Leisure & Hospitality Marriott to open two luxury hotels in Neom’s Trojena Global hotel chain Marriott International will open two luxury properties in Trojena, a year-round mountain destination in the $500 million Neom development. The deal with the US hotelier includes Saudi Arabia’s first W Hotel and a JW Marriott property. “We are excited to work with Neom to develop these two properties in one of the […] September 25, 2023
Real Estate China’s unsold homes raise concerns over debt defaults Even China’s population of 1.4 billion would not be enough to fill all the empty apartments littered across the country, a former official said on Saturday, in a rare public critique of the country’s crisis-hit property market. China’s property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China […] September 25, 2023
Real Estate Dubai real estate is ‘fairly valued’ says UBS Dubai real estate still offers value for money compared with some of its global peers, a new report by investment bank UBS has claimed. But according to one real estate expert, residents in the emirate could soon be priced out of the market if the ongoing supply and demand imbalance continues. In the year leading […] September 22, 2023
Analysis Economy Saudi economy slips as government pushes oil cuts Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts. Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects. The International Monetary Fund said this month it saw a slowdown in […] September 22, 2023
Finance India-Middle East-Europe corridor to revive spice route Indian spices and spice products are likely to be the first commercial products to find their way through the new India-Middle East-Europe Economic Corridor (Imec), an Indian minister has said. Imec, announced last month at the G20 summit in New Delhi, India, aims to integrate railway routes and link ports along a route from India […] September 21, 2023
Real Estate Bahrain’s Arcapita exits US student housing portfolio Arcapita Group Holdings, the Bahrain-headquartered alternative investment company, has exited from its student housing community investment in the United States. Arcapita sold its student housing community near Clemson University, the second largest university in South Carolina, to Chicago-based Core Spaces, an operator of student housing properties. The transaction is Arcapita’s second student housing exit in […] September 21, 2023
Real Estate Aldar pairs up with Nikki Beach for RAK residences Aldar Properties is partnering with resort group Nikki Beach Global to develop three branded residential buildings in Ras Al Khaimah as part of a larger beachfront community on Al Marjan Island. Sales for the Abu Dhabi developer’s inaugural residential development in Ras Al Khaimah – named Nikki Beach Residences – are expected to launch later […] September 20, 2023
Real Estate Russians snap up plots of land to build ‘Little Moscow’ in Dubai Russian investors in Dubai are working to become real estate developers or acquire clusters of homes to build “Little Moscow” communities in the emirate. Buyers from Russia have become big investors in Dubai property since sanctions imposed on Moscow locked them out of European and North American markets. The UAE has also become a key […] September 20, 2023
Real Estate Dubai developer releases first Palm Jebel Ali villas The first villas available to buy on Dubai’s billion-dollar Palm Jebel Ali man-made island project have been released by developer Nakheel. The 13.4 sq km mega-project – twice the size of Palm Jumeirah – will add 91km of coastline to the emirate and provide homes for about 35,000 families. The inaugural properties for purchase are […] September 18, 2023
Opinion Lifestyle Unpacking the allure of Dubai’s branded residences Buyers can expect to pay 60 per cent more for branded homes September 18, 2023
Construction Saudi construction workers spoilt for choice Saudi Arabia’s trillion-dollar construction industry is providing rich pickings for professionals as companies increasingly struggle to retain talent. The kingdom has projects worth over $1.3 trillion underway and a further $64 billion in contracts forecast to be awarded this year. But while that places pressure on companies to recruit the necessary talent, employees are enjoying […] September 18, 2023
Construction Dubai Islands-Bur Dubai bridge to be ready by 2026 Dubai’s Roads and Transport Authority has signed an agreement with state-owned Nakheel to construct direct entrances and exits from bridges to the Dubai Islands from Bur Dubai. The Dubai Islands project will have entry and exit points on the Bur Dubai side through a bridge stretching across the Dubai Creek between the Infinity Bridge and […] September 14, 2023
Construction $2.9bn fund to develop 2,600 properties in Mecca The Royal Commission for Makkah City and Holy Sites has launched a SAR10.93 billion ($2.91 billion) fund to develop real estate in the holy city of Mecca. The fund will develop the Al Kidwa area close to Holy Masjid in partnership with Riyadh-based developer Thakher Development Company and investment bank Albilad Capital, the government-owned commission […] September 13, 2023
Construction Work begins in Saudi on $293m Yanbu entertainment centre Saudi Entertainment Ventures (Seven) has started work on its new SAR1.1 billion ($293.27 million) entertainment centre in Yanbu. The Yanbu project is part of Seven’s SAR50 billion plan to build 21 entertainment destinations in the kingdom. The company, a wholly-owned subsidiary of the Public Investment Fund (PIF), has awarded the contract to a joint venture […] September 13, 2023
Construction US 3D home printer to set up factories in UAE and Saudi The UAE and Saudi are set to have 3D-printed prefabricated homes in the coming years, after a US company announced plans to set up factories in the Gulf states. The move comes after Mighty Buildings, a California-headquartered 3D home construction company, raised $52 million in funding, led by Wa’ed Ventures, the $500 million venture capital […] September 13, 2023
Opinion Giga-projects Paradise found: Conserving and leveraging Saudi’s natural bounty How the world’s most ambitious sustainable hospitality project is being brought to life September 11, 2023
Opinion Trade Meanwhile, on the G20 sidelines, history in the making The proposed India-Middle East-Europe Economic Corridor could become a 'green and digital bridge across continents and civilisations' September 11, 2023
Health Leejam seeks payoff for forced closure of Riyadh gyms Leejam Sports Company is seeking compensation after being forced to close two of its gyms in Riyadh. The shuttered Fitness Time centres are on land in the city’s Al Khuzama district, which has been earmarked for the $50 billion Diriyah Gate project. In a filing to the Saudi Stock Exchange, Leejam said the two centres […] September 11, 2023
Giga-projects Egypt’s Talaat Moustafa to help build Saudi ‘smart city’ Egyptian real estate developer Talaat Moustafa Group said on Sunday it had signed an agreement with the Saudi National Housing Company to build a residential and commercial suburb northeast of Riyadh. The value of the deal is estimated at SAR40 billion ($10.7 billion). The community, described as a “smart city”, will include 27,750 residential units […] September 11, 2023
Real Estate Aldar subsidiary buys FAB’s property management unit Aldar Estates, the property and facilities management arm of Aldar Properties, has acquired FAB Properties, the property management services unit of First Abu Dhabi Bank (FAB). The deal will see the Abu Dhabi-listed developer’s subsidiary manage 22,000 residential units across 600 properties in the UAE. The acquisition of FAB Properties follows the merger of Eltizam […] September 11, 2023
Transport India-Middle East-Europe transport link announced World leaders have announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe at the G20 summit in New Dehli, India, on Saturday. The India-Middle East-Europe Economic Corridor (Imec) aims to integrate railway routes and link ports along a route spanning from India to Europe, through the UAE, […] September 11, 2023
Construction Roshn awards $2.4bn contracts for Saudi projects Roshn, a real estate developer backed by Saudi Arabia’s Public Investment Fund, has finalised four major commercial agreements with local and global companies valued at over SAR9 billion ($2.4 billion). The agreements cover construction, infrastructure and fittings for Roshn’s developments across the kingdom. The largest was a SAR 7.7 billion construction contract with engineering contractor […] September 11, 2023
