Analysis Retail Mall expansion fills ‘lifestyle’ gap in Bahrain retail market A massive new expansion of one of Bahrain’s biggest malls is a sign of renewed confidence in the Gulf kingdom’s retail sector as it looks to attract more Saudi shoppers from across the border, according to experts. The Avenues Company, a wholly owned subsidiary of Al-Sorouh Management Company, has announced the appointment of Nass Group […] August 26, 2022
Construction Emaar shares rise on plan to scrap limit on foreign ownership Emaar Properties, the developer behind the Dubai Mall and Burj Khalifa, saw its shares soar in early trading on Thursday after its announced plans to consider removing a limit on foreign ownership. The developer’s shares rose 4.7 percent to AED6.25 ($1.70), its highest level since early May. Foreigners invest $4.2bn in UAE stocks since start […] August 25, 2022
Construction Four global firms shortlisted for $2bn Egyptian chemical complex Egyptian industrial developer Anchorage Investments has shortlisted four international contractors in the second phase of the engineering, procurement, and construction (EPC) bid for the $2 billion Anchor Benitoite project, Daily News Egypt reported. The project comprises a chemicals complex that will be built in the industrial zone of the General Authority for the Suez Canal […] August 25, 2022
Real Estate Saudi’s Rua Al Madinah project to add 47,000 hotel rooms by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the infrastructure works and master plan for the Rua Al Madinah project, the state-owned Saudi Press Agency (SPA) reported. The project will cover 1.5 million square metres of land east of the Prophet’s Mosque, adding over 47,000 hotel rooms by 2030. Almost 83,000 square metres of […] August 25, 2022
Construction Aldar to start work on $313m new housing project in Q1 2023 Abu Dhabi-listed Aldar Properties has launched Yas Park Gate, its latest gated community, next to Yas Park, Abu Dhabi. The AED 1.15 billion ($313 million) residential development, which is part of the second phase of North Yas, will house 508 new homes over 255,000 square metres. Construction of Yas Park Gate is due to begin […] August 25, 2022
Construction Kuwait net zero city planned for 2034 Construction of the world’s largest sustainable community is scheduled to start in Kuwait in 2024. The new megacity, it is claimed, will provide a net zero carbon lifestyle for 100,000 residents, as the Gulf country aims to tackle rising demand for energy and water. Dubai-based URB, the company behind XZERO City, is planning to build […] August 25, 2022
Real Estate Northacre sees ‘pent-up demand’ for London from GCC investors The Dubai-owned developer behind plans to transform the former Metropolitan Police HQ in London says it is seeing “lots of pent-up demand” from GCC-based investors. Walid El-Hindi, group CEO of Northacre, a subsidiary of Dubai-based Shuaa Capital, told AGBI that London remains a “safe haven” for buyers from the Gulf and wider Middle East region. […] August 24, 2022
Analysis Real Estate ‘Cash is king’ as wealthy real estate investors target Dubai Cash is becoming king again for Dubai’s residential real estate as wealthy overseas investors continue to splash out on luxury homes. By value, mortgaged buyers for villas and apartments now account for just 18 percent of the market. Last year the figure was close to 40 percent while in 2007 just over 50 percent of […] August 24, 2022
Tech Dubai’s Damac to invest $990m in data centres in Germany Dubai-based conglomerate Damac Group is planning to invest $990 million in data centres and technology acquisitions in Germany. The company is currently on a fact-finding expedition in the European country to identify opportunities. “It’s a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors […] August 23, 2022
Real Estate Nakheel’s islands plan set to ease ‘severe shortage’ of luxury homes Developer Nakheel unveils masterplan for Dubai Islands, as real estate experts point to 'voracious' demand from super-rich buyers August 23, 2022
Exclusive Construction Dar Al Arkan predicts 20% climb in construction costs Construction costs in Saudi Arabia are expected to soar by nearly 20 percent and drive down industry margins. Gigaproject developments are at the heart of the kingdom’s economic vision to diversify away from its dependence on hydrocarbons. Saudi Arabia is currently the largest driver of construction activity in the Middle East region accounting for around […] August 18, 2022
Real Estate Apollo acquires $400m minority equity stake in Aldar subsidiary NYSE-listed Apollo Global Management’s investment vehicles acquired an 11.1 percent minority stake in Aldar Investment Properties, a subsidiary of Abu Dhabi-listed Aldar Properties, for $400 million (AED1.47 billion). The acquisition is part of Apollo’s previously announced $1.4 billion investment into Aldar’s transformational growth initiatives, UAE state-owned news agency WAM reported. The transaction involved issuing $400 […] August 18, 2022
Real Estate Dubai tenants consider ownership amid record rental surge Dubai tenants are considering a move into home ownership as residential rents surged by nearly 24 percent in the year to July, the highest annual rate of growth for more than eight years. Double-digit price rises for apartments was widespread across the city but were supercharged in Palm Jumeirah, Downtown and Dubai Marina which saw […] August 17, 2022
Construction Ajman construction contracts reach $1.1bn in H1 2022 The value of construction contracts awarded in Ajman in the UAE exceeded AED 2.1 billion ($1.12 billion) in the first half of 2022, higher than during the same period in the two previous years, according to a report by the Department of Municipality and Planning. The contracts were valued at AED 800 million in 2020 […] August 17, 2022
Real Estate Turkish house sales drop 12.9% in July as Russians top buyer list Turkish home sales fell 12.9 percent in July on the year to 93,902 houses, with sales to foreigners dropping 12.4 percent, data from the Turkish Statistical Institute showed on Tuesday. Russians topped the list of foreigners with 1,028 houses purchased, reflecting how many have sought a financial haven in the wake of Moscow’s invasion of […] August 17, 2022
Real Estate Silicon Valley investors back Adam Neumann’s property firm Venture capital giant Andreessen Horowitz said on Monday it would be investing in Adam Neumann’s residential real estate company Flow, backing the WeWork Inc co-founder who has often drawn criticism for his allegedly erratic management style. The investment was announced in a blog post by Marc Andreessen, co-founder and general partner at the venture capital […] August 16, 2022
Real Estate Dubai Mall owner Emaar mulls sale of e-commerce business The board of Dubai’s Emaar Properties, which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said today. The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in […] August 15, 2022
Exclusive Construction Saudi allows worldwide Muslims to buy properties in holy cities A new ruling allowing Muslims from around the world to buy property in Islam’s holiest cities could be a “game changer” for Saudi Arabia’s real estate market, according to insiders. Ziad El Chaar, vice chairman of Dar Al Arkan Real Estate Development, Saudi Arabia’s largest listed developer, told AGBI: “One of the main developments we’re […] August 15, 2022
Real Estate Dubai developer Emaar’s Q2 profit doubles on higher revenue Emaar Properties, Dubai’s largest developer, reported a net profit of AED 2.06 billion ($560 million) for the second quarter of 2022, up 128 percent year-on-year, as revenues rose amid new visa regulations and a growing economy. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) jumped 53 percent year-on-year to AED 2.93 billion in the three-month […] August 14, 2022
Real Estate Dubai’s Nakheel plans to raise $4.6bn loan to refinance debt Dubai state developer Nakheel plans to raise a loan of about AED 17 billion ($4.6 billion) to refinance existing debt, Bloomberg reported, citing people familiar with the matter. The company is seeking financing from a group of lenders, including Dubai Islamic Bank, Emirates NBD and Mashreqbank. The banks arranging the loan are also asking global […] August 14, 2022
Real Estate Qatar residential rents surge on higher World Cup demand Residential rents in Qatar accelerated in April and May 2022 as landlords took advantage of a spike in demand ahead of the FIFA World Cup, Cushman and Wakefield said in its Q2 property market report. Apartment rents increased on average 30 percent year-on-year in June 2022. “The surge in rent is based on a short-term […] August 12, 2022
Real Estate Dubai ruler becomes second-largest investor in Emaar Emaar Properties said on Thursday it was buying out its joint venture partner in a Dubai real estate development, in a AED 7.5 billion ($2 billion) deal that will see Dubai’s ruler become the developer’s second-largest shareholder. Dubai’s Emaar, the emirate’s top developer, said in a statement it had reached a deal with Dubai Holding, […] August 12, 2022
