Exclusive Biden Middle East Diriyah’s CEO: the American at the heart of Saudi’s transformation There has never been a better time for US companies to invest in Saudi Arabia, according to the American businessman in charge of one of the kingdom’s biggest giga-projects. As group CEO of Diriyah Gate Development Authority (DGDA), Jerry Inzerillo has been at the helm of shaping the $50.6 billion transformation of the 14km2 district […] July 8, 2022
Real Estate Judge in Trump case fines real estate firm $10,000 a day A New York judge on Tuesday held real estate firm Cushman & Wakefield PLC in contempt of court for not producing documents subpoenaed in a probe of former US President Donald Trump’s business practices. The judge ordered the company to be fined $10,000 a day until it complied. Attorney General Letitia James has been investigating […] July 6, 2022
Analysis Construction Gulf construction may face imminent sand shortage A little-known fact: the sand used in the concrete to build Dubai’s 829-metre tall Burj Khalifa was imported from Australia. While water scarcity generates much concern, sand shortages are only beginning to receive attention – especially in the desert metropolises of the Gulf. A report in April by the United Nations Environment Programme (UNEP) highlighted […] July 5, 2022
Transport Saudi reveals tram project to drive AlUla tourism ambitions Saudi Arabia has unveiled plans to build a new tram system as they aim to develop AlUla as a major international tourism destination. The Royal Commission for AlUla (RCU) said the tram will connect all of AlUla’s most important landmarks, archaeological sites, tourist destinations, urban areas and transport infrastructure. The first phase of the system […] July 5, 2022
Analysis Real Estate Prime London property one third cheaper for Arab investors Wealthy buyers of prime London property have already seen prices fall since the start of this year, but Gulf buyers have been enjoying an additional dollar discount bonus thanks to their home currencies being pegged to the US currency. “The dollar has strengthened against all major currencies including the pound since January,” said Liam Bailey, […] July 1, 2022
Real Estate Zero-carbon smart city in Riyadh to house 44,000 A Dubai-based architecture firm is working on designs for a 10km2, zero-carbon smart city in Saudi Arabia which will provide homes for 44,000 people. URB, which is headquartered in Dubai Design District, said it has completed the concept stage for ALNAMA Smart City and will soon begin the detailed design stage. Set to be located […] July 1, 2022
How I got to the top Real Estate Mamad Kashani Akhavan, CEO, Powerhouse Real Estate What does your company do? We’re aiming to reinvent real estate by educating brokers and expanding their knowledge in the field. We’ve implemented a simple training programme for each new joiner to ensure their quality of performance in the market. Once they’re released into what we call “the sales floor”, they’re ready to enter the […] July 1, 2022
Real Estate Freeze on Russians selling boosts luxury London house prices The war in Ukraine is making it hard for even unsanctioned Russians to sell exclusive residential property in Britain, adding to a shortage of supply that has helped drive up house prices in prime locations, real estate sources say. Russian oligarchs, Middle Eastern oil barons and billionaire Chinese entrepreneurs have been on a spending spree […] June 29, 2022
DP World port deal set to boost UAE’s trade with Romania Dubai’s DP World has signed a deal to develop infrastructure at the Black Sea port of Constanta, in a move designed to boost bilateral trade relations between Romania and the UAE. The agreement between the Romanian government, Dubai’s Ports, Customs and Free Zone Corporation (PCFC) and port operator DP World will also expand cooperation in […] June 29, 2022
Exclusive Real Estate Damac set to splurge on jewellers and real estate across Europe Dubai developer Damac is looking at projects in Germany and Copenhagen, as well as more partnerships with fashion brands, says senior VP June 29, 2022
Construction Dubai’s Emaar says it’s aware of report CEO detained in India Dubai’s Emaar Properties is aware of a media report that its Group Chief Executive Amit Jain has been detained in India, a spokesperson for the company said on Saturday. “Emaar is aware of reports regarding the Group CEO Amit Jain, over an issue relating to the company’s work in India. The issue has now been […] June 25, 2022
Real Estate Dubai ‘repivots’ city centre as Business Bay prices soar Dubai is witnessing a “repivoting” of its city centre, with residential prices soaring in Business Bay, according to analysts. Values in Business Bay have risen by nearly 17 percent in the last two years, pointing to the redefining of Dubai’s centre, said global property consultant, Knight Frank, in a new research note. The wider Central […] June 21, 2022
Exclusive Tourism Dubai unveils plan to transform Expo 2020 site into free zone The Expo 2020 Dubai site is to be transformed into the emirate’s newest business free zone – and is being lined up as a possible venue for more of the world’s biggest events, executives have told AGBI. Sheikh Mohammed bin Rashid Al Maktoum, the vice president and prime minister of the UAE and the ruler […] June 21, 2022
IPO expected for Dubai road toll operator Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday issued a new law establishing road toll operator Salik as a public joint stock company (PJSC), paving the way for a potential initial public offering (IPO). According to the law, Salik Company PJSC will have a term of 99 years, starting from the date of […] June 15, 2022
Real Estate Russian buyers help Turkish house sales double in May Turkish home sales surged 107.5 percent in May over last year to 122,768 houses, data from the Turkish Statistical Institute showed on Wednesday, with Russians topping foreign buyers for a second consecutive month. Sales to foreigners jumped 235.7 percent year-on-year to 5,962 units, the institute said. Russian citizens topped the list again in May with […] June 15, 2022
Real Estate 358% rise in licences turbocharges Riyadh office rents Office buildings in Riyadh have seen a surge in rental rates and occupancy levels, as the Saudi capital begins to see the benefits from a new policy to encourage international companies to set up their regional headquarters in the city. In February last year, Crown Prince Mohammed bin Salman announced plans to transform Riyadh into […] June 9, 2022
World Cup 2022 Qatar is an open goal for property investors Rents are rising and real estate is flooding the market, but measures are being taken to curb oversupply after the World Cup final June 9, 2022
Real Estate Half-year house sales prompt cautious optimism in Dubai Transactions of villas and apartments were so strong in the first five months of this year that analysts believe Dubai can withstand the battering that global inflation usually brings. An estimated total of AED61.9bn of property deals were completed between January and May, suggesting that the emirate’s market is fending off any threat from record […] June 6, 2022
Energy Oil price fall dents Gulf stock markets Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production. Saudi Arabia’s benchmark index finished 1.3 percent lower, hurt by a 2.1 percent fall in oil giant Saudi Aramco and a 1.2 percent decline in country’s biggest Islamic […] June 2, 2022
Real Estate One in five queries for Dubai homes from Russians Russian speaking investors continue to look to the emirate’s real estate for deals, as the ongoing Russia-Ukraine conflict intensifies Investors from Russia and the 11 other Commonwealth of Independent States (CIS) countries now represent more than 20 percent of potential homebuyers in Dubai. The average ticket size ranges from AED 2.5 million ($680,000) for individuals […] June 2, 2022
Real Estate Global real estate frenzy fades, as some markets slow Huge price rises of as much as 50 percent in last few years In Dubai analysts agree affordability will worsen Many have resigned themselves to renting over owning, driving up rents The global property market frenzy that gathered pace during the pandemic as people scrambled to buy more living space is likely over as interest […] June 1, 2022
Sharjah’s Arada Developments set to raise $350m with debut sukuk Arada Developments, the largest developer in Sharjah in the United Arab Emirates, was set to raise $350 million in its debut foray in the debt markets, a document showed on Tuesday. The yield was set at 8.12 percent, tightening from initial price guidance of around 8.25 percent. The Islamic bonds, or sukuk, received more than […] June 1, 2022
