Construction Epicon resort announced as latest Neom venture Saudi Arabia’s $500 billion giga-project Neom has unveiled plans to build a new luxury tourism destination on the coast of the Gulf of Aqaba. Called Epicon, the resort has been designed as a “gateway to the future” and will feature “striking” skyscrapers rising to 225 metres and 275 metres high. The towers will be home to […] November 16, 2023
Analysis Real Estate Dubai real estate faces price drop of up to 10%, says S&P Dubai’s real estate market is poised for a 5 to 10 percent slump in prices in the next 12 to 18 months, an analyst said on Wednesday. The shift in the market – an important driver of the emirate’s economy – will be driven by imbalances in supply and demand, according to Tatjana Lescova, associate […] November 15, 2023
Construction Deyaar plans new launches as profit rises three-fold Deyaar Development, majority-owned by Dubai Islamic Bank (DIB), reported a nearly three-fold rise in net profit for the third quarter on new project launches amid a recovery in the emirate’s real estate market. Net profit for the three-month period reached AED119 million ($32.41 million), compared to AED36.35 million a year earlier, the developer said in […] November 15, 2023
Real Estate Emaar earnings jump 42% on back of real estate demand Shares in Emaar Properties were up 4.4 percent in trading on Friday off the back of strong financial results announced for the first nine months of the year. Dubai’s largest developer reported a 42 percent year-on-year increase in profit on higher property sales and a surge in real estate demand. The developer’s nine-month net earnings […] November 10, 2023
Real Estate Seera Group invests $160m in Riyadh business park Saudi travel major Seera Group plans to invest SAR600 million ($160 million) in a real estate fund to finance the development of a new business park in Riyadh. Seera will be the primary investor in the Sharia-compliant fund with the aim of developing the Kayanat Central Business Park in the north of the Saudi capital. […] November 9, 2023
Construction ADCB to sell majority stake in property unit for $109m Abu Dhabi Commercial Bank (ADCB) has received an offer to sell a majority stake in its wholly-owned property management subsidiary Abu Dhabi Commercial Properties (ADCP). The binding offer comes from Nine Yards Plus Holding, an Abu Dhabi-based EIH Ethmar International Holding (EIH) subsidiary, the lender said in a statement published on the Abu Dhabi stock […] November 9, 2023
Infrastructure Saudi Electricity profit falls 8% on rising finance costs Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported a net profit of SAR5.84 billion ($1.55 billion) in the third quarter of 2023, down 8.33 percent year on year. The profit decline was driven by higher finance costs, mainly due to high global interest rates and the additional funding needed to finance […] November 8, 2023
Giga-projects Saudi construction contracts balloon since 2015 Saudi Arabia has signed off on $78 billion of construction projects so far this year, up 42 percent from $54.5 billion in 2015, just before the announcement of the Vision 2030 project. The statistics, provided by the Saudi Contractors Authority (Scavo), show the total value of ongoing projects as of the end of October at […] November 7, 2023
Tourism Red Sea Global reveals own luxury resort brand The Saudi developer Red Sea Global (RSG) will open Shebara, its own luxury resort brand, next summer at the Red Sea tourism project. The resort, on Sheybarah Island in the Al Wajh Lagoon, will house 73 keys, including overwater and beach villas. Guests can get to the resort after a 45-minute boat ride, or 20 […] November 7, 2023
Construction Dar Al Arkan profit nearly doubles as lease revenue rises Profits almost doubled for the third quarter at Saudi Arabia’s largest developer, Dar Al Arkan, driven by a fall in operating expenses and an increase in lease revenue. For the quarter ended September 30 2023, profits rose 91.27 percent to SAR151.91 million ($40.49 million), from SAR79.42 million a year earlier, the company said in a filing to […] November 6, 2023
Construction Egypt seeks to privatise airports says Madbouly Egypt is planning to privatise the management and operation of airports and mass transit lines, Prime Minister Mostafa Madbouly said. During a meeting with executives of more than 20 of the biggest companies in transport, logistics and maritime navigation from the UAE, China and the US, among others, Madbouly underscored the government’s commitment to collaborate […] November 6, 2023
Economy China injects $956m into Egypt’s central bank The China Development Bank (CDB) has injected ¥7 billion ($956 million) into Egypt’s central bank to help finance projects agreed upon during the third Belt and Road Initiative (BRI) summit last month. The funds are part of a loan agreement signed during the summit in Beijing, as well as the nine programmes outlined in 2021’s […] November 3, 2023
Video length: 04:10 Finance King Abdullah Financial District helps grow FDI Global consultancy business JLL recently announced the establishment of its regional headquarters in King Abdullah Financial District, joining other multinationals such as Pfizer, Bupa and Arthur D Little that are already set up there. Launched in 2006 and located in northern Riyadh, KAFD plays an important role in Saudi’s push towards attracting foreign investments and […] November 3, 2023
Construction RAK Properties profit nearly triples on robust demand RAK Properties reported a 282 percent increase in net profit in the third quarter of 2023, as new project launches propelled a 137 percent growth in revenue. The developer’s net profit reached AED105.17 million ($28.63 million) in the three months ended September 30, 2023, compared to AED27.55 million a year earlier. Revenue hit AED685.56 million […] November 3, 2023
Tourism UK singer Robbie Williams reveals Dubai hotel plan UK pop singer Robbie Williams has revealed plans to build a hotel resort in Dubai. The 49-year-old former member of Take That, who performed in Abu Dhabi last month, told Wondery’s Brydon & podcast that he is building a 700-room hotel in Dubai. He explained to host Rob Brydon that the development was spurred by […] November 2, 2023
Construction Appeal court green lights Drake & Scull restructure Dubai’s court of appeal has approved a plan to restructure the troubled Dubai construction contractor Drake & Scull International (DSI). In what has been a lengthy battle through the courts, a previous verdict had called for the company to be placed into liquidation. This has now been overruled, and the court has given DSI one […] November 2, 2023
Construction Dubai’s Union Properties reports $5m profit for Q3 The Dubai developer Union Properties (UP) has reported a net profit of AED20 million ($5.45 million) for the third quarter of the year, backed by continued strong demand in the emirate’s real estate sector. UP, best known for its Motor City development in Dubai, transformed a AED966 million net loss in 2021 to a AED30 […] November 2, 2023
Construction Aldar nets $844m in sales from Dubai project sell-out Aldar Properties sold 786 villas and townhouses at its first residential development in Dubai, generating over AED3.1 billion ($844 million) in sales in one day. The developer launched 468 units in the first phase of Haven and another 318 units due to high demand, the Abu Dhabi-headquartered developer said in a statement. Overseas and expatriate […] November 2, 2023
Construction Tecom to expand logistics facilities as profit rises 34% Tecom Group plans to develop new Grade A storage and logistics facilities as demand for high-quality commercial space surges across Dubai. The Dubai-based business park operator will add 200,000 sq ft of total gross leasing area for logistics and storage in Dubai Science Park. The expansion comes as the company posted a 34 percent year on […] November 1, 2023
Oil & Gas Saudi GDP shrinks following oil output cuts Real GDP growth in Saudi Arabia contracted by 4.5 percent in the third quarter, as ongoing Opec+ oil output cuts affect the broader economy. Government data released this week showed oil activities decreased by 17.3 percent in the third quarter from a year earlier. However the General Authority for Statistics said there was an expansion […] October 31, 2023
Real Estate Apartment prices rise on news of Dubai Creek Tower revamp The price of Dubai apartments with a view of what is intended to be the world’s tallest building have risen by nearly 10 percent since the project’s redesign was announced in August. Property developer Emaar hopes to start work on the revamped $1 billion Dubai Creek Tower next year. Sidharth Kumar, a real estate agent […] October 31, 2023
Analysis Giga-projects Saudi construction under pressure to deliver on its promise The Saudi construction sector is growing as the state showers money on giga-projects while oil prices are high, but the industry is under increasing government pressure to deliver, industry players say. A market that was previously dominated by favoured government contractors such as Binladin Group and the now defunct Saudi Oger has been liberalised. This […] October 30, 2023
