Economy Saudi inflation eases but real estate buoys the index Saudi inflation eased to 1.7 percent in September, from 2 percent the previous month, but the booming real estate sector continued to push up prices. Housing rents rose 9.8 percent, including a 19.8 percent increase in apartment rents, forming “the main driver of the inflation rate in September 2023”, the General Authority for Statistics said. […] October 16, 2023
Construction Groundwork begins on Riyadh’s Mukaab Work has commenced on the Mukaab, a 400 metre tall cube structure in Riyadh. PIF-backed New Murabba Development Company (NMDC), the developer, has awarded the contract for the first excavation phase to construct the basement structures underneath the Mukaab and surrounding podiums to China Harbour Engineering Company. The work is part of the backfilling and […] October 16, 2023
Construction ‘Unrealistic’ deadlines spark construction disputes in Gulf Developers in the Middle East are setting “unrealistic” timelines for building projects, industry experts have warned, as the region is named among the worst in the world for construction delays. Construction overruns added 82 percent to schedules in the region, well up on the global average of just over 67 percent, according to the 2023 […] October 16, 2023
Tourism Saudi eco-tourism drive continues with Leyja launch Saudi Arabia’s $500 billion giga-project Neom has unveiled plans for a sustainable tourism destination built between 400-metre-high mountains. Leyja will have just 120 rooms and suites, split equally with 40 keys each in three resorts, the company said in a statement. The eco-friendly development will spread from the Gulf of Aqaba coast and move inland […] October 16, 2023
Giga-projects Construction to start on Rua Al Madinah giga-project Rua Al Madinah Holding, the Saudi Public Investment Fund (PIF) subsidiary in charge of the touristic and cultural development of Medina, has invited companies to bid for contracts to build 5,000 hotel rooms. Construction of the mega mixed-use scheme is due to start soon. Rua Al Madinah expects to welcome its first guests in 2026. […] October 16, 2023
Aviation Huge expansion planned for Saudi’s Abha airport Abha International Airport in the south-west of Saudi Arabia is to expand to more than six times its current size. The plans, revealed this week by Crown Prince Mohammed bin Salman, will see the terminal area of the airport increased to 65,000 square metres. It includes the construction of passenger boarding bridges, self-service facilities and […] October 13, 2023
Analysis Tech Investors turn to data centres in Gulf and Mena tech push Investor appetite for data centres in the Middle East is soaring as the region, particularly the Gulf, accelerates its digital transformation. Experts say they are seeing increased levels of investment and interest from international operators, who are looking to capitalise on the region’s growing need for data processing and storage. Earlier this year the Saudi […] October 12, 2023
Real Estate Super-rich choosing Dubai for second homes Dubai has become a second-home paradise for the super-rich as the number of wealthy residents in the emirate continues to soar. The city boasts more than 500 centi-millionaire second-home owners. It features ahead of locations such as Palm Beach and West Palm Beach in the US, Sydney, Nice and Napa, according to the latest wealth […] October 11, 2023
Real Estate UK commercial property bargains lure Gulf buyers Gulf backers have contributed over 80 percent towards a British investment fund targeting distressed commercial property sales in the UK. Greenridge Investment Management Ltd has just closed the first round of its $190 million Greenridge Opportunities fund and has surpassed its first capital raise target by 46 percent. Strong participation from Saudi Arabia and Kuwait […] October 11, 2023
Real Estate Dubai’s unfinished Falconcity plots sell at steep discount Hundreds of plots of land from the long-delayed Dubai real estate master project Falconcity have been auctioned off, at a discount of more than a billion dirhams on the initial asking price. Falconcity of Wonders, an AED5.5 billion ($1.5 billion) master development launched in 2005 during Dubai’s property boom, had promised buyers views of replica […] October 10, 2023
Real Estate Beachfront villa in Abu Dhabi listed for record $27m The most expensive villa in Abu Dhabi has been listed for sale as the off-plan property market in the UAE capital continues to witness strong growth. The AED98 million ($26.7 million) villa, located in the Ohana by the Sea coastal development between Abu Dhabi and Dubai, is scheduled to be handed over in the fourth […] October 9, 2023
Infrastructure PIF launches company to drive Saudi EV charging The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have launched a new company to deliver electric vehicle (EV) fast-charging infrastructure in Saudi Arabia. The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake. The new company plans to establish […] October 9, 2023
Construction Arada awards $191m contract for its first Dubai project UAE real estate developer Arada has awarded two contracts worth AED700 million ($190 million) to build all 294 upscale houses at its first Dubai project in Jumeirah Golf Estates. Jouri Hills covers an area of more than 40 million square feet of Jumeirah Golf Estates, which houses two international golf courses. Intermass, a UAE-based contractor […] October 6, 2023
Construction New PIF unit to transform Jeddah’s Al Balad district Saudi Arabia’s Public Investment Fund has launched the Al Balad Development Company to develop Jeddah’s historic Al Balad district as the kingdom targets 150 million visitors by 2030. The transformation will lead to the creation of Jeddah as an economic hub and a global cultural and heritage destination. BDC will focus on improving the district’s […] October 4, 2023
Opinion Real Estate Commercial property shortage looms over Dubai More needs to be built – and quickly – if the emirate is not to become a victim of its own success October 3, 2023
Opinion Renewable Energy The Gulf is on track to lead global climate tech We need to focus on mitigating the risks and adapting October 3, 2023
Construction Doubts still swirl around completion of Jeddah Tower No final decision has been taken on construction the Jeddah Tower in Saudi Arabia, despite reports that building work on the controversial project had restarted. The planned skyscraper, which was set to be the tallest building in the world, was announced in 2009 by Kingdom Holding. Work stopped in 2017, however, after only a few […] October 3, 2023
Opinion Oil & Gas Saudi Arabia’s oil output cut is paying dividends Oil economies have to live with the consequences of the swings of global demand October 2, 2023
Opinion Real Estate Could Dubai property meet its nemesis in 2024? Global macro forces suggest an overheated real estate sector, reminiscent of 2008's tipping points October 2, 2023
Construction Damac awards $160m contracts for two projects Damac Properties has awarded two contracts worth AED588 million ($160 million) for Damac Hills, the Dubai developer’s flagship master development. The first contract, valued at AED341 million, is for the main works of the Gems Estates cluster – a luxurious collection of high-end mansions branded by Swiss jeweller de Grisogono, with home interiors branded by […] September 29, 2023
Tourism $1bn tourism school to open in Saudi’s Qiddiya Saudi Arabia plans to build a $1 billion tourism school in the Qiddiya sports, culture and entertainment city giga-project. The Riyadh School for Tourism and Hospitality will train workers from around the world, not only Saudi Arabia, tourism minister Ahmed Al-Khateeb told a UN World Tourism Organization gathering in the capital. The training headquarters at […] September 27, 2023
Opinion Construction UAE construction becoming sustainable and inclusive Builders are creating homes that adapt over time to residents' changing needs September 27, 2023
