Latest News

• Kuwait's real estate market activity fell 22.8% in January

  17, February 2013
  According to a report by KuwaitÂ’s Al-Shall Economic Consultants, the Gulf countryÂ’s real estate market has seen a drop in liquidity in January, compared with December 2012, Kuna has reported. The total value of contracts and agencies trading reached around KD302.7m, down by 22.8% from December 2012 value of about KD392.2m, the report said, citing government figures. "Contribution value of private housing ... Read more

• Abu Dhabi Group in $45bn pact to build world's tallest building in Pakistan

  16, February 2013
  Abu Dhabi Group has signed an agreement with PakistanÂ’s property tycoon and founder of Bahria Town, Malik Riaz, to build the worldÂ’s tallest building in Karachi, Khaleej Times has reported. Under the deal, investment of up to $35bn will be made in Sind, while $10bn will be invested in Islamabad and Lahore. The agreement will also see facilities such as sports, international, ... Read more

• Dubai approves Dhs6bn island project

  14, February 2013
  Dubai has approved plans for a Dhs6bn ($1.6bn) new island project to be developed by state-owned Meraas Holding, Reuters has reported. The Bluewaters Island development includes a Dhs1bn, 210-metre high ferris wheel, the Dubai Eye, inspired by the 135-metre high London Eye on the River Thames. South Korea's Hyundai Contracting and Starneth Engineering, whose engineers helped build the London Eye, have been ... Read more

• Arabtec relocates staff to Abu Dhabi

  13, February 2013
  Dubai’s largest construction firm Arabtec Holding has relocated employees to Abu Dhabi after Aabar raised its stake and took seats on the board in 2012, Bloomberg has reported. “A number of staff,” have been transferred to Abu Dhabi to accommodate the company’s increasing projects there, Arabtec spokesman Bassam N Dean told the news service, without specifying the number of employees or the ... Read more

• Dubai's Tejoori mulling options for Arjan plots

  12, February 2013
  Dubai-based Islamic investment firm Tejoori is considering whether to sell its Arjan plots in Dubai Land in their current state, or developing and selling them. “Since acquiring the Arjan plots in December 2012, the board has been evaluating options in order to attempt to maximise the value of this investment,” the chief executive of Tejoori, Abdullah Lootah, told investors at an annual ... Read more

• Saudi Arabia awards AECOM $10m deal for Jeddah project

  12, February 2013
  Jeddah municipality, representing the Saudi municipal and rural affairs ministry, has awarded US-based technical and management support services firm Aecom Technology Corp the contract to update the Jeddah Strategic Plan and prepare sub-regional, structural and local plans for the area, Saudi Gazette has reported. Under the $10m deal, Aecom is to provide services including strategic planning and governance, spatial and urban planning ... Read more

• Damac inks deal with Fendi to design interiors of Dubai, Riyadh towers

  11, February 2013
  DubaiÂ’s Damac Properties has commissioned Fendi, the Italian fashion company owned by LVMH Moet Hennessy Louis Vuitton, to provide interior designs for the developerÂ’s two towers in Dubai and Riyadh, Bloomberg has reported. Fendi Casa will help Damac design the interiors of more than 100 serviced apartments in Riyadh, said Damac managing director, Ziad El Chaar. The residential towers, which are about ... Read more

• Kuwait real estate sales up 16%

  11, February 2013
  According to a report by the National Bank of Kuwait (NBK), the countryÂ’s real estate sales jumped 16% year-on-year to KD3.1bn last year, Saudi Gazette has reported. Aggregate sales in the residential sector reached KD1.7bn, up 20% year-on-year, averaging 657 transactions per month, compared with a 494 average in 2011. Residential sector sales rose by KD117m year-on-year to KD204m in December, while ... Read more

• Nagarjuna awarded earthworks contract for Muscat development

  11, February 2013
  Oman-based Nagarjuna Construction Company International has been awarded a contract by Saraya Bandar Jissah for the advanced earthworks package of its mixed-use integrated development project in the Omani capital, Muscat Daily has reported. Under the terms of the deal, Nagarjuna is to provide the foundations for site development including bulk earthworks, the lagoon structure and platforms for roads and transport networks. The ... Read more

• Qatar urged to abolish sponsorship system

  10, February 2013
  Human Rights Watch (HRW) has urged Qatar to set out a timetable as soon as ‘practically possible’ to abolish the sponsorship system and militate against the serious threat of trafficking and forced labour, Gulf Times has reported. “We understand change cannot be brought forth overnight in a country with over a million migrant workers,” HRW deputy executive director, Jan Egeland, told the ... Read more

• Iraq's Diyala needs 33,000 new homes

  10, February 2013
  An Iraqi official at the province of Diyala has called for the allocation of resources by the government for the construction of 33,000 new homes to replace its slums, Azzaman has reported. “The slums are an affront to the general well-being [of the population] … There is urgent need for the construction of 33,000 housing units to tackle the phenomenon of haphazard ... Read more

• Saudi real estate firm to be liquidated

  10, February 2013
  Saudi commerce and industry minister Dr Tawfiq Al-Rabiah has announced that King Abdullah has ordered the liquidation of Tamour Al-Mamlaka shareholding company, Arab News has reported. The firm is one of the largest real estate share businesses in the kingdom as it collected SR 1.6bn from the public. It has been running a number of real estate, commercial and agricultural projects. ... Read more

• 60% of Saudis own homes: study

  09, February 2013
  According to figures released by the Population Statistic Centre at King Saud University (KAU) in Riyadh, 52% of Saudis who live in Riyadh do not own their houses, Arab News has reported. The overall rate of Saudis who own homes in the kingdom was estimated at 60%, while 35% live in rented houses. The remaining 5% gets their housing provided by their ... Read more

• Ezdan reports 18% jump in 2012 income

  07, February 2013
  Qatari property developer Ezdan has announced its net profit for 2012 rose 18% to QR408.75m, mainly on robust gains recorded by its associate companies, Gulf Times has reported. Gross profit from rents fell 9% to QR453.16m on 15% shrinkage in rental revenues to QR519.91m, Ezdan said. Gross profit on construction activities shrank 48% to QR0.16m with construction revenues dropping 89% to QR3.51m ... Read more

• Saudi Arabia to build 200,000 affordable residential units

  07, February 2013
  Saudi housing ministry has announced plans to implement a programme that will involve the construction of 200,000 housing units in the country, Arab News has reported. The housing units are intended to meet the needs of the lower income sector throughout the kingdom. Construction is scheduled to be competed at the end of this year. Read more

• Murray & Roberts trims Mideast staff count

  07, February 2013
  Murray & Roberts Holdings, builder of DubaiÂ’s Burj Al Arab hotel, has blamed slower-than-expected tenders for projects in Qatar for its decision to cut more than a quarter of its workforce in the Middle East, Bloomberg has reported. Contracts for work in Qatar, which is hosting the FIFA World Cup in 2022, havenÂ’t been tendered as expected, said the companyÂ’s human resources ... Read more

• Saudi Arabia makes thermal insulation mandatory for new buildings

  07, February 2013
  Saudi water and electricity ministry has said all new buildings in the kingdom are to install thermal insulation systems, Arab News has reported. The ministry asked engineering and consulting offices, contractors and thermal insulation manufacturers and suppliers to comply with the new rule, adding that building licences for new buildings will not be issued after February 11, unless the installation of thermal ... Read more

• Deyaar posts $10.5m in full-year income

  06, February 2013
  Dubai-based real estate developer Deyaar has said its full-year net profit rose marginally, as it booked gains from deliveries of long-pending commercial and residential properties in the emirate, Reuters has reported. The emirate's second-largest developer by market value made a consolidated net profit of Dhs38.6m ($10.5m) in 2012, compared with Dhs37.7m in the year-ago period. Fourth-quarter net profit reached Dhs5.4m, compared with ... Read more