VeriEstate has announced its plans to become a one-stop solution for all aspects of real estate, leveraging technology to enhance transparency and efficiency in the market.

The firm says it is positioning itself as the leading aggregator for real estate inspection services. In its initial phase, VeriEstate will bring together a wide array of inspection firms under one umbrella, providing prospective buyers and renters with comprehensive and transparent property assessments. The platform combines technologies like AI, blockchain, and data analytics to conduct in-depth non-invasive inspections, addressing a critical gap in the market by identifying hidden issues in mechanical, electrical, and plumbing (MEP) systems.

Comprising a team of MEP engineers and inspection experts, VeriEstate’s reports – built on a 110-checkpoint inspection – carry official credentials, positioning them as a reliable resource for buyers, renters, brokers, property owners and holiday homes, the firm said in its statement.

“By uniting inspection services and property listings under one platform, we are not just simplifying the real estate process – we are setting a new benchmark for the industry. VeriEstate represents the future of real estate transactions, where every decision is informed, every action is secure, and every stakeholder is empowered,” said Rajab Ali Virani, CEO of VeriEstate.

VeriEstate said it has also launched a property search module. This feature sources lists from various real estate platforms, allowing users to find properties across Dubai in one place. With the help of API integration, real estate companies and brokers can seamlessly display their property images, the firm said.

The firm’s platform will serve both B2C and B2B customers, the company noted. For individual buyers, VeriEstate offers a unique service that allows them to access inspection options from anywhere in the world. Similar to hotel booking platforms, the solution provides customers with a choice of inspection companies, complete with price points per square foot and reviews, enabling them to make informed decisions based on their budget and needs, the firm explained.

The firm has already secured partnerships with leading inspection companies, including GTA Inspectors and The Snag Master, with more partnerships expected to be announced in the months to come. The company is also in discussions with major developers to establish exclusive partnerships to be their dedicated inspection arm, the statement said.

On the B2B side, VeriEstate acts as an aggregator for inspection companies, consultants, and MEP firms, streamlining operations and ensuring consistency in the quality of inspections. VeriEstate will also serve as an aggregator for real estate platforms, providing a comprehensive marketplace for the industry, it added.

“Partnering with VeriEstate aligns with our commitment to providing top-tier inspection services,” said Ehab Farid P, Eng. at GTA Inspectors. “Their innovative approach and use of advanced technology set a new standard in the industry.”

Umera Adhnan, Managing Partner at The Snag Master concluded, “We are excited to collaborate with VeriEstate and bring our expertise to a platform that prioritises transparency and quality in real estate.”

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The Abu Dhabi Real Estate Centre (ADNEC), the custodian and regulator of Abu Dhabi’s real estate industry, has announced the launch of the first residential Rental Index for Abu Dhabi. Serving both tenants and landlords, the platform is designed to increase transparency, provide accurate rental values and support the stability of the capital’s growing rental market.

The platform offers easily accessible and reliable data on residential properties, which will help both local residents and those living abroad to better understand the rental market. It also includes ‘indicative’ quarterly rental pricing for properties located in areas throughout Abu Dhabi.

The Rental Index was created and researched in order to energise the rental market in Abu Dhabi and further contribute to the emirate’s competitive edge to attract premium international investors.

“We are committed to building a thriving real estate sector, positioning the emirate as a leading investment and real estate destination regionally and globally. Our mission is to ensure transparency in our practices, and we will continue to work alongside all stakeholders to build and maintain trust in the system,” said Rashed Al Omaira, Acting Director General at Abu Dhabi Real Estate Centre.

The platform aligns with ADNEC’s ongoing strategy to enhance customer satisfaction in Abu Dhabi’s real estate sector, and deliver high-value investors, property owners and tenants alike.

According to ADNEC, it is the first of several specialised indices, which together aim to fortify the broader strategy of positioning Abu Dhabi as a leading lifestyle and investment destination.

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Egis has been awarded the contract by the Al Madinah Region Development Authority (MDA) to provide project management and construction management (PMCM) services for the Madinah Bus Rapid Transit (BRT) project.

The project is the city’s large-scale transportation initiative, aimed at implementing high-capacity public transport modes, and aims to establish 500 stations. It is part of the Pilgrim Experience Program, one of the Kingdom’s Vision 2030 initiatives.

The primary objective is to enhance the public transportation system, ensure convenient travel for visitors, alleviate traffic congestion, and provide a safe and sustainable mode of transportation for residents, visitors and pilgrims.

“This project aligns perfectly with Egis’ core expertise in transportation infrastructure, and we are committed to delivering a sustainable and efficient BRT system that meets the needs of Al Madinah’s residents and visitors. This partnership reflects our shared commitment to leveraging specialised global knowledge for sustainable transportation development, supporting Saudi Vision 2030’s goals of economic diversification and enhanced connectivity,” said Omar Benzaria, Transportation Director for Egis in the Middle East and South Asia.

The Egis-led JV with Systra will play a pivotal role in delivering PMCM services of the Madinah Bus Network, including BRT, priority bus and feeder services. The JV services include engineering supervision and oversight of design, construction, testing and operation. They will also handle safety and security management for systems, including buses, depots, intelligent transportation systems (ITS), and operational systems, as well as for civil works, such as bus lanes, stations and stops, footbridges, and park-and-ride facilities.

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Mace working alongside KSIADC that is owned by Saudi’s Public Investment Fund (PIF) will lead the full range of delivery partner services for the six-runway King Salman International Airport. The firm’s responsibilities include project and program management, PMO and planning, construction management, cost and commercial management, procurement, logistics, health and safety strategy, and sustainability, environmental and carbon-advisory services.

“King Salman International Airport is a game-changing infrastructure program. The scale of ambition for the program’s physical build, as well as its commitment to sustainability, innovation and economic development, is unmatched. “Our consultancy experience developing some of the world’s most famous infrastructure projects, construction expertise and rich heritage in the aviation sector means we are perfectly placed to deploy our full service offering and help KSIADC successfully deliver one of the largest airports in the world,” said Davendra Dabasia, Chief Executive Officer of Mace Consult.

Marco Mejia, Acting CEO for KSIADC added, “We are committed to delivering this airport as a global benchmark, propelling Saudi Arabia’s 2030 vision for Riyadh’s transformation into a global hub and position Saudi Arabia as an economic powerhouse. We are thrilled to welcome these industry leaders to work closely with the KSIA team. Their combined expertise will be instrumental in delivering a world-class airport that surpasses expectations and fuels regional economic prosperity.”

Christopher Seymour, Managing Director of Middle East and Africa at Mace Consult continued, “Under Vision 2030, Saudi Arabia is fast emerging as a global epicentre for iconic megaprojects and programs. Securing this delivery partner role with KSIADC builds on our ongoing growth in the Middle East, providing us with a fantastic opportunity to help deliver an iconic program that will bring major benefits to businesses, communities, tourists, and residents in the Kingdom.”

King Salman International Airport will span 57sqkm and is expected to welcome more than 100m passengers when it opens in 2030, in addition to providing direct benefits for passengers such as a seamless airport journey, recreational facilities, significantly improved cargo and logistics capability. Sustainability will be at the heart of the program to support Saudi’s environmental commitments under Vision 2030 and recognise the important role that aviation will play in the country and the world’s journey to Net Zero.

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Enova has said its UAE head office had earned ‘Platinum’ LEED Certification. Platinum is the highest certification bestowed by the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED), a data-driven rating framework to pursue global sustainable development and resilient buildings.

Renaud Capris, Enova CEO, comments, “Enova has long pioneered and elevated sustainable building services in the MENAT region. This Platinum LEED certification is important as it demonstrates our expertise and is a testament to our commitment to advancing green building solutions. Our first-hand experience with LEED certification positions us to provide expert consultation and support to companies of all sizes across various industries.”

Enova is a joint venture between Majid Al Futtaim and Veolia, the firm offers a range of environmental services, including technical consultancy for sustainability initiatives such as Green Building and LEED certifications. The company also provides consultancy on carbon reduction strategies.

Majid Al Futtaim’s ‘Dare Today, Change Tomorrow’ strategy aims to contribute to climate resilience and sustainable economic development, with several of its regional malls achieving Platinum LEED certifications, while Veolia’s 2024-2027 ‘GreenUp’ program aims to accelerate the deployment of environmental protection solutions through innovation in pollution control, carbon reduction, and resource regeneration, supported by significant investments in local energy, water technologies, and hazardous waste treatment, said a statement from Enova.

LEED certification evaluates buildings on five criteria, namely energy, water, waste, transportation, and human experience. The Platinum certification highlights the company’s contribution towards the well-being of its building occupants, community, and business.

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According to the Asteco Q2 2024 real estate report, Dubai’s fundamentals are robust, driven by high equity in the real estate market, continued economic growth, infrastructure development and a growing population. The report also said the city’s economy and attractive lifestyle remain major draws for expatriates.

In addition, the report noted that Abu Dhabi’s real estate market is set for continued growth in 2024, supported by government initiatives and robust economic fundamentals. Meanwhile, the Northern Emirates are poised for sustained development, underpinned by strategic planning, attractive affordability, and increased investments. The Abu Dhabi market saw the delivery of around 2,400 residential units, particularly in Noya on Yas Island, Jubail Island, Masdar City, and Al Raha Beach. Several residential and mixed-use projects are currently also in the planning stages, with public launches expected throughout 2024.

In the rental sector, the market continued to record strong activity, particularly in upscale apartment and villa locations. The market also saw a steady influx of private and corporate investments, fuelling demand for high-quality office spaces, and leading to significant rental growth. Grade A offices in prime locations experienced a substantial (circa 10%) increase compared to the previous year, with robust quarterly growth ranging between 3% and 8%, especially for new contracts, the report noted.

The report indicated that in Q2 2024, the pace of new supply delivery decelerated compared to Q1 2024, with approximately 6,750 residential units completed. Project launches continued at a robust pace, encompassing a wide array of developments from single low-rise buildings and skyscrapers to expansive master-planned communities. Looking ahead, Asteco anticipates the delivery of an additional 25,000 residential units in the second half of 2024, though some may be delayed until 2025.

The office rental market continued to thrive, particularly for Grade A space, driven by demand and limited supply. The upward pressure on rents is expected to persist until new supply enters the market or business conditions change. This is attributed to a general increase in demand and in part to a significant rise in both off plan launches and newly completed developments. These new projects often feature superior quality compared to earlier ones in these areas and are priced accordingly. The off-plan property market continued to maintain remarkable momentum, with both local and international investors eagerly acquiring newly launched units, attracted by the promise of strong returns on investment in a tax-friendly environment, the firm explained.

During Q2 2024, the Northern Emirates noted an increase in tenant migration from Dubai due to several factors, such as lower rental rates, improving standards of development, enhanced infrastructure, and the adoption of more flexible and hybrid working arrangements. Asteco observed greater rental growth for ‘typical’ apartments compared to high-end properties across the Northern Emirates, the firm noted.

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DUBAL Extrusion Investment has named Faisal Sarhan as the new CEO of OSE Industries. Sarhan is set to assume the role following Magdy Samoul’s tenure since 2012.

Magdy Samoul will transition to DEI, where he will serve as an advisor focusing on the strategy development and implementation of projects, said a statement.

Sarhan brings experience in strategic initiatives and implementing various innovative solutions to enhance productivity and profitability in the field. He joined OSE as Deputy CEO in Nov 2023 and played a vital role in reinforcing the company’s strategic leadership and operational excellence to drive its success. Prior to joining OSE Industries, he was with Emirates Global Aluminium (EGA), where he served various key roles over a period of 18 years, a statement outlined.

Commenting on his new appointment, Sarhan said, “I’m delighted to assume the new role of CEO at OSE Industries and anticipate collaborating with our skilled team to further strengthen the company’s solid foundation and drive sustainable growth. My primary objective is to ensure maximum value for our stakeholders and establish OSE Industries as a leader in the extrusion industry.”

The leadership transition comes at a pivotal time as the aluminium extrusion industry is witnessing growth investments. In this new position, he will oversee all aspects of operations, drive business strategies and cultivate a culture of innovation and excellence to efficiently navigate and capitalise on industry developments.

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Dubai South Properties has announced significant construction progress on The Pulse Beachfront, a luxury master-planned community in Dubai South’s Residential District, with 90% of the project completed. By the end of the year, phase 1, which comprises of 251 units, is expected to be finished, the developer noted.

Following the increased demand for properties in Dubai South – apartments in particular – Dubai South is planning projects that include apartment units which cater to customer needs. Currently, the residential district is home to over 25,000 residents who enjoy its range of amenities, and several gated residential communities with apartments and townhouses, it added.

The Pulse Beachfront features 788 residential units in a mix of three-, four-, and five-bedroom villas and townhouses, ranging from 2,600 to 4,800sqft of living space. All villas come with master bedrooms, a maid’s room, equipped closed kitchens, private gardens, covered private parking spaces, spacious living rooms, study rooms, and rooftops. Additionally, the project includes a large water lagoon and an artificial beachfront, as well as a half-Olympic size swimming pool.

Amenities at the project are well-thought-of, promising an enriched lifestyle to residents. These include a state-of-the-art fitness club, gym, squash tennis court, climbing walls, private lounge, yoga garden, aerobics studios, a dedicated kid’s club and water park. Additional amenities include a children’s pool, skate parks, jogging tracks, and several F&B retail outlets next to supermarket, and lots of greenery and dedicated open areas for a tennis court, beach tennis, and padel tennis, the firm said in a statement.

“We are pleased to see the progress of construction as per our set timelines. Dubai South as an area and its residential projects has had great interest from investors in the past few years, given the strategic location, quality of units, amenities and the pricing of our projects. We are also planning future developments to cater to the uptick in demand for apartments in Dubai South. The Pulse Beachfront is a unique project by itself, especially for its wellness aspects and the splendid amenities it features, and we are confident that it will be a great addition to Dubai’s unique master-planned communities,” said Nabil Al Kindi, CEO of Dubai South Properties.

Dubai South has been reinforcing the residential district with amenities for the comfort and convenience of its tenants. These include public parks; sports courts; retail shops; a 50,000 square-foot hypermarket, a mosque; a petrol station; and a public bus route connecting the district to the Expo Metro station, the firm pointed out.

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Nizwa Industrial City has successfully capitalised four new projects worth over US $14.2mn in H1 2024. These are spread over an area of 67,000sqm. With this move, the total investment volume in Nizwa Industrial City has surged to $1.2bn.

According to Madayn, the total number of projects at various stages of development rose to 173, with a workforce of 5,707 employees and an Omanisation rate of 45%.

These projects include 154 operating projects, in addition to a further eight where space has been allocated, and 13 under construction. Of the 3.1m sqm of developed land, 76% is currently occupied, while the total area of the industrial city exceeds 7.2m sqm.

Salah bin Nasser Al Alawi, the Acting Director General of Nizwa Industrial City, pointed out that during the first half of 2024, Madayn had completed several key projects in Nizwa Industrial City, including the expansion of Phases 3 and 4, across an area of 1m sqm.

“These expansions involve developing basic services, adding a new entrance to the city, and implementing a fibre optic network in cooperation with Oman Broadband Company. Additionally, Madayn is currently preparing the master plan for Phase 5, which covers 4.1m sqm,” said Alawi.

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Iman Developers has announced that all units in Oxford Terraces, a luxury apartment complex located in Jumeirah Village Circle (JVC), was sold out within one hour of becoming available on the market, with handovers now underway. Construction of the project began in 2022.

The development includes 117 units offering residents a blend of modern design and functional living spaces, catering to the needs of contemporary urban lifestyles.

“The handover of Oxford Terraces is a momentous occasion for Iman Developers. This project exemplifies our commitment to innovation, sustainability, and the creation of exceptional living spaces. The phenomenal response we have received underscores our dedication to these principles, and we are confident that Oxford Terraces will offer residents a unique and enriching living experience that aligns with our core values and long-term vision,” stated Ismail Marfani, Chief Executive Officer of Iman Developers.

“Oxford Terraces has proven to be a remarkable investment for our buyers. Despite being initially priced above the market average due to its superior community living features and high-quality finishes, the value of these units has appreciated significantly. This substantial increase demonstrates the robust return on investment and the enduring appeal of our developments,” he added.

In line with Iman Developers’ commitment to sustainability, Oxford Terraces incorporates green building initiatives that minimise environmental impact and promote energy efficiency. The landscape areas are designed to enhance aesthetic appeal while providing serene spaces for relaxation. Additionally, residents can enjoy a variety of recreational facilities, including a rooftop infinity pool, leisure pool, yoga and gym area. These amenities cater to diverse lifestyle needs, ensuring that every resident enjoys a well-rounded and fulfilling living experience, the firm noted.

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Source: ME Construction News