Economy New Saudi methodology doubles 2023 FDI inflow Saudi Arabia revised upward its foreign direct investment numbers this week, doubling the FDI inflow figure for 2023 to $25.5 billion according to a new government methodology. The kingdom has a target of $100 billion in annual FDI inflows by 2030 but low numbers have put extra pressure on the Public Investment Fund to fund […] October 24, 2024
Real Estate Dar Global reports H1 2024 loss as revenue drops 60% Developer Dar Global, a Saudi-listed Dar Al Arkan subsidiary, recorded a loss in the first half of 2024 after revenues fell nearly 60 percent year on year. The company, also listed on the London Stock Exchange, reported losses of nearly $13 million between January and June, compared to a profit of $21 million a year […] September 27, 2024
Real Estate Dar Global to build new Trump tower in Dubai The Trump real estate brand got another boost in the Gulf on Thursday as developer Dar Global announced it would build a Trump Tower in Dubai. The London-listed overseas arm of Saudi Arabia’s largest developer Dar Al Arkan said further details about the agreement with the Trump Organization, such as the exact location and construction […] July 18, 2024
Real Estate Development plans push up RAK property prices Residential real estate prices in Ras Al Khaimah have grown by as much as 25 percent in the past eight months as developers vie to secure prime waterfront lots. The allure of the UAE’s first casino, which is under construction, is also contributing to the hike, according to Dubai-based brokerage firm Metropolitan Premium Properties. Studios […] July 4, 2024
Real Estate Dar Global to launch luxury Trump Tower in Jeddah London-listed real estate developer Dar Global and The Trump Organization have announced a new luxury real estate project in Saudi Arabia. The company partnered with the Trump Organisation in 2022 to use the former president’s name for its $4 billion master development in Muscat, a joint venture with Oman Tourism Development Company. Ziad El Chaar, […] July 1, 2024
Construction Arada to part-fund projects from $400m sukuk The real estate developer Arada has raised $400 million through sukuk (Islamic bonds) to part fund its projects across the UAE. The sukuk order book reached $1.45 billion, 3.5 times oversubscribed, after strong demand from both regional and international investors. The fundraising is the first issuance under Arada’s newly established $1 billion sukuk programme, the […] June 12, 2024
Construction Foreigners invest $495m in Abu Dhabi property market Foreign direct investment into Abu Dhabi’s real estate market reached AED1.81 billion ($495 million) in the first quarter of 2024, official data shows. The investment was made by 487 individuals, primarily from India, Russia, Canada, the UK, Jordan and China, the UAE state-run Wam news agency reported, quoting Abu Dhabi Real Estate Centre, the real […] June 10, 2024
Real Estate Trump’s convictions no problem in Gulf, says Saudi partner Donald Trump’s felony convictions in New York last week are not a deterrent to his potential business interests in the Gulf, a leading Saudi developer has said. Trump became the first former US president to be convicted of felony crimes on May 30 when a New York jury found him guilty of all 34 charges […] June 4, 2024
Real Estate New $1bn Ras Al Khaimah project to have 140-foot arch A new AED4 billion ($1.1 billion) residential development on Ras Al Khaimah’s man-made archipelago will house a 140-foot-high arch, its developer has said. Sora Beach Residences on Al Marjan Island is slated to have one the “grandest atriums ever seen in the region”, Dubai-based Aark Developers said in a statement. The 18-floor high project will span […] May 6, 2024
Real Estate Omani developer reveals Muscat mixed-use project The Omani developer Al Fayha United Development company has launched a 13,000 square metre mixed-use project in Muscat. The Smart Home project in Al Ghala Heights, opposite Madinat Al Irfan, will include an apartment building comprising nine floors and a penthouse. Sheikh Saud bin Hamad al Ta’i, chairman of Al Faiha Development Company, said residential […] March 3, 2024
EXCLUSIVE Real Estate Trump still has ‘big pull’ for $2m branded villas in Oman Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […] February 14, 2024
Business of Sport Saudi ‘golden ball’ rule cues up snooker controversy Saudi Arabia will host its first major snooker tournament in Riyadh in March, though the deal has aroused controversy because of a new “golden ball” rule. The Riyadh Season World Masters of Snooker is the latest in a series of top sports events the kingdom is organising during the first months of 2024. The Riyadh […] January 23, 2024
Construction RAK Properties profit nearly triples on robust demand RAK Properties reported a 282 percent increase in net profit in the third quarter of 2023, as new project launches propelled a 137 percent growth in revenue. The developer’s net profit reached AED105.17 million ($28.63 million) in the three months ended September 30, 2023, compared to AED27.55 million a year earlier. Revenue hit AED685.56 million […] November 3, 2023
Tourism UK singer Robbie Williams reveals Dubai hotel plan UK pop singer Robbie Williams has revealed plans to build a hotel resort in Dubai. The 49-year-old former member of Take That, who performed in Abu Dhabi last month, told Wondery’s Brydon & podcast that he is building a 700-room hotel in Dubai. He explained to host Rob Brydon that the development was spurred by […] November 2, 2023
Construction Durar launches $191m luxury project on Al Marjan island The Dubai-based developer Durar has launched a new AED700 million ($190.58 million) branded residential tower on Al Marjan Island, Ras Al Khaimah, as the emirate sees heightened development activity in the luxury segment. Work on the residential project, called Masa Residences, will start by January 2024 and is scheduled to be completed by the last […] October 30, 2023
Opinion Finance Iran seeks relief from inflation and FX shortages The transfer of $6 billion in funds frozen by the US cannot come soon enough for Iran’s hard-pressed citizens. As part of an agreement last month for the release of American-Iranian prisoners, President Biden’s administration has agreed to the release of the foreign exchange which had been blocked in South Korea. Rising prices are at […] September 1, 2023
Real Estate RAK Properties’ profit surges 245% to $24m in H1 2023 RAK Properties on Thursday reported net profit for the first half of 2023 surged 245 percent year on year to AED88.19 million ($24.01 million). Revenue at the Abu Dhabi-listed developer rose by an annual 164 percent to AED511.64 million during the six months, driven by high demand for new project launches in both Abu Dhabi […] August 3, 2023
Banking & Finance Mubadala-backed investor in race to buy US publisher A US-based investment company, backed by Abu Dhabi’s Mubadala Investment Company, has emerged as a bidder for American book publisher Simon & Schuster. Octavian & Co., an investment company based in New York and publisher of the quarterly magazine “Octavian Report”, is headed by Richard Hurowitz, The Wall Street Journal reported citing informed sources. Nasdaq-listed […] June 22, 2023
Tourism RAK casino plan is a trump card for property investors Plans to build the UAE’s first casino in Ras Al Khaimah are improving the odds of the emirate appealing to property investors around the world. New research from real estate consultant Knight Frank reveals the upcoming Wynn resort and casino would increase the likelihood to invest in property in the emirate for nearly a third […] June 14, 2023
Economy Iran growth forecasts cut but Gulf trade could rally Growth forecasts for Iran’s economy have been cut as analysts see US sanctions remaining in place “for the foreseeable future”, but expanding trade with the UAE and improved relations with Saudi Arabia may help to cushion the blow. Fitch sees growth slowing to 2.3 percent in 2023-24 from a previous forecast of 5.8 percent because […] April 27, 2023
Banking & Finance Jared Kushner’s private equity firm backed by UAE and Qatari funds Sovereign wealth funds from the UAE and Qatar invested millions of dollars in former US president Donald Trump’s son-in-law Jared Kushner’s private equity firm, according to a news report. The UAE fund invested more than $200 million with Kushner’s Affinity Partners, while a Qatari entity put in an equivalent amount, the New York Times said, […] March 31, 2023
Construction Damac expands to the Maldives with resort deal Damac Properties is expanding further into South Asia with the signing of an agreement to operate a new Mandarin Oriental resort in the Maldives. The 34-hectare luxury resort, which is currently under development and will stretch across three private islands on the Bolidhuffaru Reef, is due to open in 2025 and will be the Dubai […] December 6, 2022
