Construction & Real Estate
Realty finance market to hit QR25 billion by year end
Real estate financing is once again thriving in Qatar, following the down turn that hit the market this summer. A group of realty experts attributed bearish markets in the summer to inconsistencies between demand and supply price rates.
This means that rent and lease rates remain beyond potential tenants' aspirations, forcing a distance between demand and supply prices available in the market, which weighs down on realty trading activities.
Egypt: Property surge
The initial public offering (IPO) of Egyptian real estate and construction giant Talat Mustafa Group is proving so popular it is having a temporarily negative effect on the country's exchange as investors pull their money out of other stock to participate.
At the same time, listed real estate firms have been gaining strongly on the back of growing confidence in the sector while individual investors, particularly from Britain, are showing increased interest in the Egyptian property market.
Construction boom tops US$2.4 trillion in Gulf projects
The construction boom in the Gulf region has reached new heights, with 2,837 projects estimated to be worth in excess of US$2.4 trillion now underway, the majority of development being carried out in Saudi Arabia and the UAE.
UAE construction: Labour pains
Instances of labour activity in the hyperactive UAE construction scene have become a more prominent feature over the past three years. While previous contentions had revolved around complaints of harsh working and living conditions or delays in the payment of salaries, today the main drivers behind workers' demands seem to be the falling dollar and a steadily rising cost of living.
Qatar: Going green
Growth has continued at an exponential rate in Qatar with large-scale real estate developments rising around the country. However, until recently there has been little focus on environmentally friendly projects and green construction. While it is the same story across the region, Qatar is seeking to take the lead in creating environmentally friendly projects.
German Company wins Kufa City design contract
Abdul-Hussain Abtan, deputy governor of Najaf, has announced that a German company won a bid for the basic redesign of the city of Kufa, once capital of the entire Islamic world during the days of the fourth caliph, Ali.
During his recent meeting with city's tribal sheikhs, he explained that required permits have been obtained to build new residential quarters in the city as part of a general expansion and development programme.
'Grand,' IIG, take up realty project with the Bin Laden Group
Kuwait-based Grand Real Estate Projects Co. and the International Investment Group (IIG) have inked a partnership deal with Al Maqam Investment & Real Estate Co. (a subsidiary of Saudi Bin Laden Group) to develop residential and leisure units in the posh Ajyad district overlooking the Holy Mosque in Mecca. Al Maqam is also entrusted with building the Rawabi Abraj Al-Bait luxury project in the Muslim holy city.
Executive Briefing: Commercial property in the Gulf region
High yielding tax-free investment opportunities are now tempting global investors to the Arabian Gulf. Locations such as Dubai, Abu Dhabi and Doha are all now being circled by institutional funds from the US, the UK, Germany, Scandinavia, Singapore and Korea. But it is Dubai which is increasingly seen as the emerging dominant commercial centre for the region.
UAE and South Korea form real estate firm
A new real estate development company, NB Mena, was established in the capital this month as a joint venture between the UAE and South Korea. The agreement was signed by Abu Dhabi-based NBB Group and South Korean property developer Bando Construction and Engineering. Bando previously announced its intention to invest US$1 billion in the UAE's real estate projects, including retail, commercial and residential units.
Middle East construction boom creates huge demand for plant, machinery, vehicles
The Middle East construction boom shows no sign of slowing, with existing and planned projects across the region currently valued at over US$1 trillion, an estimated US$656 billion of this in the UAE, the highest in the GCC.
All this activity has turned the region into the world's biggest market for plant, construction vehicles, machinery and equipment, and growth of 15-20 per cent is forecast over the next five years as more new airports, ports, mega resorts, theme parks, residential and commercial cities, and huge man-made islands take shape.
Baghdad puts 55 projects worth US$1.8 billion for tender
The Iraqi government will soon invite international companies to invest in 55 giant infrastructure and construction projects in the capital, Baghdad, in an effort to develop the city into an important economic and commercial centre in the Middle East.
Chinese construction giant builds Dubai base
Zoomlion, one of China's top construction machinery manufacturers, is developing a major presence in Dubai to accelerate its multi-million dollar business growth in the Middle East. The company, which increased sales in the region from US$8m in 2005 to US$19m last year, is forecasting a leap in sales of US$40m this year and US$70m in 2008 on the back of the Middle East construction boom.
