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In a strategic move aimed at revolutionising the UAE’s real estate landscape, Dubai-based Meteora Developers has announced the acquisition of Maisour, a DIFC-based property crowdfunding platform.
Maisour’s model of digital ‘fractional ownership’ has made it possible for people from around the world to invest in Dubai properties with as little as US $136. The acquisition aligns with both companies’ visions to democratise real estate investment and capitalise on Dubai’s booming property market.
Meteora Developers pointed out that the acquisition allows it to integrate its expertise and reputation in the real estate market with Maisour’s tech-driven platform, offering a broader and more diverse range of real estate investment opportunities.
By lowering the initial investment barrier, and enabling ownership seamlessly through mobile apps, the platform will now attract a larger pool of global investors, especially those who previously found the initial cash outlay restrictive.
Praveen Sharma, the Founder and CEO of Meteora Developers commented, “Through this acquisition, we’re taking significant strides toward making Dubai real estate accessible to billions of potential investors worldwide. With an entry point as low as AED500, we’re confident that Dubai’s ready properties will witness an unprecedented surge in demand. Our partnership with Maisour is a perfect synergy of technology and real estate expertise. This acquisition will allow us to offer unparalleled opportunities to investors worldwide while continuing to enhance Dubai’s reputation as a global real estate hub.”
The founders of Maisour and Meteora are said to bring over 70 years of combined experience in real estate, investment banking, technology, and marketing. The acquisition not only brings together their collective expertise but also paves the way for rapid expansion into new markets.
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Developer Amaal has announced its launch into the UAE market for urban living. By blending design with modern convenience, Amaal is set to deliver residential projects that cater to the evolving demands for an elevated living experience, the firm said.
Abdulla Lahej, Chairman of Amaal and Founding Partner of Ayana Holding is spearheading the firm’s entry into the market. Under his guidance, Amaal is established with the strength of Ayana Holding and strategically positioned for growth. The firm is said to be dedicated to crafting quality living spaces that are not only innovative and sustainable but also foster a community that blends seamlessly into the vibrant cultural and ecological fabric of the UAE.
“We are proud to launch Amaal, an innovative force set to transform the UAE’s real estate landscape. Amaal, which signifies ‘aspiration’ in Arabic, represents our vision of creating not just buildings but vibrant communities that embody elegance, functionality, and sustainability. We are committed to pushing the boundaries of architectural innovation, ensuring that each project meets the highest standards of quality and caters to the modern homeowner’s evolving needs. Amaal aims to support the UAE’s vision for sustainable development, setting new benchmarks in urban living and contributing significantly to the country’s growth and development,” noted Lahej.
Amaal goes beyond traditional real estate development; it curates lifestyles. Each Amaal project will blend aesthetic elegance with functional design, transforming spaces into vibrant living environments. Leveraging Ayana Holding’s expertise, Amaal oversees every phase from site selection to marketing, ensuring top-tier quality and creativity. Amaal is set to launch a series of transformative projects designed to exceed the expectations of modern buyers and investors, redefining urban living through innovative architecture and a commitment to excellence, the statement concluded.
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Short-term rentals in Dubai are reshaping the rental market, with a 30% increase in demand compared to last year. Industry experts note that the trend is revolutionising the region’s real estate scene, offering remarkable returns for property owners, and accommodation options to visitors.
“Over the past year, we have seen short-term rentals in Dubai surge, with a 30% increase in bookings due to rising tourism and a demand for flexible living options. This has led to investor returns up to 20% higher than traditional leases. In comparison, long-term rentals offer steady income, maintaining an average annual yield of 7%,” says Myles Rothwell, Managing Director at Edwards and Towers.
Cherif Sleiman, Chief Revenue Officer at Property Finder notes, “When searching for an ideal short-term rental, thorough research is crucial. Our recent white paper, titled Opening Doors: Insights, Trends and Forecasts for Real Estate in the UAE, reveals that most short-term renters with families for example, prefer lifestyle-oriented communities with vibrant assets and good connectivity. While consumers seek unique experiences curated by diverse hosts, for investors, this is an opportunity to select properties that promise the best returns. Indeed, the growth of short-term rentals is a thrilling development within the real estate sector, and we look forward to its continued success.”
Beyond the increase in demand, there are specific areas which are becoming more well known for the short-term rental options they offer. Anthony Joseph Abou Jaoude, Founder and CEO of Primestay says areas such as Business Bay, Arjan, Jumeirah Village Circle, Downtown Dubai, Palm Jumeirah, and DAMAC Hills are particularly popular. These vibrant locales offer a rich blend of world-class amenities and trendy communities, providing unique experiences and effortless access to the city’s attractions, the statement noted.
“In recent years, Dubai has become a travel destination, with visitors willing to pay more for high-end accommodations. A significant trend is that families and groups prefer larger holiday homes over multiple hotel rooms, driving up the demand for vacation villas and spacious apartments for short-term rentals. In early 2023 up to date 2024, Dubai’s rising demand for short-term rentals presents landlords with lucrative opportunities for high occupancy rates and attractive rental yields. Dubai’s vibrant tourism scene ensures strong demand for short-term rentals, offering landlords and investors a steady and profitable income stream,” Anthony adds.
“Dubai’s short-term rental market is experiencing rapid growth, with new operators entering the scene. However, the market remains fragmented, with the top five companies making up less than 10% of the offerings. Over the next one-two years, I anticipate a wave of consolidation, with some operators scaling up to manage 100+ units, while others may exit the market. We can also expect tighter government regulations to ensure compliance with licensing and guidelines. Additionally, technological advancements like AI-driven tools and smart home features will enhance both guest experiences and operational efficiency. Finally, as remote work becomes more prevalent, we foresee a growing demand from digital nomads seeking flexible, short-term accommodations,” states Nina Klishevich, General Manager, Blueground.
As winter approaches, the city gears up for a surge in visitors with diverse tastes and preferences. Keeping a finger on the pulse of these needs is critical for investors looking to maximise a property’s value in this segment, the statement concluded.
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The Riyadh Metro will commence operations this year according to Saudi Minister of Transport and Logistics Services, Saleh Al-Jasser. The minister emphasised that Riyadh Metro, in terms of scale, stands as the largest metro project globally to be constructed in a single phase.
The metro is part of the King Abdulaziz Project for Riyadh Public Transport, which aims to equip Riyadh with a public transport system that will provide all population groups with suitable public transport services. It is designed to accommodate existing and projected future mobility needs in Riyadh.
The public transport network will create an interconnected city, and features: six metro lines; 84 metro stations; 80 bus routes; 2,860 bus stops and 842 buses.
With six lines at a total length of 176km and 84 metro stations, the metro network will cover most of the city’s densely populated areas, public facilities, and the educational, commercial, and medical institutions. The network will be connected to King Khalid International Airport and King Abdullah Financial District, the main universities, downtown Riyadh, and the public transport center.
The metro will comprise:
Blue line: Axis of Al-Olaya – Al-Batha – Al-Hayer roads, with a total length of 38km
Red line: Axis of King Abdullah Road, with a total length of 25.3km
Orange line: Axis of Al-Madinah Al-Munawarah Road – Prince Saad Bin Abdurrahman I Road, with a total length of 40.7km
Yellow line: Axis of King Khalid International Airport Road, with a total length of 29.6km
Green line: Axis of King Abdulaziz Road, with a total length of 12.9km
Violet line: Axis of Abdurrahman Bin Awf Road – Sheikh Hassan Bin Hussain Bin Ali Road, with a total length of 30km
The Riyadh Metro project includes four main stations located in highly populated areas, at the intersections of metro lines and the bus network. The stations provide support services such as parking lots, ticket outlets, shops, and customer service offices. The four main stations are: Qasr Al-Hukm District; King Abdullah Financial District (KAFD); Western Metro Station; and STC Station.
Combined, the transport network and infrastructure will have a passenger capacity of 1.7m passengers per day in the initial operation phase.
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The Big Project Middle East (BPME) editorial team has announced that the 2024 edition of its Construction Intel Summit KSA will take place on 16 October. The one-day event will take place at the Radisson BLU Hotel in Riyadh, Saudi Arabia, the BPME editorial team confirmed.
The event will comprise keynote speeches, high-level panel discussions, and expert presentations and will focus on several themes including: accelerating the pace of construction in the Kingdom, maintaining construction quality and project vision over long delivery timelines, leveraging PPPs to develop civil and social infrastructure, building robust supply chains, and growing local construction content.
The event will bring together expert speakers from Saudi-based developers, consultants, contractors, suppliers and technology firms. Registration is complementary but mandatory.
“Saudi Arabia’s construction market is one of the most vibrant in the world, with an estimated value of approximately US $70.3bn according to the International Trade Administration organisation. Going forward, that value is expected to $91.36bn by 2029 as the Kingdom continues its journey to achieving the goals of Vision 2030 and the National Development Plan. The Kingdom has had some remarkable achievements since it embarked on its transformation journey but there’s still a long road ahead, which is why the key theme this year is on accelerating construction in the Kingdom, touching on several key issues connected with that goal,” said Jason Saundalkar, Head of Content at Big Project Middle East.
The 2024 Construction Intel Summit KSA is supported by:
Gold Sponsor: RIB | BuildSmart, RIB | Candy, RIB | CostX
Strategic Sponsor: ALEC, KEO International Consultants
To discuss participating at the event as a speaker, contact conference producer Jason Saundalkar on Jason.s@cpitrademedia.com. Sponsorship inquires can be addressed to Raz Islam (raz.islam@cpitrademedia.com) or Arif Bari (arif.bari@cpitrademedia.com).
To learn more about the 2024 Construction Intel Summit KSA, please click here.
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Horton Interiors has appointed Abdelmouamine Bougandoura to the position of Managing Director. Previously serving as Operations Director, his new role comes as a recognition of his leadership and track record in managing design and projects that consistently meet and exceed client expectations, the firm said in a statement.
In his earlier role Bougandoura was instrumental in delivering projects within scope, schedule, and budget, while maintaining standards of quality, with clients including Omniyat, Gensler, Allsop & Allsop, Mohammed Bin Rashid University, and Amanat Holdings.
“Having worked at Horton’s for six years, I have been privy to its impressive growth. We are coming into a new period of growth for the business as we outgrow our existing office space and move to bigger premises. We are also about to launch something completely new on the market so it’s an exciting opportunity for me to lead all of this. The next twelve months will see a lot of change, a lot of growth for the business and we don’t expect it to end with just the planned activities. Watch this space,” stated Bougandoura.
“We are thrilled to have Abdel step into this new role. His leadership and deep understanding of our mission to create spaces that not only showcase brands but also enhance operational efficiency have been key to our growth to date. We are confident that under his direction, Horton Interiors will continue to deliver outstanding results that exceed client expectations,” commented Abdelbasset Betraoui, CEO of Horton Interiors.
With a team of around 80 employees, Bougandoura will report to the CEO and lead the charge in remaining dedicated to transforming spaces into stylish, functional environments that are tailored to the specific needs of each client. The company’s mission is to create spaces that not only look exceptional but also provide maximum return on investment by aligning with clients’ operational goals and budgetary requirements, the statement concluded.
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Taraf, the real estate division of investment holding group Yas Holding, has announced T.M.F. Euro Foundation as the contractor for enabling works on CELLO Residences, a set of premium residences in the heart of Jumeirah Village Circle (JVC).
CELLO residences will feature architecture and interiors, offering an integration of work, living, and leisure. From open studios to one-to-three-bedroom apartments and four-bedroom penthouses, CELLO will epitomise contemporary living, the statement explained.
Low Ping, Group CEO of Yas Holding commented, “We are pleased to announce the collaboration with T.M.F. Euro Foundation (L.L.C.) on the enabling works for CELLO Residences, our latest project in JVC. We are confident that TMF’s extensive expertise and commitment to excellence and innovation will be pivotal in delivering the project. As we continue the journey to bring CELLO to fruition, we are committed to working alongside the finest in the industry; together, we will redefine the essence of luxury living, setting new benchmarks for ‘Work, Live and Play’ residential developments.”
Taraf’s fourth project, CELLO is situated close to Halfa Park & Community Park, Circle Mall, JSS International School, and Five Jumeirah Village, offering retail stores, restaurants, bars and cafés, nearby Al Khail Road and Hessa Street providing onward access to the rest of the city for business or leisure, the statement noted.
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NMDC Group has secured a contract worth more than US $200mn from Abu Dhabi National Oil Company (ADNOC) for marine dredging works in the Ruwais LNG project. The project introduces the first LNG export facility in the Middle East and Africa to use clean energy, showcasing NMDC Group’s capabilities in handling significant marine infrastructure projects and their dedication to advancing vital energy projects globally.
The contract encompasses dredging operations, involving the removal of approximately 15m cubic metres of material across a 5km channel with a 245m width. NMDC Group will also install vital navigational aids, ensuring safe maritime access to the new LNG facility.
The LNG project will feature two natural gas liquefaction trains with a combined capacity of 9.6m metric tons per annum. The facility’s use of renewable energy-powered electric motors positions it among the world’s lowest-carbon-intensity LNG plants.
Eng. Yasser Zaghloul, NMDC Group CEO said, “Securing this contract for ADNOC’s pioneering LNG project underscores NMDC Group’s exceptional capabilities in delivering complex marine infrastructure. This project, which harnesses clean energy, aligns perfectly with our commitment to sustainability—a value deeply rooted in our corporate culture. It strengthens our longstanding partnership with ADNOC and highlights our dedication to advancing the UAE’s energy sector.”
“We are determined to execute this project with the utmost precision, adhering to the highest standards of safety, quality, and environmental responsibility. Our innovative approach and technical expertise will be instrumental in bringing this low-carbon LNG facility to fruition, significantly enhancing the UAE’s standing in the global energy landscape,” he added.
Eng. Niels de Bruijn, NMDC Dredging & Marine CEO commented, “We are honored to be entrusted with this critical marine dredging project by ADNOC. Our team’s extensive experience in executing large-scale dredging operations, coupled with our state-of-the-art fleet and innovative solutions, will ensure the successful delivery of this project. We are committed to supporting the UAE’s vision of becoming a global leader in low-carbon LNG production, and this project marks a significant step towards achieving that goal.”
This strategic project enables NMDC Group to play a crucial role in expanding the UAE’s LNG production capacity, reinforcing the nation’s position as a key global supplier of natural gas. It aligns with the UAE’s commitment to meeting rising global energy demands, while prioritising sustainability and minimising carbon emissions, the firm said in its statement.
Earlier in June, NMDC Energy, a subsidiary of NMDC Group, in collaboration with Technip Energies, was awarded a $5.5bn contract by ADNOC for the engineering, procurement, and construction (EPC) of the LNG growth project.
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International real estate developer MERED has announced the opening of its new headquarters in Dubai Internet City. The 45th-floor office was designed by Italian design house, Pininfarina.
The new office, spanning 1,300sqm, is said to reflect the developer’s continuous growth and evolving design philosophy, while also integrating distinctive elements to highlight its strong brand identity. The office space references MERED’s best-known building, Iconic Tower, with a design concept centered on ‘Connection and Contrast’, said a statement from the firm.
The sales area, using neutral tones Hungarian wood and Hi-Macs acrylic stone, is said to mirror the high-quality finishes of the developer’s upscale residences, creating a premium atmosphere. In contrast, the operational area is designed with functionality in mind, featuring darker tones and serviceable industrial materials, the firm stated.
“As the UAE real estate market is set to grow to $0.76 trillion by 2029, our new headquarters in the central business hub of the region demonstrates our commitment to leading and shaping this growth. This space, especially the mock-up room, offers a comprehensive experience for our potential buyers, giving them a true sense of life in the Iconic Tower. We are keen to continue our journey to bring the future of upscale living to life, blending cutting-edge design with world-class amenities,” said CEO Diana Nilipovscaia.
Over the past year, the developer is said to have secured approvals from key government authorities and broken ground for the Iconic Tower project. With design and contractor procurement nearing completion – and main construction slated to begin shortly – the project is set to become the tallest structure in Dubai Internet City, at 286.4m.
Iconic Tower will feature 310 luxury apartments and world-class amenities, with unit handovers expected by Q3 2027, the firm noted.
In addition, Mered has acquired a prime 11,890sqm waterfront plot on Al Reem Island, Abu Dhabi, one of the top locations in the capital city for luxury apartments, the statement concluded.
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