Real Estate Sharjah property market beats 2008 peak with $11bn deals Real estate deals in Sharjah rose 48 percent year on year to AED40 billion ($10.9 billion) in 2024, breaching the 2008 property peak. The robust performance was led by a surge in the number of investors across the globe driven by the emirate’s attractive investment environment and stable economic climate, the UAE state-run Wam news […] January 23, 2025
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] January 22, 2025
Construction RAK Properties sets vision for Ras Al Khaimah development RAK Properties is planning to launch one project a month for the next year, as Ras Al Khaimah aims to build 40,000 new homes in order to cater to demand, CEO Sameh Muhtadi told AGBI. “Our target of launches is about AED5 billion in 2025,” Muhtadi said. He added that most projects would be located […] January 22, 2025
Transport Suez Canal extension to be operational in first quarter The Suez Canal expansion, which will extend the waterway’s two-way section by 10km, is expected to be operational in the first quarter of 2025, the authority’s chairman has said. Egypt announced on Saturday that the new stretch, near the canal’s southern end and close to Little Bitter Lake, was successfully tested without incident. Osama Rabie, chairman of […] January 22, 2025
Artificial Intelligence Gulf has a strong hand in Trump’s $500bn AI project Two of the three tech giants that will spend billions of dollars building US artificial intelligence infrastructure in a partnership announced by President Donald Trump have been the recipients of significant Gulf investment. Japan’s SoftBank and US companies OpenAI and Oracle have committed $500 billion over four years to Stargate, an entity tasked with building […] January 22, 2025
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] January 21, 2025
Real Estate Turkish house sales rise as interest rates fall Turkish house sales rebounded strongly in 2024, driven in part by a surge in December prompted by a long-anticipated interest rates cut, and further reductions in borrowing costs are expected to fuel appetite in the market this year. Residential sales increased 20 percent last year, with just under 1.48 million units sold, up from the […] January 21, 2025
Telecoms Adia-backed EdgePoint to build 5,000 towers Southeast Asian mobile phone tower company EdgePoint Infrastructure plans to add at least 5,000 towers in the next two to three years. The Singapore-based company, backed by the Abu Dhabi Investment Authority (Adia), is planning to expand in Indonesia, Malaysia and the Philippines, where it already has a presence, and enter new markets such as […] January 21, 2025
Real Estate Jeddah Tower to cost $26bn as work restarts Saudi Arabian royal and billionaire Prince Al-Waleed bin Talal has revealed that the Jeddah Tower, which will be the world’s tallest structure, will cost nearly 100 billion riyals ($26 billion) to complete over the next three and half years. Construction has officially resumed on the project after it was paused in 2018. “We are back,” […] January 21, 2025
Analysis Real Estate Saudi residential costs to keep rising with demand The cost of buying and renting residential and commercial property in Saudi Arabia is likely to continue to increase throughout 2025 and beyond, analysts say. Supply has not been able to keep up with the growing demand for housing, concentrated in Riyadh where an itinerant young population, increased economic activity in the non-oil sector, and […] January 20, 2025
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] January 20, 2025
Real Estate Dubai expands freehold areas to attract new investment Private property owners along Sheikh Zayed Road, extending from the Trade Centre Roundabout to the Water Canal and Al Jaddaf, will be allowed to convert their ownership status to freehold to all nationalities. A total of 457 plots are eligible for conversion to freehold. This includes 128 plots on Sheikh Zayed Road and 329 plots […] January 20, 2025
Banking & Finance Dubai Islamic Bank ups stake in Turkey’s TOM Group Dubai Islamic Bank (DIB) has increased its stake in Istanbul-based TOM Group from 20 percent to 25 percent to seize the opportunity in Turkey’s rapidly expanding digital infrastructure. The Dubai-listed Shariah-compliant bank, which ventured into Turkey’s digital banking and financial technology arena in October 2023, was allowed to increase shareholding within 12 months. TOM Group, established by […] January 20, 2025
Analysis Sustainability Companies scramble to meet UAE carbon emissions laws UAE companies have less than six months to comply with the country’s new emissions laws, but experts warn that some details are still unclear and a proposed carbon credit trading system may not meet its goals. The UAE introduced two pivotal pieces of environmental legislation last year. Cabinet Resolution No 67 on carbon credits came […] January 20, 2025
Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of […] January 17, 2025
Real Estate Eagle Hills plans Trump hotel project with Kushner The Abu Dhabi-based developer Eagle Hills and Affinity Partners, an investment firm founded by Donald Trump’s son-in-law, Jared Kushner, have agreed to build a luxury hotel and apartment complex in Serbia’s capital, Belgrade. The project, on the site of the former Yugoslav defence ministry, will feature a 175-room Trump hotel as its centrepiece, and 1,500 […] January 17, 2025
Opinion Real Estate On the 19th hole with Trump and Damac What better place than Trump International Golf Course to watch the inauguration January 17, 2025
Real Estate Dubai’s Emaar confirms talks to sell stake in Indian unit Emaar Properties, Dubai’s largest developer, has confirmed talks with companies in India, including Adani Group, for a possible stake sale in its Indian subsidiary. The valuation and other terms of a potential transaction are not finalised, the developer said in a Dubai bourse filing on Thursday. The clarification followed a news article by Mint, an […] January 17, 2025
Analysis Tech How the UAE can make its push into space pay off Two years ago, the UAE’s Rashid Rover crashed into the moon’s Atlas crater during an attempted landing, marking an abrupt end to the country’s first mission to the moon’s surface. Now, back on Earth, the UAE is once again seeking to stake its claim as part of an elite club of countries with business to […] January 17, 2025
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] January 16, 2025
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] January 16, 2025
Renewable Energy UAE joins $1bn subsea power connectivity initiative The UAE has partnered with Italy and Albania to build a €1 billion ($1 billion) subsea connection to import renewable energy across the Mediterranean region. “We strongly believe in this project involving our three governments, private sector and grid operators,” Italian Prime Minister Giorgia Meloni told the World Future Energy Summit in Abu Dhabi. The […] January 16, 2025
