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Construction news, real estate, property, and infrastructure news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis on the construction market.
Construction news
Egypt has approved 17 infrastructure projects under its public-private partnerships (PPP) scheme, according to finance minister Mohamed Maait. The projects include three wastewater and industrial waste plants in Sadat, New Beni Suef and New Mansoura, and nine transformer plants and electrical grid projects in the New Administrative Capital, 6 October City and New Aswan City. […]
The loosening of buying rules and a steady spillover of tenants from Dubai has boosted real estate sales in its neighbouring emirate Sharjah. Arada, a master developer in the emirate, has reported a 186 percent increase in sales during the first half of this year. It sold a total of 1,616 homes worth a total […]
One of China’s biggest wireless mobile network operators will make its GCC debut through a connectivity agreement with Zain Omantel International. State-owned China Telecom Global (CTG) signed the deal with Zain Omantel International (ZOI), a joint venture formed in May by Kuwait’s Zain Group and Oman’s Omantel. The deal with CTG is a “strategic subsea […]
Dubai’s residential property prices climbed at their fastest rate in almost a decade in the year to June 30, with villa prices topping previous records set in 2014. Property consultancy CBRE reported that average residential prices in June increased by 16.9 percent, up from the 15.9 percent growth registered a month earlier. Meanwhile, international consulting […]
Dubai developer Union Properties has settled a long-running dispute with former chairman Khalifa Al Hammadi and members of his family, according to an announcement on the Dubai bourse. Details of the agreement were not revealed but the posting said it would be “executed once the custodian and escrow agents are appointed”. UP, one of Dubai’s […]
Real estate developer Sobha Realty is set to raise $300 million through a debut sale of Islamic bonds, a bank document showed. The five-year sukuk, non-callable for three years, launched at a yield of 8.75 percent, the lower end of initial guidance earlier on Monday of 8.75-8.875 percent, after drawing final orders of more than […]
Saudi Arabia approved licences for 53 new factories with total investment capital of more than $5 billion in April. The majority of new licences came from the food products industry, according to the latest monthly figures from the Ministry of Industry and Mineral Resources, with nine new licenses approved. Other major sectors included non-metallic minerals […]
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 […]
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 […]
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 […]
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 […]
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 […]
“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 […]
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 […]
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 […]
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 – […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
