Banking & Finance China’s property woes fuel risks to financial system, says Moody’s Risks to the stability of China’s financial system are rising on continued sluggishness in its property sector and an economic slowdown, making smaller banks more vulnerable, rating agency Moody’s said on Friday. China’s property sector has slowed sharply this year after Beijing’s efforts reined in excessive borrowing by developers. The clampdown has triggered falls in […] December 2, 2022
Analysis Real Estate Bahrain real estate trends: From drive-thrus to cheaper hotels Economic recovery, an increase in tourism and a reputation as one of the safest places in the GCC for international trade has put Bahrain on the investment map. And property is one hot sector. The total number of real estate transactions in Bahrain in the third quarter of this year was 5,482, according to an […] November 30, 2022
Analysis Real Estate Young Saudi workers demand more affordable, smaller flats The total value of homes sold in Saudi Arabia rose 6 percent in the first three quarters of this year, with prices in some of the most affluent areas of the capital Riyadh rising by up to 40 percent year-on-year. Despite this, industry research showed the total number of Saudi real estate sales during the […] November 29, 2022
Real Estate Aldar brings Nobu Hospitality brand to Abu Dhabi island Abu Dhabi’s Aldar Properties has partnered with US-based luxury lifestyle brand Nobu Hospitality to launch a new luxury hotel, branded residences, and a fine dining experience at Mamsha Al Saadiyat, the developer said in a statement. The agreement will see Aldar develop a five-star hotel featuring 165 luxurious rooms and suites, including the rooftop Nobu […] November 29, 2022
Analysis Real Estate UAE offices filling up as research says more prime space needed The return of employees to the workplace and rising business confidence are driving up demand for top-quality office space across Dubai and Abu Dhabi, according to new research. “Businesses feel good about life right now and demand for office space is rising across the board,” said Faisal Durrani, partner and head of Middle East research […] November 28, 2022
Construction AD Ports awards terminal contracts to Chinese firm AD Ports Group has signed a contract with China Harbour Engineering Company (CHEC) to develop buildings and topside infrastructure for the CMA Terminals Khalifa Port, the UAE state-owned WAM news agency reported. CMA Terminals is 70 percent owned by French container transportation and shipping firm CMA CGM’s subsidiary, CMA Terminals, while 30 percent is with […] November 27, 2022
Real Estate Palm Jebel Ali buyers get 150% refund as credit if they reinvest Original investors in Dubai’s long-stalled Palm Jebel Ali can receive up to 1.5 times the money they paid – providing they re-invest this in the revamped project, state-owned master developer Nakheel has pledged. In September, Nakheel revealed it would re-launch Palm Jebel Ali, having officially cancelled the project earlier this year. Construction halted in 2009 […] November 25, 2022
Real Estate UAE developer adds residences to RAK tourism sector Abu Dhabi’s Aldar Properties has acquired prime beachfront land on Al Marjan Island in Ras Al Khaimah (RAK) to build its first residential development in the northern emirate. Set to launch in 2023, the development will include 2,000 branded and premium homes on a plot of over 40,000 square metres, plus retail spaces and a […] November 22, 2022
Real Estate Masdar Green REIT acquires $254m sustainable real estate Masdar Green REIT, the UAE’s first real estate investment trust to invest in sustainable real estate assets, has completed the acquisition of property worth AED 934 million ($254.28), raising its portfolio value to AED 1.91 billion, the UAE state-owned WAM news agency reported. The announcement follows a $200 million green loan secured from First Abu […] November 22, 2022
Real Estate Saudi Arabia’s Dar Al Arkan signs deal for Trump project in Oman Saudi Arabian real estate developer Dar Al Arkan said it signed an agreement with former US President Donald Trump’s company to use the Trump Brand for its $4 billion project in the Gulf state of Oman that includes a golf course, hotel and villas. The regulatory statement issued on Sunday did not disclose the financial […] November 21, 2022
Real Estate Bahrain’s Investcorp plans Saudi real estate deal before year-end Bahrain-based Investcorp plans to close a Saudi real estate deal before the end of the year, senior executives at the alternative investments firm said on Thursday. The acquisition of warehouses in Saudi Arabia will be announced in the coming weeks, the executives told Reuters, without giving any details on the size of the investment. Investcorp, […] November 18, 2022
Analysis Real Estate Four Seasons heads to Bahrain as branded home market booms Four Seasons has unveiled plans to build bespoke homes in Bahrain Bay as the demand for branded residences gathers pace in the Middle East. The hospitality company has teamed up with Bahrain-based real estate developer Bayside Developments for the Four Seasons Private Residences Bahrain Bay project. Buyers of the 112 homes will be able to […] November 17, 2022
Energy South Korea to build $6.5bn Saudi hydrogen plant with PIF Korea Electric Power Corp and others on Thursday signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund (PIF) to build and operate a hydrogen and ammonia production plant in Saudi Arabia, three people told Reuters. The project will be worth about $6.5 billion, said one of the people, who declined to be identified […] November 17, 2022
Construction Saudi’s $500bn Neom targets Berlin and Paris for investment Neom, the $500 billion futuristic city being built in Saudi Arabia, is targeting potential business partners in Europe as part of its ongoing efforts to attract investors. Located in a vast region in the northwest of the kingdom, Neom is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 drive to diversify the […] November 16, 2022
Real Estate Riyadh prime offices almost full as foreign firms flock to Saudi Unprecedented demand for prime office space in Riyadh has taken Grade A office occupancy levels close to 100 percent, driven by a massive increase in the number of foreign investment licences issued this year. More than 4,400 licences were issued in the second quarter of 2022, a rise of almost 700 percent on the same […] November 15, 2022
Exclusive Real Estate Nick Candy eyes Dubai and Saudi… ‘for work and pleasure’ British billionaire property magnate Nick Candy is all lit up on our Zoom call, speaking from his family office in Mayfair, London. “Dubai… I just love it,” he says, of the emirate he visits at least once a month – sometimes with his actor wife Holly Valance and their two daughters, but also to attend […] November 15, 2022
Real Estate Emirates REIT proposes $400m sukuk refinancing Emirates REIT said on Monday it was again proposing to its bondholders to refinance its $400 million sukuk due next month, and an ad hoc group of investors who last year opposed a proposed exchange offer said it would support it. Emirates REIT, a sharia-compliant real estate investment trust, rescinded in June 2021 an offer […] November 15, 2022
Real Estate Emaar Q3 profit rises 46% to $408m on Dubai property boom Emaar Properties, Dubai’s biggest listed property company, on Monday posted a 46 percent rise in net profit in the third quarter of 2022 to AED1.5 billion ($408.40 million), beating estimates. Results at Emaar, known for building the world’s tallest tower, the Burj Khalifa, were boosted after Dubai began its recovery early last year from the […] November 15, 2022
Israel to build new desalination plant to meet water shortage Israel’s IDE Technologies and Bank Hapoalim won a government tender to build a new water desalination plant in northern Israel, Hapoalim said. Hapoalim, one of Israel’s two largest banks, will provide 1.3 billion shekels ($381 million) for the project near the northern city of Nahariya off the Mediterranean coast which aims to help the country […] November 14, 2022
Real Estate Egyptian investors look to real estate to hedge against inflation Egyptian investors are looking to real estate as a hedge against inflation and a depreciating pound, while landlords are increasingly pricing in US dollars. Merna Arafat, an analyst at Beltone, a Cairo-based brokerage, said that many investors had begun moving into property in March this year when the government started allowing the Egyptian pound to […] November 11, 2022
Real Estate Nakheel secures $4.6bn from Dubai banks to build more islands Dubai developer Nakheel has secured 17 billion dirhams ($4.63 billion) from local banks for projects including its latest collection of manmade islands, the company said on Tuesday. The state-owned developer best known for Palm Jebel Ali said the financing came from a syndicate of three Dubai lenders: Emirates NBD, Mashreq Bank and Dubai Islamic Bank. […] November 8, 2022
Analysis Construction Design changes mean Middle East has world’s worst project delays Construction projects in the Middle East are facing some of the longest delays of any region in the world, with average overruns adding more than 80 percent to timelines, and dispute claims increasing costs by more than a third. Despite the prevalent availability of cash reserves in the region, due to the high oil price […] November 8, 2022
