Riyad Capital has signed an agreement to establish a US $400mn real estate fund in partnership with Princess Munira bint Abdullah bin Faisal Al Saud and the Naif AlRajhi Investment Company.

The fund will develop Riyadh’s Dar Al Salam project, which spans a land area of 32,000sqm and is designed as a mixed-use development comprising hospitality, office, residential, and retail components. The project is classified as a Transit-Oriented Development (TOD).

Located 250m from Al-Takhassusi Metro Station, the project is set to support the development of an integrated and sustainable destination that enhances quality of life and addresses the growing demand for high-quality developments in Riyadh.

Her Highness Princess Munira bint Abdullah bin Faisal Al Saud commented, “This project reflects the importance of the strategic location on Al-Takhassusi Road and the value of the partnership with Riyad Capital and Naif AlRajhi Investment Company to develop a project that aligns with the evolving urban landscape of Riyadh. We look forward to this development becoming a distinctive addition that supports quality of life and keeps pace with the city’s growing needs.”

Abdullah Abdulrahman Alshwer, CEO of Riyad Capital stated, “This project represents an extension of our presence in the real estate sector and marks a new step in developing distinctive destinations in strategic locations across Riyadh, supported by its prime location on Al-Takhassusi Road. This partnership with Her Highness Princess Munira bint Abdullah bin Faisal Al Saud and Naif AlRajhi Investment Company reflects an integrated model that combines development expertise with investment management capabilities, enabling the delivery of a project that elevates the concept of mixed-use developments and aligns with evolving market expectations.”

“This fund is part of our strategy to offer carefully structured investment opportunities built on strong fundamentals, enhancing value for investors. The project also represents Riyad Capital’s fourth Transit Oriented Development (TOD) project and contributes to supporting the objectives of Saudi Vision 2030, particularly in urban development and improving quality of life,” explained Alshwer.

Naif Saleh AlRajhi, Chairman and CEO of Naif AlRajhi Investment Company added, “We see this project as a valuable addition to our real estate development portfolio, through which we aim to deliver a project that reflects high quality standards and meets the evolving expectations of the Riyadh market. This project also reflects our direction toward developing projects in prime locations, in partnership with Riyad Capital as a leading real estate investment firm, contributing to the delivery of an integrated experience aligned with Vision 2030.”

This project falls within Riyad Capital’s broader strategy to offer investment opportunities in the real estate sector and reinforce its position in highly competitive and strategic developments. The fund aims to establish an integrated urban destination aligned with Riyadh’s ongoing development momentum, with a strong focus on quality of life and sustainable returns. Through this step, the company reaffirms its commitment to delivering leading investment solutions that contribute to economic growth and maximise value for investors, said a statement.

Source: ME Construction News

Developer Azizi Developments said it is making substantial progress in constructing Burj Azizi. The project is advancing in both the raft foundation of the main tower and the automated car park building, which are among the most engineering-intensive phases in building the world’s second tallest tower, the developer noted.

The car park building, spans 9-basement levels and extends almost 30m below ground, and recently witnessed one of the substantial concrete pours of the project.

In just 40 hours, over 200 workers and 700 trucks delivered 7,000cu/m of concrete to construct the structure that will house Burj Azizi’s fully automated parking system. Simultaneously, work is underway on the tower’s raft foundation, a continuous concrete slab 5m thick, designed to bear and distribute the full load of the 725m, 140-story structure.

With 750 workers on-site daily, the team is diligently delivering this critical phase with precision and commitment to safety. They are laying the structural foundation from which Burj Azizi will rise. Worker welfare remains a top priority throughout the construction process, with all works carried out in accordance with the highest international standards, the firm said.

Group CEO Farhad Azizi said, “Burj Azizi is set to stand as the world’s second-tallest tower, a defining global symbol of Dubai. That ambition demands absolute rigor at every level, from concept to completion. The raft foundation, while unseen, is fundamental to the structure’s integrity. It is being delivered to the level of engineering precision this scale requires, setting the standard for everything that follows.”

Apartments range from 1-to-3 bedroom units, with ultra-luxury penthouses occupying the upper residential floors through their own dedicated lobbies. Amenity levels are spaced throughout the tower, offering residents pools, a spa, a gym and yoga center, a cinema, a games room, dining, and retail without ever leaving the building, the developer explained.

Higher still, an all-suite, 7-star hotel draws on seven cultural themes to set a new benchmark in luxury hospitality, featuring culturally inspired restaurants, an authentic Emirati dining concept, a luxury ballroom, and an exclusive beach club, it added.

The Burj Azizi project is led by Executive Director Kang Sang Ku, whose 30-year engineering career includes landmark developments such as the Burj Khalifa. Under his oversight, Azizi’s approach to a project of this magnitude begins long before construction reaches ground level.

For major developments, the developer conducts full-scale mock-ups and factory-based testing before a single unit goes up. Azizi’s vertically integrated approach also ensures complete control and consistent quality from concept through long-term operation, the statement concluded.

Source: ME Construction News

Kuwait is making progress in executing airport expansions and other significant projects as part of a stimulus package designed to alleviate the impact of regional hostilities.

Kuwaiti Finance Minister Yaqoub Al-Rifai presented a roadmap to stimulate economic activity within the country, enhance fiscal sustainability, and create more sustainable job opportunities for Kuwaiti nationals in the private sector.

He noted that the increased investment spending in the current budget stems from the expansion of strategic projects, most notably the new airport terminal, the Mubarak Al-Kabeer Port, the expansion of the Umm Al-Hayman wastewater treatment plant, the Kabd North wastewater treatment plant, and the expansion of Kuwait International Airport (Terminal 2) and the development of its connecting roads.

These initiatives reflect support for infrastructure development, improved efficiency of public services, and enhanced productivity in vital sectors, he told the official Kuwaiti news agency KUNA.

Kuwait’s budget for the 2026-2037 fiscal year, which started on 1 April, forecast revenues at US $53.8bn and expenditure at $86.2bn, with a projected shortfall of $32.0bn. The finance ministry said early this year that the budget is based on a conservative average oil price of $57a barrel, far below the $68 price assumed in the 2025-2026 budget.

Capital spending was projected at around $10.3bn, nearly 12% of the total expenditure, it said, adding that it would be mostly allocated to those projects.

Source: ME Construction News

Modon has announced the sell-out of Tara Park, a residential development on Reem Island, with the project generating US $544mn in sales.

Tara Park comprises 6 residential towers with 834 apartments across 1-to-3-bedroom layouts. Connected to Reem Mall, the towers are interlinked by an active podium that connects residents to a wide range of amenities.

Tara Park also offers easy access to Fay Park, Sorbonne University Abu Dhabi and Repton School, alongside proximity to Abu Dhabi’s international financial hub, Abu Dhabi Global Market (ADGM), The Galleria Mall, and the wider city, the statement said.

Group CEO Bill O’Regan said, “Tara Park further validates Modon’s disciplined, market-driven approach, connecting a prime location and thoughtful place-making to generate sustainable urban growth and long-term value.”

“We continue to see strong demand across the market, which speaks to the confidence that local and international buyers continue to place in Abu Dhabi, particularly for projects where clear attention to quality of life supports future investment potential,” he stated.

Modon said the milestone reflects strong investor confidence and sustained demand, underscoring the emirate’s growing position as a global safe-haven investment destination.

Ibrahim Al Maghribi, CEO of Modon Real Estate said the sell-out of Tara Park sends a clear signal.

“Buyers are not hesitating. Buyers are making considered, long-term decisions. Tara Park was designed with clear buyer priorities and needs in mind, and the market response has validated that approach entirely,” he concluded.

Source: ME Construction News

Al Futtaim Engineering has achieved a major milestone with the delivery of the Mechanical, Electrical, and Plumbing (MEP) scope at the Dubai Exhibition Centre (DEC), located in Expo City Dubai, the firm said.

Developed by Dubai World Trade Centre, the project achieved Building Completion Certificate (BCC) status and full operational readiness within a 9-month MEP programme, enabling the venue to host major international events, including Arab Health and Gulfood.

The achievement represents one of the most accelerated and complex MEP deliveries in the region. From initial site access to final commissioning and operational readiness, the milestone was achieved in record time, with over 4 million man-hours delivered safely, it said.

This multi-million-dollar development is one of the largest MEP projects undertaken by Al-Futtaim Engineering in terms of both scale and delivery timeline. More than 200 engineering and management staff and 2,000 skilled workers were mobilised during the peak period to meet the demanding program.

According to Al Futtaim Engineering, the scale and technical complexity of the works are reflected in the project’s infrastructure benchmarks.

Approximately 90km of LV cabling were installed, alongside 11km of busbar systems and 100,000sqm of air-conditioning ductwork. Additional works included 120km of fibre-optic backbone infrastructure, 110km of electrical uPVC Class D ducting, 105km of plumbing and chilled water pipework, and the installation of 18,080 lighting fixtures, forming a high-capacity services backbone designed to support large-scale exhibition and event operations.

To meet the accelerated program, the project adopted innovative installation methodologies. High-level and low-level MEP works were executed concurrently using suspended access platforms with restricted load capacities.

This approach was supported by strict work sequencing, coordinated material logistics, controlled lifting plans, and rigorous safety controls to maintain productivity without compromise.

Advanced Building Information Modelling (BIM) was used extensively as a primary installation reference, enabling precise coordination across electrical, HVAC, plumbing, ELV, and fire and life safety systems. This approach significantly reduced clashes, minimised rework, and supported efficient commissioning.

Murali S., MD of Al‑Futtaim Contracting said, “Delivering the MEP scope for the Dubai Exhibition Centre in less than a 9 month program is a testament to leadership, structured planning, technical depth, and disciplined execution. Projects of this magnitude demand more than manpower, they require engineering clarity, precise coordination, and a delivery framework capable of managing complexity without compromise.”

“Through advanced modelling, careful sequencing, and rigorous commissioning, our teams ensured that every system was fully operational from day one. This milestone reinforces our proven capability to deliver high‑capacity infrastructure for landmark developments across the UAE,” he stated.

The successful completion of the Dubai Exhibition Centre further strengthens Al‑Futtaim Engineering’s position in  high‑density MEP delivery, supporting world‑class venues and critical infrastructure, he added.

Source: ME Construction News

QUBE Development has appointed ASGC Construction as the main contractor for ELIRE, managed by LUX*, a branded residential project in Business Bay, Dubai.

The appointment of ASGC represents a significant milestone in the delivery of ELIRE, managed by LUX*, and reinforces QUBE Development’s commitment to construction quality, execution excellence, and confidence in the resilience of the UAE real estate market.

Egor Molchanov, CEO of QUBE Development commented, “At QUBE, we take responsibility for every project we launch, from concept all the way to handover. ELIRE, managed by LUX* has been envisioned as a branded residence, where build quality, operational performance and durability go hand-in-hand with unique interior design and stand out architecture. By advancing construction and appointing ASGC as the main contractor, we reaffirm our commitment to delivering this project ahead of schedule and to the highest quality standards. We have absolute confidence in the UAE Leadership and believe in the resilience and the UAE real estate market, which remains fundamentally strong.”

ASGC brings extensive experience across technically demanding residential and mixed-use projects and supports robust planning, coordination and execution, ensuring alignment between design intent, construction methodology and operational requirements over time.

“ASGC’s proven track record in delivering high-end residential and hospitality developments provides the technical expertise and governance required to deliver ELIRE, Managed by LUX* to the highest standards. For residents and investors, this appointment offers tangible assurance on construction quality, timelines, and asset value,” said Molchanov.

Zaher Yahya, CEO of ASGC Construction commented, “QUBE Development has established a clear vision for ELIRE, combining design, operational performance and long-term value. We are proud to collaborate on a project that aligns with our experience in delivering branded residences, and we look forward to supporting its delivery with the standards residents and investors expect.”

Construction is now underway, with handover scheduled for Q4 2028, reflecting QUBE Development’s delivery roadmap. With its combination of design-led architecture, operationally integrated services and premium finishes, ELIRE, managed by LUX* offers investors and homeowners confidence in lasting asset value, quality and a luxury living experience, the statement concluded.

Source: ME Construction News

Residential property sales in Abu Dhabi were broadly stable across March and April, with transactions rebounding in April to exceed earlier levels in the year, according to the Abu Dhabi Real Estate Centre (ADREC).

More than 3,200 residential units were sold in April, generating over US $3.54bn in value. This compares with around 2,600 transactions in March, following approximately 2,700 and 3,100 deals in January and February, respectively, stated ADREC, the sector’s regulator.

The data reflected typical seasonal variation, with activity easing in March before recovering in April.

Sales of ready residential units – seen as a more immediate gauge of underlying demand – remained broadly in line with recent norms. March’s softer performance was attributed to Ramadan, the Eid Al Fitr holiday period, weather-related disruptions and regional factors, while April saw a return to more consistent activity.

The Abu Dhabi Real Estate Centre (ADREC), the custodian and regulator of Abu Dhabi’s real estate sector, has released market insights covering activity over the past 8 weeks, providing greater transparency on recent transaction trends and supporting a clearer understanding of market behaviour.

Residential unit sales transactions are driven by off-plan and ready sales. Residential unit ready sales provide the most immediate views of current market activity and offer a more direct read of buyer demand within the period, said a report.

Over the past 8 weeks, market activity followed a pattern consistent with normal variation, with strong activity in January and February, moderation in March, and April recording activity levels similar to earlier in the year. The moderation observed in March was influenced by a combination of Ramadan, the Eid Al-Fitr holiday period, weather-related disruptions, and regional dynamics.

Off-plan project launches remained active during the 8-week period, with major ones including Modon’s Tara Park, Ohana Development’s Manchester City Yas Residences, Aldar’s Yas Park Place, and Sobha City Abu Dhabi.

ADREC pointed out that these launches reflect ongoing development activity across the market, with new projects continuing to be introduced over the period and continuous monitoring of off-plan sales registration within the ADREC registry in the coming weeks.

In March, the share of listings with price variations increased to approximately 12%, compared to an average of around 8% between October 2025 and January 2026. In April, this varied to approximately 4%, the lowest level recorded since October 2025.

Average across March and April, in line with historical norms, the share of listing prices with no change or that showed price increases was 92%. Only 8% of listings witnessed a variation in asking price, with ~90% of those showing modest asking price variations of less than 10%.

According to ADREC, the residential leasing market continued its upward trajectory, with active leased residential units increasing consistently on a weekly basis since the beginning of the year.

In line with trends observed over the past 2 to 3 years, growth in active leased units continues at a moderating pace, driven by high occupancy levels, it added.

Source: ME Construction News

Emirates Stallions Group said that it has delivered double-digit growth across key financial indicators, with a revenue of US $100mn, marking an 11% increase compared to US $90.6mn last year.

Announcing the results for the 3-month period, Emirates Stallions Group said its gross profit rose 32% to US $35.5mn, while net profit increased 29% to US $18.7mn. Operational profit before tax recorded a 32% rise to US $21.5mn, reflecting continued efficiency gains and strong execution across the group’s core verticals.

The group said it maintained a strong financial position, with total assets increasing to US $1.3bn as of 31 March 2026, up 10% compared to year-end 2025. Total equity rose to US $844mn, while book value per share reached US $3.38, highlighting ESG’s continued focus on value creation.

The performance reflects ESG’s diversified operating model and continued execution across its core businesses, with solid contributions from real estate development and manpower and accommodation services.

ESG Chairman Matar Suhail Al Yabhouni Al Dhaheri said, “ESG’s strong performance in the first quarter of 2026 builds on the momentum achieved in 2025 and reflects the strength of our diversified platform. Our ability to deliver consistent growth across key business lines underscores our disciplined approach to execution and our focus on long-term value creation.”

During the period, ESG continued to advance its real estate platform through Royal Development Holding. The group’s Rotana Residences development on Al Reem Island witnessed a full sell-out ahead of launch, underscoring strong market demand for branded residential offerings and reinforcing the attractiveness of ESG’s real estate platform, it noted.

In parallel, ESG’s manpower and accommodation vertical, Sawaeed Holding, recorded strong growth across key financial indicators, reflecting continued positive performance and operational strength during the period.

On the solid results, CEO Kayed Ali Khorma said, “Our Q1 results demonstrate a solid start to the year, supported by continued revenue growth and improved profitability. The performance of our real estate platform, alongside the strong contribution from Sawaeed Holding, highlights the effectiveness of our strategy and our ability to capture demand across our core sectors.”

“We will continue to build on this momentum as we advance our development activities and operational priorities,” he noted.

Building on its strong full-year 2025 performance, ESG continues to leverage its integrated platform to drive growth, enhance operational efficiencies, and capitalise on opportunities across its core sectors, reinforcing its position as a diversified growth platform, he added.

Source: ME Construction News

WSP has strengthened its water sector capabilities in the region with the appointment of Nada Abubakr as Head of Water Advisory for WSP in the Middle East, marking a significant step in the firm’s continued investment in water security, resilience, and sustainability across the region.

With experience across the Middle East and Australia, Abubakr brings deep expertise across the water sector. Her appointment reflects WSP’s commitment to supporting governments, utilities, and major asset owners in addressing some of the region’s most pressing water challenges.

In her role, Abubakr leads the growth and delivery of WSP’s Water Advisory practice in the Middle East, with a strong focus on strengthening how water systems are planned, governed, and managed.

“I’ve worked with public and private sector clients on national and city-scale water strategies, demand-side management, and long-term resilience planning. My focus is on bridging policy, strategy, and implementation, translating complex challenges into practical, high-impact outcomes. I look forward to building on this at WSP and supporting clients in delivering lasting impact,” she stated.

WSP’s strengthened water advisory offering comes at a time of significant investment and transformation across the Middle East, where governments are accelerating efforts to enhance water security, optimise resource use, and embed sustainability into long-term development strategies.

Lauding the appointment, Kathleen McGrail, Global Lead & Middle East Managing Director, Advisory, WSP said, “We continue to expand our water sector presence across the region, combining advisory-led expertise with our established technical capabilities to support clients across the full project lifecycle, from strategy and planning through to design, delivery, and long-term asset performance.”

Source: ME Construction News

H.E. Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence has unveiled ‘Greenz by Danube’, the latest development by Danube Properties. The project marks the debut of Danube’s first large-scale integrated master villa community and Dubai’s first fully furnished master villa project.

The launch took place at the Coca-Cola Arena in Dubai and was attended by Rizwan Sajan, Founder and Chairman of Danube Group, along with more than 7,000 investors, business leaders, distinguished guests, and media representatives.

Sheikh Nahyan stated that the unveiling of Greenz by Danube Properties represents an important occasion reflecting the continued success achieved by Danube Group in the United Arab Emirates. He noted that the company has built a strong and productive long-term relationship with Dubai and the UAE through its sustained contributions to the building materials sector and related industries, before expanding into real estate development and community building.

He emphasised that the company has grown alongside Dubai itself, adding that companies achieving genuine success in Dubai understand that meaningful development is built upon trust, reliability, and a deep understanding of the needs of residents, investors, families, and communities.

Sheikh Nahyan added that the United Arab Emirates has earned a well-established global reputation as a destination where people from around the world come to build, invest, live, work, and create better futures for themselves and their families. He stressed this remarkable standing has been achieved thanks to the wise leadership and visionary approach of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, who continues to emphasise the importance of building a nation that benefits from global progress, encourages innovation, and provides an outstanding environment in which enterprise and human potential can flourish.

He further affirmed that this ambitious national vision is strongly supported by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, noting that the UAE continues, under the guidance of its wise leadership, to place people at the centre of national development. He explained that cities are judged by the quality of life they offer to their residents, while communities are ultimately judged by the values they nurture, including family cohesion, neighbourly spirit, wellbeing, security, tolerance, and shared responsibility.

He said that the launch of Danube’s latest project represents an occasion to celebrate a vision of modern living shaped by greenery, wellness, family life, comfort, and community spirit. He stressed that real estate development, at its very best, creates places of human connection — places that support families, strengthen communities, and give substance to the promise that the UAE is a country of opportunity, stability, and hope. He also noted that the project reflects confidence in the future of Dubai and the United Arab Emirates and confirmed that Dubai and the UAE are places where businesses can flourish, families can thrive, investors can participate in growth, and residents can enjoy a high quality of life.

He added that he extends his sincere congratulations to Rizwan Sajan, the leadership team, and all employees of Danube Properties, emphasising that their long-standing association with Dubai and the UAE represents a distinguished record of commitment and contribution to economic and urban development. He also expressed appreciation to all partners, consultants, designers, contractors, and professionals involved in the project, commending their dedication and efforts in delivering this integrated development.

He concluded by affirming that the United Arab Emirates has always believed that development must ultimately serve people first, noting that Danube Properties, through projects such as Greenz, has demonstrated this principle in practice. He also extended his best wishes to future residents and investors, expressing his hope that the development will become a place of happiness, security, friendship, and achievement, while adding further beauty and distinction to Dubai and the United Arab Emirates. He further expressed confidence that Danube Properties will continue upholding the high standards and principles that have long distinguished its work and achievements.

“If you ask me why someone should invest in Greenz by Danube, I’d summarize the answer in five key reasons: prime location, fully furnished homes with Dolce Vita Italian branded interiors, more than 50 amenities and services, easy access to all major destinations in Dubai, and our flexible 1% monthly payment plan,” said Rizwan Sajan, Founder and Chairman of Danube Group.

Located next to Dubai International Academic City and behind Dubai Silicon Oasis, Greenz by Danube is Dubai’s first fully furnished master villa community offered with a flexible 1% monthly payment plan. The project enjoys a strategic location within one of Dubai’s fastest-growing residential corridors, the developer said.

The surrounding area is home to more than 100,000 residents, professionals, and entrepreneurs, and will benefit from the upcoming District IO technology hub aligned with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The hub is projected to generate more than 70,000 jobs, further enhancing the area’s appeal for investment and residential living, it added.

The developer noted that the project will feature 3- and 4-bedroom townhouses, along with 5-bedroom semi-detached and twin villas. Homes will also include modern façades, Dolce Vita finishes, private lifts, sky gardens, and closed kitchens, with handover scheduled for December 2029.

Residents will enjoy access to more than 50 amenities and services distributed across five themed leisure zones, including sports courts, beach-inspired spaces, wellness facilities, green landscapes, family zones, a dancing fountain, and a 3.75km jogging track. The project will also provide buggy transport within the community, in addition to a dedicated shuttle service to the metro station, the statement concluded.

Source: ME Construction News