Banking & Finance Saudi banks face slowdown as giga-projects take toll Saudi banks are witnessing a slowdown, impacting liquidity, net profits and share price across the sector, as the pressure of funding the kingdom’s giga-projects takes its toll, analysts say. Growth in net profit at the top ten banks slowed to 0.3 percent in the second quarter and the Saudi index of bank stocks fell 18.8 […] September 8, 2023
Construction UAE’s Tabreed to invest $200m in Indian pharma city The UAE’s National Central Cooling Company (Tabreed) will invest $200 million to develop 125,000 refrigeration tonnes (RT) of district cooling plants for Hyderabad Pharma City, according to media reports. Tabreed has partnered with India’s Telangana state government to develop cooling infrastructure for industrial and commercial parks, Business Standard, an Indian financial news daily, reported. Tabreed […] September 7, 2023
Opinion Banking & Finance Female investors and the power of the ‘invisible market’ Women are diversifying and growing their investments in the region September 6, 2023
Infrastructure Contract awarded to modernise Egyptian railway A consortium of Egypt’s Orascom Construction and Paris-based Thales Group has signed a new $323.50 million contract with Egyptian National Railways to modernise the double-track railway. The track, located on the east bank of the river Nile, 115 km from the country’s capital, will link Cairo with Giza and Beni Suef. The project will be […] September 4, 2023
Real Estate Aldar-owned Sodic to launch Nobu brand in Egypt The Egyptian real estate subsidiary of Abu Dhabi’s Aldar Properties is set to launch two hotel projects that will include branded Nobu residences and restaurants. Sodic and the US-based luxury lifestyle brand have agreed to develop the projects in West Cairo and North Coast. “The expansion of Sodic’s luxury property development portfolio underscores the demand […] September 3, 2023
Real Estate Bahrain bank exits investment on Dubai’s The World A Bahrain bank has sold its investment in a manmade island on The World development off the coast of Dubai. Venture Capital Bank (VCBank), an Islamic wholesale bank licensed by the Central Bank of Bahrain, announced this week that it has sold a 900,000 square foot island plot on The World, which it owned along […] August 31, 2023
Real Estate Damac expands Dubai Lagoons development Damac Properties has launched the second phase of the Morocco cluster at Lagoons, its third master development in Dubai, as part of a portfolio of 11 Mediterranean-themed clusters. The developer said in a statement that the second phase of the Morocco cluster will house townhouses and villas. The development cost of the new phase and […] August 31, 2023
Real Estate Aldar to begin work on new Yas Island project next year Aldar Properties is expected to start construction on the first phase of Gardenia Bay on Yas Island at the start of 2024. The waterfront community is opposite Yas Park and close to attractions such as SeaWorld, Ferrari World and Yas Mall, the developer said in a statement on Abu Dhabi Securities Exchange. The project value […] August 30, 2023
Tourism Builder picked for luxury resort as Egypt tourism rebounds A construction contract has been awarded to build the first phase of the $1.7 billion Soul Luxury Beach Resort on Egypt’s north coast. Eagle Hills Properties, based in Abu Dhabi, has signed a $62 million contract with Egyptian company Orascom Construction. It described the deal as a “significant milestone” in the development of the resort, […] August 29, 2023
Giga-projects Saudi Arabia reveals latest giga-project with 11km canal Saudi Arabia has announced its latest giga-project with plans to develop an 11-kilometre-long canal north of Jeddah. The mixed-use waterfront destination, which will be home to over 130,000 residents, will be developed by Roshn Group in partnership with the kingdom’s Public Investment Fund. To be known as Marafy, the project includes the first manmade canal […] August 29, 2023
Construction Saudi Arabia plans zero carbon industrial park Plans for a zero carbon industrial park at King Abdullah Economic City, the megacity being developed on Saudi Arabia’s Red Sea coast, are under way following an agreement with green investment company Skytower. Saudi Press Agency said that King Abdullah Economic City’s organising body signed the deal with Skytower on Monday. It reported that the […] August 29, 2023
Real Estate Qatar wealth fund buys troubled New York hotel A luxury Manhattan hotel, which has been on the market for a number of years after being caught up in the 1MBD Malaysian investment fund scandal, has been sold to Qatar’s sovereign wealth fund. The Qatar Investment Authority has bought the 46-storey Park Lane Hotel for almost $623 million, according to city records, as first […] August 29, 2023
Real Estate Palm Jumeirah’s $52m plot to house high-end residences A new high-end residential project is slated to be built on Dubai’s Palm Jumeirah following the sale of a plot of land on the man-made, palm-shaped island. The plot was sold for AED190 million ($51.73 million), one of the highest land deals recorded in Dubai in 2023, said global property consultancy JLL, who arranged the deal […] August 29, 2023
Construction Work to begin on Reem Hills villas in September Q Properties, a real estate development subsidiary of Abu Dhabi-listed Q Holding, has awarded an AED1.76 billion ($479.17 million) construction contract for the first phase of Reem Hills villas on Abu Dhabi’s Al Reem Island. UAE-based Trojan General Contracting will build the 218 luxury villas and develop the three million sq ft of built-up area. […] August 29, 2023
Analysis Finance Saudi Arabia pushes easy mortgage financing scheme Saudi Arabia has increased funding for home ownership for citizens over the past year in an effort to reach Vision 2030 targets. The kingdom’s sluggish mortgage market has been affected by high US interest rates. The Saudi riyal is pegged to the US dollar, tying the Saudi mortgage market to US interest rate fluctuations. Residential […] August 29, 2023
Logistics Saudi Arabia to build 59 logistics centres by 2030 Saudi Arabia will have 59 logistics centres by 2030, as the kingdom aims to transform itself into a global logistics hub. Crown Prince Mohammed bin Salman unveiled the masterplan for the centres as part of ongoing initiatives under the national transport and logistics strategy. The 59 centres will have a total area of more than […] August 28, 2023
Construction Contract awarded for work on Avenues Khobar project Kuwaiti developer Mabanee has awarded a construction contract worth SAR3.66 billion ($976 million) for the first phase of The Avenues Khobar, a mixed-use project in Saudi Arabia. The contract was won by a joint venture between Saudi’s AlKifah Contracting Company and Kuwait’s Al Ahmadiah Contracting and the work will be completed in three years, Mabanee […] August 28, 2023
Real Estate Meraas appoints main contractor for Jumeirah project China Railway 18th Bureau has been appointed main contractor for the latest residential project to be built in Dubai’s Port De La Mer. Developer Meraas Holding appointed the company for its Le Ciel project, in which three residential buildings will be built, consisting of eight floors with 178 properties, ranging from one to four bedrooms. […] August 25, 2023
Construction Neom appoints manager for superyacht destination Saudi’s $500 billion giga project Neom has appointed a company to head its superyacht destination on the Red Sea. JLS Yachts, a Middle East-based yacht agency and concierge service provider, will manage Sindalah, which will be home to more than 5,000 berths. Set to open in 2024, Sindalah is one of the 41 Neom islands […] August 25, 2023
Construction Court gives Dubai’s Drake & Scull stay of execution Dubai contracting company Drake & Scull International (DSI) has received a reprieve from liquidation following the latest court ruling on its long-running restructuring plan. DSI has been attempting to thrash out a restructuring proposal for more than a year. Its accumulated losses increased to AED5.3 billion ($1.44 billion) in the first half of this year, […] August 23, 2023
Real Estate US builder to manage Riyadh business hub expansion US construction and engineering company Parsons Corporation has won a contract to manage the expansion of the King Abdullah Financial District (KAFD). The Virginia-based business said it has been awarded a five-year contract by the KAFD Development and Management Company for Saudi Arabia’s prime business and lifestyle destination. The contract supports the expansion of the […] August 23, 2023
Real Estate Ajman property deals rise 16% as economy rebounds Real estate transactions in Ajman rose 15.6 percent year on year in the first half of 2023, propelled by the UAE’s thriving economy. The number of property deals reached 5,310 and were valued at AED7.17 billion ($1.95 billion), the UAE state-run Wam news agency reported, citing Omar bin Omair Al Muhairi, director-general of Ajman’s Department […] August 23, 2023
