirates this week to gauge Middle Eastern interest in his £400 million ($501 million) hotel and apartment project […] November 26, 2023
Analysis Construction Neom registers 33 new patents for projects Saudi Arabia’s futuristic city Neom has ramped up its applications for patents on names and logos, registering a total of 33 this year, including 27 within the last two months, indicating that at least two new major projects are still to come. Neom Company has made a total of 45 applications to the US patent […] November 24, 2023
Renewable Energy Gulf’s first hydroelectric plant to be ready in Dubai in 2025 The Gulf region’s first hydroelectric plant in Hatta is 80 percent complete and forecast to be completed by early 2025, the emirate’s utility provider said on Thursday. Dubai Electricity and Water Authority (Dewa) in December said that the AED1.42 billion ($387 million) plant – the first of its kind in the GCC – was planned […] November 23, 2023
Real Estate Foreign HQs drive Riyadh rent growth to record highs A rush of international companies to set up regional headquarters in Riyadh is driving record increases in commercial property rents, latest figures reveal. Prime rents in the Saudi capital rose by almost 24 percent in the year to Q3, according to CBRE, with rents currently at SAR2,617 ($712) per sq m. Observers say Saudi Arabia’s […] November 23, 2023
Analysis Real Estate Investors favour Emaar for Dubai property returns Dubai’s residential property sector rebound has reaped huge profits for the emirate’s developers and landlords. Yet for equity traders, there is really only one investible conglomerate: Emaar Properties and its subsidiary, Emaar Development. There has been upheaval among second-tier developers listed on Dubai’s bourse, while the other major players, such as Nakheel, Dubai Properties and […] November 22, 2023
Real Estate Turkish house sales drop 14% as prices double House sales in Turkey during the first 10 months of 2023 were down by 14.3 percent year on year to just under 1 million, according to data from the Turkish Statistical Institute. Pressure on Turkey’s housing market has been exacerbated by the ongoing cost-of-living crisis, high inflation and an influx of displaced people from the […] November 21, 2023
Construction Work starts on UAE’s largest aluminium recycling plant Emirates Global Aluminium has commenced construction of what it claims will be the largest aluminium recycling plant in the UAE. The facility, with a capacity of 170,000 tonnes per year, is being built next to EGA’s existing smelter in Al Taweelah, Abu Dhabi, the company said in a statement on Tuesday. Construction is expected to […] November 21, 2023
Transport GCC railway sets 2030 operational target The long-awaited GCC railway network will be operational by December 2030, it has been announced. The target date was agreed by the Committee of GCC Ministers of Transport and Communications at a meeting in Muscat, Oman on Thursday. The 2,117km route will connect key cities in each of the six member states. The long-awaited GCC […] November 17, 2023
Real Estate Saudi-backed Oryx plans logistics centre in UK Oryx Real Estate Partners, a UK-based investment and asset manager, has acquired a five-acre development site in Milton Keynes on behalf of a consortium of GCC family offices, mainly from Saudi Arabia. The company, whose chairman and co-founder Fawaz Al Rahji is also chairman of Saudi family office Al Rahji Partners, plans to invest between […] November 16, 2023
Opinion Economy Assessing Saudi Arabia’s Vision 2030 progress The non-oil private sector is a driving force for economic transformation November 16, 2023
DUBAI AIRSHOW Aviation Neom flying taxis ‘should be ready by 2026,’ says developer Neom could have “flying taxis” in the air by 2026 if testing and regulatory work stays on track, according to the company developing them for the Saudi giga-project. Borja Blond, CEO of the joint venture between Neom and German manufacturer Volocopter, said it ran successful test flights in the summer and was working with the […] November 16, 2023
Real Estate Qatar to invest $1.5bn in Egypt’s industrial sector Qatar will invest $1.5 billion in Egypt’s industrial sector in 2024, according to Egyptian commercial service chief Yahya Al-Wathiq Billah. This is the first investment by the Gulf nation in Egypt since signing a bilateral agreement in March 2022, Egypt Today newspaper reported. Billah said that trade volume between the countries increased by 47 percent […] November 16, 2023
