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December 9, 2024 foasummit0

Dubai’s real estate market has enjoyed another busy month, recording a total of 13,502 property sales with an overall value of US $10.8bn in November. A market update issued by fäm Properties showed that apartment sales worth $5.42bn rose 31.2% in volume to 10,857 compared with the same month last year.

November also generated 1,903 villa sales worth $2.78bn as well as 387 plot sales worth $2.21bn, although volumes were down 35.8% and 39.6% respectively on the same month in 2023. Meanwhile, 354 commercial property transactions amounted to $353.93mn, an increase of 5% in volume compared with November 2023, the report said.

While November was the most moderate month since April in terms of overall sales value and volume, the total number of transactions was still up by 10.5% on last November. The average property price per sqft also continued its steady rise, increasing by 8.8% compared with last November, after previous month-by month growth from 2020.

Firas Al Msaddi, CEO of fäm Properties said, “The market’s overall performance continues to demonstrate exceptional strength in what has already been a remarkable year for Dubai real estate. Sales volumes consistently reflect a clear and consistent trend of healthy, sustainable demand driven by investor confidence, economic growth, and Dubai’s global appeal.”

Dubai property sales for the month of November have now risen in volume over the last five years from 3,800 transactions $1.998bn in 2020 to 7,000 $4.83bn in 2021, 11,100 $8.37bn in 2022, and 12,200 $11.45bn in 2023. The most expensive individual property sold in November was a luxury apartment at Six Senses Residences, Palm Jumeirah which sold for $35.1mn.

The best-selling off-plan project in terms of value in November was Vida Residences Club Point, where 227 apartments sold for $144.8mn. The top-selling off plan villas project was Greenridge, with 113 units fetching $101.2mn. Maya 3 topped sales of ready apartments with 103 transactions worth $14.23mn, while Mag Eye Phase 1 led the way in ready villa sales, with 14 properties selling for $11.91mn.

Overall, first sales from developers outnumbered re-sales in the secondary market – 56% over 44% in terms of volume, and 52% against 48% in value. With properties worth more than $1.35mn accounting for 8% of total sales, 32% came in both $270mn  between 17% to 12%.

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Source: ME Construction News


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December 9, 2024 foasummit0

The Royal Commission for AlUla (RCU) and General Hotel Management (GHM) have announced the opening of The Chedi Hegra, which is said to mark a new chapter in the development of AlUla as a world-class tourist destination.

Nestled within the ancient Nabataean settlement of Hegra, a Unesco World Heritage Site, the property is the Kingdom’s first 7-star hotel to open, offering guests a harmonious blend of rich history and luxurious comfort.

According to RCU, a key focus of the development is its commitment to sustainability. The hotel’s design aligns with RCU’s Sustainability Charter for AlUla, ensuring minimal environmental impact through a ‘light-touch’ tourism approach, and also emphasising the use of local materials wherever possible during development and construction.

The Chedi Hegra will feature 35 bespoke guest rooms, each designed to reflect the harmony between luxury and the surrounding natural landscape. The project integrates existing structures – such as the Hegra railway station – into its architecture, preserving the integrity of the region’s rich cultural heritage.

The main restaurant is in the eatery of the former train station, with a 1906 locomotive at the centre of the room. The train’s maintenance area has been conserved and is visible through a glass floor in the restaurant.

Axel Jarosch, Vice President of Hotels & Resorts at RCU added, “The Chedi Hegra will stand as a model for authentic luxury, blending modern hospitality with the timeless heritage of AlUla. This project embodies the vision of our ‘Journey Through Time’ masterplan, which celebrates AlUla’s history and culture, offering travellers an unforgettable experience in one of the world’s most awe-inspiring locations. It also reflects our dedication to sustainable growth, and we are confident this project will set a new benchmark for luxury experiences in AlUla.”

The hotel will offer guests a range of amenities, with three distinct culinary experiences, including Prima Classe, a fine dining restaurant housed in the former Hegra railway station, and featuring a unique heritage exhibition.

Meanwhile, the Fort Restaurant is set within the walls of the historic Hegra Fort, while The Water Basin Restaurant offers unobstructed views of Hegra’s landscape.

According to Jarosch, additional amenities include the Chedi Spa with six treatment rooms, two post-treatment rooms, and two hydrothermal rooms, as well as a fitness & pool centre, situated in a series of transformed mud brick villas.

Beyond the hotel walls, guests can take part in curated experiences such as exploring the wildlife reserves, witnessing a traditional falcon show, or embarking on a Bedouin Expedition, all designed to foster a deeper appreciation for AlUla’s enduring legacy.

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Source: ME Construction News


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December 6, 2024 foasummit0

Emaar Properties announced the completion of a façade lighting upgrade for the Burj Khalifa. The dynamic RGBW lighting system, integrating technology with the building’s architecture, debuted during the UAE’s Eid Al Etihad celebrations on 1 December 2024, and set the stage for Burj Khalifa’s 15th anniversary on 4 January 2025.

The upgrade transforms the façade into a visual spectacle, offering a wide spectrum of colour and effects, enhancing the guest experience while Dubai’s status as innovator and design excellence, said a statement.

The process was coordinated with six-month mock-up testing to ensure integration. The upgraded system features dynamic RGBW technology, replacing static lights with colour-changing, addressable fixtures to create complex lighting effects. Without compromising Burj Khalifa’s design, the system can create dynamic lighting scenes, from festive displays to everyday illuminations, complementing the tower’s media screen and adapting to various occasions and celebrations, it added.

Ahmad Al Matrooshi, Executive Director, Emaar Properties said, “Burj Khalifa has always stood as a beacon of what is possible when vision meets innovation. This lighting overhaul is a testament to our continuous pursuit of excellence and a tribute to the UAE’s spirit of progress. As we unveiled the stunning upgrade during Eid Al Etihad celebrations and approach the tower’s 15th anniversary, this transformation marks a new chapter in its legacy, reaffirming Dubai as a city of boundless ambition.”

The lighting system not only enhances Burj Khalifa’s visual presence but also strengthens its position of architectural brilliance and a symbol of modern design innovation. By blending technology with artistry, this project sets a new benchmark for architectural lighting and promises to inspire future projects worldwide, the statement concluded.

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Source: ME Construction News


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December 6, 2024 foasummit0

Saudi Arabia’s Matarat Holding, in collaboration with the National Center for Privatization & PPP (NCP) has invited developers and developer consortiums to submit expressions of interest for the new Taif International Airport project. On completion, the airport will be able to accommodate 2.5m passengers by 2030.

It is being implemented as a public-private partnership (PPP) project under a Build-Transfer-Operate (BTO) model for a period of 30 years, inclusive of the construction period. Located 21 km south-east of the existing Taif Airport, the new airport’s proposed design features a runway with a full-length-parallel taxiway, which connects to a single commercial apron.

The new Taif International Airport will include a commercial passenger terminal building aligned with the airport’s projected capacity and demand, along with facility buildings, utility networks, car parks, and access roads that enable the standard operation of the airport.

The project also involves additional expansions to meet future subsystem requirements. The deadline for submitting the EOIs is 10 January, 2025. According to Matarat, the project is fully in line with Vision 2030’s goals, which aims to enhance the growth of the aviation sector in the Kingdom of Saudi Arabia.

Through the National Transport and Logistics Strategy and the National Aviation Strategy, the Kingdom seeks to strengthen its position among the leading nations as a global logistics hub connecting three continents.

Matarat said the new Taif International Airport is expected to meet the projected increase in demand by 2055, and will be a viable alternative within the region’s multi-airport system. This system includes King Abdulaziz Airport in Jeddah, Prince Mohammed bin Abdulaziz Airport in Madinah, and Prince Abdulmohsen bin Abdulaziz Airport in Yanbu.

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Source: ME Construction News


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December 6, 2024 foasummit0

PIF-owned Soudah Development has appointed AECOM to lead the design for the first phase of Soudah Peaks. The developer explained that the appointment is an important step marking a new phase of progress in the development of Soudah Peaks, the luxury mountain destination on Saudi Arabia’s highest peak.

One of the world’s largest multi-disciplinary consultants, AECOM offers architecture and design services, construction management, engineering and environmental services, and programmes management.

“It is a new important milestone for the Soudah Peaks project and will pave the way for more milestones and achievements. We are committed to ensure that sustainability remains at the core of the project’s design and development process, in addition to the preservation of the region’s natural, cultural and architectural identity,” said CEO of Soudah Development, Saleh Aloraini.

Jason Kroll, CEO of AECOM Arabia added: “We are excited to partner with Soudah Development on the Soudah Peaks project. This initiative showcases our commitment to sustainable and innovative design. Our team will use their integrated expertise to meet the project’s goals, and together, we aim to boost economic growth and enrich local communities.”

The infrastructure design of Soudah Peaks will incorporate environmentally sustainable solutions that preserve the landscape, while also driving economic growth and creating new opportunities for the local communities in Soudah and Rijal Alma.

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December 4, 2024 foasummit0

MAG Group Holding has announced its portfolio of current and under development projects across its different real estate subsidiaries has reached US $ 11.9bn.

Moafaq Al Gaddah, Founder and Chairman of MAG Group Holding said: “The UAE’s real estate sector is witnessing unprecedented demand, driven by the strategic vision and initiatives of our wise leadership. The government’s ongoing efforts to foster a favorable investment climate have made the UAE a preferred investment destination for global investors.”

“We take pride in our extensive portfolio of developments that cater to diverse audiences, adding value to the already thriving sector. At MAG Group Holding, our mandate is to support the UAE’s growth by creating innovative developments and meeting the evolving needs of both residents and investors.” he added.

MAG Group Holding’s real estate subsidiaries include MAG Lifestyle Development, Keturah, Invest Group Overseas (IGO), MBL, Shoumous, Art of Living Mall and MAG Leasing for warehouses.

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Source: ME Construction News


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December 4, 2024 foasummit0

Azizi Developments unveiled Monaco Mansions, a waterside living project in Azizi Venice, Dubai South. Featuring 109 residential units, the development is a blend of sophistication and waterfront living, offering views and architectural elegance.

Monaco Mansions offers eight architectural styles, ranging from royal classic to modern. The residences are designed for those seeking the highest standards of personalisation and luxury. With plot sizes from 10,000 to 20,000sqft, each mansion has six to eight bedrooms and will be available either unfurnished or fully furnished, complete with chandeliers, sculptural staircases, and wall panels.

Set within Azizi Venice, a mixed-use development, the mansions are surrounded by swimmable lagoons, creating an idyllic waterside environment. Azizi Venice will eventually include over 36,000 residential units and more than 100 apartment complexes, making it a landmark destination in Dubai South, said a statement from the developer.

Mirwais Azizi, Founder & Chairman of Azizi Developments said, “The Monaco Mansions launch is a milestone for Dubai’s luxury real estate market. These ultra-luxury mansions are designed for those seeking a truly refined waterfront lifestyle, combining exclusivity with the beauty of nature.”

The four-level mansions feature lagoon- and road-facing exteriors, expansive balconies, direct beach access, and a range of premium amenities, including dual swimming pools, a rooftop terrace, a private cinema, fitness centers, and a Turkish Hammam spa.

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Source: ME Construction News


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December 4, 2024 foasummit0

The RAK Energy Summit concluded at Al Hamra International Exhibition & Conference Center in Ras Al Khaimah after bringing together decision-makers, speakers, and experts to engage in the global conversation on sustainability, renewable energy and decarbonisation. The Summit shed light on local and international efforts and practices in approaching the energy transition. Speakers also shared perspectives on the UAE energy transition and shared visions for developing the emirate’s grid.

Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure said, “As the world strives to reach Net Zero by mid-century, developing and adopting the latest sustainability practices and solutions that support the energy transition has become a top priority on the world’s agenda. In its second edition, the RAK Energy Summit is growing to become a world-class platform for integrating sustainability in the energy sector. The Summit is an ideal opportunity for stakeholders to network, form partnerships, and develop sustainable energy solutions that can further cement the UAE’s position as a global driver of the energy transition.”

He added, “In line with the UAE’s ambitious vision for the energy sector, the country works relentlessly toward improving resource efficiency with a focus on leveraging state-of-the-art, smart technologies and investing in research and development to devise innovative solutions to energy and water challenges. Inter-sectoral local and international collaboration is key to achieving future energy objectives.”

Yousif Al Ali, Chief Executive Officer, Etihad Water and Electricity commented, “As we proudly stand as the lead partner for the second edition of RAK Energy Summit, under the patronage of HH Sheikh Saud bin Saqr Al Qasimi, we at EtihadWE are committed to leading the transition towards renewable and sustainable energy in the UAE and beyond. This summit provides an exceptional platform to showcase our pivotal projects, such as the high-efficiency Naqa’a RO Plant, Khuraijah Water Distribution Centre, the Distributed Solar System (DSS), and our groundbreaking AMI Smart Meters project. These initiatives, along with others, are at the heart of our strategy to achieve the goals of the climate neutrality strategy and enhance energy efficiency across the GCC, propelling sustainable energy goals into the future.”

Andrea Di Gregorio, Executive Director, Energy Efficiency and Renewables Office, Ras Al Khaimah Municipality, shared perspective on Ras Al Khaimah’s plans for the energy transition during his keynote. He announced significant upgrades to Ras Al Khaimah’s energy and sustainability strategy, aimed at increasing both the scope and impact of interventions. Key announcements included a revised strategy with a broader focus on decarbonisation and environment protection alongside energy efficiency and renewables; and new mandates to promote accelerated intervention for the government in the fields of energy efficiency and green procurement, and for large industries in the field of energy management.

The UAE Ministry of Energy and Infrastructure announced the winners of the 8th edition UAE Energy Management Awards for 2024. Abu Dhabi Distribution Company was awarded first place, while ENOC Corporate Real Estate and Al Futtaim Real Estate were awarded second and third places, respectively. The awards based on an assessment conducted by the UAE Ministry of Energy and Infrastructure and the Clean Energy Ministerial (CEM) and recognises implementation of best practices in energy management.

The Summit announced the National Industry Sustainability Initiative, a collaborative initiative between MoEI & MoIAT. Central to this initiative was the launch of the UAE Industry Registry Platform to support the implementation of the Federal Energy Management Regulation in Industrial Facilities. This landmark ministerial initiative underscores the UAE’s commitment to sustainability and energy efficiency in the industrial sector.

Dharmesh Sawant, General Manager, Hisense HVAC added, “Sustainability drives innovation at Hisense HVAC, empowering us to deliver eco-friendly, high-performance solutions aligned with Ras Al Khaimah’s vision. We proudly support RAK Energy Summit and look forward to collaborating with stakeholders to advance sustainability in future projects across the emirate.”

Simon Huber, Managing Director Europe, Innovia Films remarked, “We align with the vision of the RAK Energy Summit, and we are dedicated to raising awareness about sustainable material alternatives that offer a significantly lower carbon footprint and environmental benefits. Promoting awareness and market education is essential to encouraging adoption, and we look forward to showcasing the future of sustainable advertising and graphic films at this year’s summit.”

The programme also included a presentation from Environment Agency Abu Dhabi and RAKGAS, technology showcases from EDF Group and Schneider Electric, along with dynamic panel discussions on fuels and energy carriers of the future and energy-intensive industries. The event concluded with a roundtable session on sustainability in the hospitality sector, led by Advancing Net Zero Volunteering Team.

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Source: ME Construction News


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December 4, 2024 foasummit0

Saudi Arabia has announced strong progress in its preparations to host Expo 2030 Riyadh; at the 175th General Assembly of the Bureau International des Expositions (BIE) – held recently in Paris – it unveiled updates on its master plan for the global event. The Saudi delegation provided comprehensive plans for the event’s theme, visual identity, masterplan, and logistical preparations.

The master plan, a cornerstone of Expo 2030 Riyadh, spans a six million sqm site, with a gated event area of two million sqm. It features five themed zones, over 200 pavilions, and innovative layouts designed for flexibility and sustainability. Three prominent Saudi speakers addressed the assembly, sharing insights into the progress and future plans for the landmark occasion.

Abdulaziz Alghannam, Senior General Director of Expo 2030 Riyadh, highlighted the milestones achieved since Riyadh’s successful bid to host Expo 2030. He emphasised the city’s readiness programme, which incorporates lessons from previous expos, to ensure Riyadh meets the demands of hosting such a monumental event. “Remarkable progress has been made on the journey to 2030. The City Readiness programme has been launched, and we are evaluating Riyadh’s capacity to ensure the necessary investments are in place,” he said.

Ghida Al Shibl, a senior official involved in Expo 2030 Riyadh preparations, focused on governance, theme development, also highlighted plans for Expo 2025 in Osaka. She commented, “Our overarching theme ‘Foresight for Tomorrow’ encapsulates three vital subthemes: Transformational Technology, Sustainable Solutions, and Prosperous People. These subthemes aim to inspire meaningful action and foster global collaboration.”

She also outlined the governance framework ensuring progress toward Expo 2030. The Expo High Committee, chaired by Crown Prince and Prime Minister Mohammed bin Salman, prioritises the Expo as a national imperative. Meanwhile, the Public Investment Fund-backed Expo Development Company oversees operations, logistics, and legacy planning.

Updates on the Expo 2030 logo, the establishment of the Riyadh Expo Development Company, and the master plan, were provided by Mazin Al Furaih. The new logo, developed after a comprehensive review of past Expo branding, will be officially announced following a dedicated roll-out plan. He also discussed how the establishment of the Riyadh Expo Development Company was a pivotal step toward ensuring the seamless execution of Expo 2030. The company, supported by a board of directors and a CEO, oversees strategic planning, master plan development, operations, and international participant engagement.

“The new master plan embodies the vision of Expo and its legacy, integrating thematic pavilions, entertainment areas, and sustainable infrastructure. The site is strategically located near key landmarks, creating a distinctive identity in harmony with its surroundings,” noted Al Furaih.

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Source: ME Construction News