Analysis Construction Ambitious plans accelerate Gulf construction costs Construction costs in Saudi Arabia and the UAE are in danger of accelerating over the next few years as both countries pour billions into infrastructure, energy and housing projects, observers have warned. Rises in the prices of steel, cement, glass, aluminium and components for air conditioning systems are driving the growth of building materials costs, […] February 18, 2025
Real Estate Dar Al Arkan wins $1bn Jeddah real estate deal A consortium including the Saudi construction company Dar Al Arkan Real Estate Development has been awarded a deal worth SAR4.46 billion ($1.2 billion) covering a square kilometre of land in Jeddah. The consortium includes the real estate investment company Kenzi Al Arabiya and a group of investors, according to a statement filed to Tadawul, the […] February 17, 2025
Real Estate Oman awards contracts to build homes for low-income nationals Oman’s Ministry of Housing and Urban Planning has awarded contracts worth $170 million to build homes and related infrastructure for low-income nationals in outlying regions. Of 1.35 million working Omanis, about 12 percent earn a minimum wage, according to official statistics. In 2022, the government raised the minimum wage from $815 to $1,000 per month. […] February 17, 2025
Markets Mecca project developer targets $533m from Saudi listing Umm Al Qura for Development and Construction (Umm Al Qura), the developer of Masar, a mixed-use project in Mecca, expects to raise between SAR1.8 and SAR2 billion ($480-$533 million) through an initial public offering (IPO) on the Saudi stock exchange. The company has set the IPO price range between SAR14 and SAR15 per share. This month […] February 17, 2025
Infrastructure Neom spends $37bn on infrastructure development Saudi Arabia’s $500 billion giga-project Neom has spent more than SAR140 billion ($37 billion) on infrastructure development so far, a senior company executive has said. Several real estate projects are still under development, with work on infrastructure and utilities continuously progressing, chief development officer Denis Hickey told PIF Private Sector Forum last week. The developer has two […] February 17, 2025
Real Estate Emaar to up investments in Egypt by another $7bn Emaar Properties, Dubai’s largest listed developer by market capitalisation, intends to increase its investments in Egypt to $25 billion over the next three years, up from the existing $18 billion, the company’s founder Mohamed Alabbar has said. The increase reflects growing confidence in Egypt’s real estate market, Al Arabiya, an Arabic-language news channel, reported citing […] February 17, 2025
Construction Saudi Arabia awards almost $2bn of contracts in January Saudi government entities awarded more than SAR6.5 billion ($1.7 billion) of contracts in January, led by housing, infrastructure and industry. More than half the value of the contracts issued last month – SAR3.7 billion – was allocated towards construction, with the remainder going on water, energy and industry projects, the Saudi Contractors’ Authority (SCA) said […] February 14, 2025
Energy Oman secures $100m loan to join GCC power grid Qatar Development Fund has signed a $100 million loan agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to help finance the connection of the regional power grid to Oman. The project is expected to cost more than $700 million. It involves the construction of two 400 kilovolt (kV) overhead transmission lines connecting the GCCIA’s […] February 14, 2025
Real Estate New law swells Sharjah real estate sales The value of real estate transactions in Sharjah rose by nearly half in 2024, as the UAE’s third largest emirate attracted more foreign investment, three years after it loosened its real estate laws. The 2022 freehold law change, which allowed non-Arab expatriates to own property in the northern emirate, has seen the number of nationalities […] February 14, 2025
Real Estate Emaar hits record sales in 2024 after launch of 62 projects Sales at Emaar Properties, Dubai’s largest listed developer by market capitalisation, hit an all-time high of AED70 billion last year ($19 billion), while revenues reached AED36 billion, the company has reported. A revenue backlog from sales of property which has not yet been delivered exceeded AED110 billion, up 55 percent year on year. This indicates […] February 14, 2025
Real Estate Saudi real estate licences increased by half in 2024 The number of licensed real estate developers in Saudi Arabia increased by 50 percent in 2024 alone. Assistant deputy minister of investment, Fahad Al-Hashem, who was speaking at the panel discussion at the PIF Private Sector Forum in Riyadh on Thursday, said licensees jumped from 446 to 690. Similarly, the number of construction licences increased […] February 13, 2025
Energy NMDC Group to pay $191m dividend as revenue rises The board of Abu Dhabi’s NMDC Group has recommended paying a cash dividend of AED701 million ($191 million) after revenues surged 57 percent year on year to AED 26 billion in 2024, according to UAE state-owned Wam news agency. The payout is subject to shareholders’ approval. If approved, the group’s dividend yield will reach 13 […] February 12, 2025
Aviation Three vertiport locations identified in Abu Dhabi Al Bateen, Yas Island and Khalifa Port have been identified as locations for developing vertiports in Abu Dhabi after 14 potential sites were accessed. A detailed feasibility study has been submitted to the Abu Dhabi government following discussions with more than 34 government entities, according to a joint statement from LODD, an Abu Dhabi-based AI-powered drone […] February 12, 2025
Logistics DP World nears opening of $80m logistics hub in Egypt Global ports operator and logistics company DP World has completed nearly two-thirds of the work on the first phase of a $80 million logistics hub in Egypt’s Suez Canal Economic Zone. The 300,000 sq m complex is due for completion in June. It aims to reduce logistics costs and strengthen connections between Egypt, the Middle East […] February 12, 2025
Tech $5bn Neom data centre latest deal announced at Leap Saudi Arabia’s $500 billion futuristic giga-project Neom has signed a $5 billion deal to develop what it claims will be the world’s first fully sustainable data centre. The agreement was signed with the Saudi IT and technology company DataVolt. The data centre will be located at Oxagon, with the first phase having a capacity of […] February 11, 2025
Real Estate Egyptian contractor to build houses in Equatorial Guinea Egypt-based Arab Contractors Company will build 100,000 housing units in Equatorial Guinea as part of a cooperation agreement signed between the two governments. The mega project will be under the direct supervision of Egypt’s housing ministry. Financial details of the project were not disclosed. The ministry is currently supervising the Tanzanian dam project, which is […] February 11, 2025
Infrastructure Kuwait approves plan to tackle project delays Kuwait has approved a four-year plan to tackle persistent delays in development projects caused mainly by bureaucratic red tape and slow endorsement. The cabinet of ministers has informed all government departments of the plan, with focus primarily on project performance and completion on time, the Arabic language daily Alqabas reported. All departments must include key […] February 11, 2025
Real Estate Iraq awards another major project in housing drive Iraq has awarded a construction and development contract for a 120,000-unit housing project to two companies, one Egyptian and one Chinese. Egypt’s Mountain View Company and China Railway will partner with Iraq’s Al-Safi Group to build Palm City in the southern Basra area, provincial Governor Asaad Al-Idani said, according to the Iraqi national news agency. In […] February 10, 2025
Real Estate Aldar’s 2024 profit nears $2bn as new projects lift revenues Aldar Properties shares rose on Monday after Abu Dhabi’s largest developer reported net profit for 2024 had surged 47 percent year on year to AED6.5 billion ($1.8 billion), driven by strong demand for new launches and existing inventory. Revenue jumped 60 percent year on year to AED23 billion as 12 projects were launched last year, […] February 10, 2025
Infrastructure Work accelerates on Morocco’s high-speed rail Morocco has awarded contracts worth €430 million ($444 million) to expand the country’s high-speed rail network ahead of the 2030 Fifa World Cup, according to the successful French bidder. The Office National des Chemins de Fer (ONCF), the national rail operator, awarded three contracts to two subsidiaries of French civil engineering company Colas to extend […] February 10, 2025
Leisure & Hospitality Wynn Resorts secures loan for RAK casino The Wynn Resorts joint venture behind the Gulf’s first casino in Ras Al Khaimah has secured a $2.4 billion loan to finance its development. The Wynn Al Marjan Island JV — which includes RAK Hospitality Holding and Las Vegas’ Wynn Resorts — secured the seven-year loan facility, denominated in a combination of AED and USD […] February 7, 2025
Infrastructure Abu Dhabi seeks consultants for transport master plan The Abu Dhabi government has invited consultancy companies to apply to update its transport master plan, as it aims to modernise the emirate’s transport network. The updated capital surface transport master plan will replace previous transport strategies and will integrate new infrastructure, technology and regulatory measures to enhance connectivity and support economic diversification, according to […] February 7, 2025
