Real Estate Shuaa sells Business Bay plot to Danube for $52m UAE-based asset manager and investment bank Shuaa Capital has sold a plot of land in Dubai’s Business Bay master development to Danube Properties, a local real estate developer, for AED190 million ($51.73 million). The transaction is part of the investment bank’s ongoing strategy to consolidate its asset portfolio. Danube Properties launched six projects worth AED3.42 […] July 6, 2023
Exclusive Infrastructure UK must court Gulf investors despite Thames Water crisis The UK’s investment minister has said that the country must continue to incentivise foreign investment in its utilities sector, despite ongoing concerns that Thames Water, which is part owned by Abu Dhabi, could be on the verge of collapse. In an interview with AGBI this week, Lord Dominic Johnson, a minister of state in the […] July 6, 2023
Real Estate UAE changes bank rules for Emirati mortgage holders The Central Bank of the UAE has introduced new mortgage repayment rules for citizens this week as a response to rising interest rates. Customers who have a monthly income of AED40,000 ($10,890) or more will now have their mortgage repayments capped at 60 percent of their present salary. Banks were previously only allowed to deduct […] July 5, 2023
Real Estate Merger will create GCC property management giant Plans have been announced to merge Abu Dhabi’s Aldar Estates and Eltizam Asset Management Group, creating the GCC’s largest property and facilities management company. Aldar Properties will hold a majority stake with the remaining shareholding held equally between International Holding Company and Adnec Group, Eltizam’s joint owners. According to a statement the merger will see […] July 4, 2023
Food & Drink Saudi catering firm signs $2.4bn deal with Red Sea Global Saudi Airlines Catering Company (SACC) has signed two contracts worth SAR9 billion ($2.4 billion) with Red Sea Global, the developer of Red Sea and Amaala mega projects. The first contract, valued at SAR6.3 billion, is to design, build, operate and transfer a central production unit for catering and facilities management to service RSG hotels, resorts […] July 4, 2023
Exclusive Real Estate Iraq’s Amwaj builds $3bn portfolio in ‘virgin country’ “The sky’s the limit” for real estate development in Iraq, says Namir El Akabi, whose company Amwaj International aims to capitalise on surging demand for upscale housing in Baghdad and beyond. The country, ravaged by war between 2014 and 2018 and stifled by almost 40 years of rule by Saddam Hussein, has been home to […] July 3, 2023
Real Estate Indian buyers flock to Dubai for higher rental yields With more wealthy Indians moving to the UAE and rental yields in the Gulf state more than twice the size of those in India, interest in purchasing real estate is set to continue to rise. Indians were the top foreign buyers in Dubai last year, spending more than those from Russia, China, Pakistan and the […] June 29, 2023
Real Estate Saudi mortgage issuances fall as stock shortage bites Saudi mortgage issuance fell by 35.8 percent year on year in the first quarter of 2023, as the kingdom grapples with rising interest rates and a delay in new stock. Residential mortgage contracts issued by Saudi banks fell to 30,213 in the first three months of 2023, according to research from real estate consultancy firm […] June 28, 2023
Real Estate Egypt’s housing developers lift activity as demand rises Rising interest in homeownership and a surge in development are expected to lift Egypt’s real estate sector this year, as currency devaluation keeps prices high. A report from data firm Property Finder said 17 residential and mixed-use projects with a total value of $1.3 billion were completed in the first quarter of the year – […] June 28, 2023
Real Estate Bahrain homebuyers opt for more affordable real estate Bahrain residents are turning towards more affordable real estate in the kingdom, says property consultant Knight Frank. The average price for apartments declined by 3.5 percent year on year to BHD668 ($1,772) per sq m, according to Knight Frank’s Bahrain Real Estate Market Review Summer 2023 report. Villas recorded a marginal increase of 1.5 percent […] June 27, 2023
Construction Construction leads non-oil boost to Abu Dhabi’s GDP Construction in Abu Dhabi grew by 14.4 percent in the first quarter of 2023 – the highest rate for nine years – contributing 8.5 percent to the emirate’s overall GDP. Completion rates of new buildings rose 37 percent year on year, according to Statistics Centre Abu Dhabi, pushed by interest from local and national investors. […] June 27, 2023
Analysis Real Estate Affordable homes warning for Dubai private developers Private developers in Dubai must build enough affordable housing or the government may be forced to step in, a prominent business leader has warned. Nasser al Shaikh, who served as director-general of Dubai’s Department of Finance until 2009 and held senior roles at real estate finance firm Amlak Finance and property developer Deyaar Development, said […] June 26, 2023
Real Estate Taiba gets nod for $800m purchase of hotel group Dur Taiba Investments Co, one of the largest real estate developers in Saudi Arabia, said on Wednesday that its offer to acquire hospitality firm Dur in a SAR3 billion ($800 million) deal has been approved by the General Authority for Competition. In a filing to the Saudi Stock Exchange, Medina-based Taiba, which is best known for […] June 21, 2023
Construction Construction workers on the up as Turkey rebuilds The number of construction workers in Turkey has risen 11 percent year-on-year to over 1.5 million in April, as the country rebuilds from the devastating earthquakes in February that killed 50,000 people. The disaster caused $34 billion worth of damage. Latest data from the Turkish Statistical Institute, reported this week, shows that the number of […] June 18, 2023
Real Estate Emaar launches $20bn The Oasis project in Dubai Emaar Properties, the developer of the iconic Burj Khalifa, has launched a $20 billion luxury development in Dubai, which plans to house over 7,000 residential units. The Oasis by Emaar will cover over 9.4 million sq m of land, offering large mansions and villas with views of water canals, lakes and parks. While the exact location of […] June 15, 2023
Real Estate Mubadala co-launches $600m Japanese property fund Sovereign wealth fund Mubadala has launched a $600 million Japanese property investment joint venture, the Abu Dhabi investor said on Wednesday. Mubadala, which has $276 billion of assets under management, has partnered with Canada’s Manulife Investment Management, Connecticut-based Proprium Capital Partners and Tokyo’s Samurai Capital to buy real estate in the world’s third-largest economy. The […] June 14, 2023
Construction Abu Dhabi set to begin work on Hudayriyat mega project Real estate developer Modon Properties has unveiled the masterplan for Hudayriyat Island in Abu Dhabi with the first phase of enabling infrastructure construction set for completion in the next 18 months. The project will span more than 51 million sq m, equivalent to 53.8 percent of Abu Dhabi Island, state-run WAM news agency reported. No […] June 14, 2023
Transport GCC on track to be linked by rail in next 10 years GCC governments are preparing to hand out $167 billion worth of contracts to link the six member countries by railway. “We should expect to see some significant contracts awarded on the railway to link all the GCC states over the next 24 to 26 months,” said Ed James, head of content and analysis at Meed, […] June 13, 2023
Construction Building firm targets rival in $145m deal to stem losses Saudi construction firm Red Sea International Co has announced plans to buy a majority share in a rival for more than SAR544 million ($145 million). The proposed deal to acquire 51 percent of The Fundamental Installation for Electric Work Company Ltd (First Fix) is part of a plan to turn around increasing losses at Red […] June 12, 2023
Opinion Tourism Raffles the Palm could just be peak Dubai bling Global billionaires keep demanding more ways to splash their cash in the emirate June 9, 2023
Real Estate UAE’s overseas property tax may push rents up The introduction of a tax on income from UAE property held by non-residents could cause rents to creep up as owners pass on the increment to tenants, experts have told AGBI. “The rental market is based on supply and demand, so if there’s less supply and more demand at any point, landlords can ask for […] June 8, 2023
Analysis Infrastructure Ooredoo to cut losses in Myanmar to tune of $2.3bn Should Ooredoo succeed in selling its Myanmar subsidiary, the Qatari telecom operator will exit nursing multi-billion-dollar losses in what has proved to be a disastrous strategic failure for the former monopoly. Ooredoo Myanmar’s customer base has shrunk by nearly half in just over two years, while its cumulative pre-tax losses from 2013-2022 total QAR8.6 billion […] June 8, 2023
