Dubai recorded 88 home sales above US $10mn during the first quarter, according to the latest analysis carried out by global property consultant Knight Frank.

The firm’s analysis also shows that the city’s prime residential neighbourhoods of the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island continue to dominate luxury home sales, with average transacted prices in these highly sought-after locations for $10mn homes reaching $2,400 per sqft during the first quarter. Other locations in the city are, however, also fast rising to prime status.

Faisal Durrani, Partner – Head of Middle East Research, Knight Frank said, “The $10 million-plus homes market in Dubai continues to strengthen, with 88 sales being registered in Q1 alone. 2022 saw Dubai record 219 deals above this price point, positioning the city as the fourth busiest luxury homes market in the world. 2023 is shaping up to be another record year for this segment of the market.”

“The depth of demand for homes at this price point from local and international UHNWI [ultra high networth individuals] is helping to drive up prices in this exclusive segment of the market. Indeed, Q1 has seen average transacted prices for $10mn-plus homes reach $1,970 per sqft, which represents a 16% increase on 2022’s $1,700 per sqft.”

In mid February 2023, a Deloitte report said it anticipates growth across residential and commercial sectors in 2023 in Dubai and Saudi Arabia and, in late February, Q Properties said the latest phase of Reem Hills sold out.

While Dubai’s prime neighbourhoods of the Palm Jumeirah, Jumeirah Bay Island and Emirates Hills accounted for 64% of the $10mn home sales during Q1, other areas are also growing in prominence and are likely to be classed as ‘prime’ if they continue to entrench themselves as high-end neighbourhoods, the Knight Frank study shows. The Al Wasl-Dubai Canal corridor is one such area, with branded residential sales contributing to its emergence as a hotspot for UHNWI who are focused on securing the most expensive homes in the emirate’s most desirable neighbourhoods.

Andrew Cummings, Partner – Head of Prime Residential Sales, Knight Frank added, “Tilal Al Ghaf is the other location that has quickly joined the growing list of ultra-lux neighbourhoods in Dubai. Last year, three homes here sold for over $24.5mn and during Q1, seven villas transacted for over $10mn, strongly suggesting that Tilal Al Ghaf will soon meet our definition for a prime neighbourhood.”

He concluded, “While the bulk of international UHNWI looking at Dubai are drawn to acquiring second homes on the coast, Tilal Al Ghaf has set a new benchmark for luxury living as an inland community that delivers on quality and amenities. The shortage of completed waterfront communities and the lack of development sites that can be easily activated suggests that such inland communities will continue to grow in prominence.”

In late February 2023, W Capital said Dubai’s Golden Residency Visa could boost real estate in the emirate.

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Source: ME Construction News

Saudi Arabia currently represents the single biggest opportunity for hospitality and tourism, and that is set to continue for at least another five years, according to a new report from PKF Hospitality Group.

The view is that while there some doubts remain about project timelines, Saudi Arabia will surprise many and will be a changed country in the years to come. The group recently held one of its major ‘spotlight’ events in Riyadh in recognition of the significant amount of projects that have been announced for Saudi Arabia.

The majority of these projects, many of which are ‘giga-projects’ touted to be worth well in excess of $100bn each, form part of the very ambitious Saudi Vision 2030. This strategic road map is set to harness the strength and strategic position of the Kingdom whilst reducing its reliance on oil.

The focus areas, on which more than $800bn will be spent, are tourism, health infrastructure and education. In addition, the overall improvement of the country’s image is another desired outcome of this massive effort.

In late March 2023, AECOM was appointed to provide PMC services for Neom airport.

The initial push is to create products that attract the local traveller, who currently doesn’t find enough reason to travel within his/her own country. The millions of pilgrims who come to Saudi Arabia to visit the holy sites are the next obvious market to be targeted – followed by the discerning international traveller.

PKF comments that there are voices questioning how realistic these plans are and how they will be executed on time to meet the deadlines of Vision 2030; but the fact that many have not only already broken ground but have strong ongoing infrastructure development has already attracted international comment and a wide raft of household-name multidisciplinary contractors.

Nils Heckscher, Head of Africa also overseeing PKF’s Middle East operations said, “Yes, I also think, that some may not be seen completed on time. It is a simple fact that know-how, materials – and in the end, staff to run these places – are not in high supply. Yet, others we will see completed on time, no doubt.”

First on that list will be Trojena, the official host location of the Asian Winter Games 2029. Much coverage was received about this venue of choice, with many obvious comments about the heat and desert making for an unlikely winter sports destination. Yet the region does actually see snow in winter and is in general 10 degrees cooler than the rest of the country. Architecture and technical advances will make the holding of the competitions in the various winter sport disciplines possible.

In late March 2023, Red Sea Global awarded contracts for Amaala’s Marina Village.

Sustainability ranks high in the KPIs that these projects have been set. Nils Heckscher comments: “It is heartening to see public-private partnerships that have a strong focus on ESG principles and that intend to build in a sustainable manner; sourcing local materials as well as design and employing locals who will be trained and given ample opportunity to advance. These are fundamental building blocks in creating great and sustainable destinations.”

Christian Walter, Global CEO PKF Hospitality Group concludes, “We will continue to add value to our clients’ projects and believe that there is a great need for the type of services we provide. Saudi Arabia currently represents the single biggest opportunity for hospitality and tourism, and that is set to continue for at least another five years.”

In early April 2023, Red Sea Global appointed ILF Consulting Engineers to implement $1.5bn utility project.

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Source: ME Construction News

Saudi Arabia’s Deputy Minister of Transport and Logistics, Dr. Rumaih Al-Rumaih, has launched a trial phase of ’Dhahaina’ (Smart), a new autonomous vehicle (AV).

According to a statement, the launch event at the Riyadh Business Front was intended to boost awareness and increase the acceptance of AV technology in society, and is the first step in a longer process that will see the development of AV legislation, regulations, and supporting systems.

The AV initiative is said to be in line with the ministry’s efforts to facilitate and embrace contemporary transportation systems. In a statement during the event, Al-Rumaih highlighted the ministry’s embrace of innovative transportation techniques, and its plans to utilise advanced technologies in the transportation and logistics industry, as per the objectives set in the National Transport and Logistics Strategy.

The strategy aims to provide solutions for smart mobility and anticipate the future development of the market. By launching this trial, the ministry aims to reduce the number of transport-related accidents and fatalities, improve intracity mobility, and minimise the impact of the transportation sector on the environment, the statement noted.

In early July 2021, the CSP Abu Dhabi Terminal and Khalifa Port implemented the region’s first autonomous port truck system.

The inauguration took place at the Riyadh Business Front, owned by the ROSHN Group, which is said to be taking a novel approach to incorporating modern technology into the integrated communities it is building across the Kingdom.

ROSHN said it promotes sustainability by offering pedestrian-friendly streets and eco-friendly modes of transportation for commuting within its communities, while providing connections to a wide range of public and private transportation options that connect its customers to the wider city.

“The ’Dhahaina’ initiative is a significant leap in the technical development of transportation in the Kingdom. This trial aligns with ROSHN’s commitment to humanising the civil experience and adapting technology to serve people within the high-quality real estate environments of our communities  across the Kingdom,” stated Oussama Kabbani, the Group Chief Development Officer at ROSHN Group.

Al-Rumaih added that the trials align with the Ministry of Transport and Logistics Services’ ongoing efforts to establish a national regulatory framework for AVs in collaboration with relevant entities. The primary objective is to unify efforts and establish appropriate regulatory frameworks to enable autonomous vehicles while prioritising user safety, simplifying procedures, and attracting investors, the statement explained.

In mid March 2023, Roshn inked $2.1bn in agreements with construction firms for the development of infrastructure and facilities.

The Ministry of Transport and Logistics is striving to enable various modern technologies in all transport sectors including land, rail, sea, air, and logistics services, through their initiative to embrace new transportation methods. They aim to develop suitable regulatory frameworks for each technology, conduct phased experiments, empower the private sector, attract investors, and enhance the technical capacity of the workforce by partnering with universities and educational institutions, the statement concluded.

In late March 2023, the Big Project ME editorial team announced that the second edition of its Energy & Sustainability Summit will take place on 24 May in Dubai.

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Source: ME Construction News

In a major move, the UAE’s Ministry of Energy and Infrastructure (MoEI) has activated the digital signature and verification feature in its UAE Pass for engineering project contracts.

According to the ministry, the move enables consultants and contractors to use UAE Pass to sign electronically on bids and contracts, while maintaining the highest level of information privacy and protection.

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure stated, “The move aims to automate the services pertaining to engineering projects contracts. It reflects the keenness of the MoEI to keep pace with the digital transformation and leverage modern technology solutions to simplify its processes and improve the experience of its customers.”

In early November 2021, the MoEI said it was building the UAE’s first 3D printed government facility and, in late June 2022, Dubai Municipality launched several technical activities around 3D printing technologies.

He added, “Digital transformation is a key enabler of shaping a better future that aligns with our leadership’s aspiration of making the UAE one of the most digitally advanced countries in the world.”

The new option for digital signature and verification is aligned with the UAE’s commitment to achieving a fully digital working environment. It will considerably speed up the contractual process, removing the need for physical delivery or travel, with the option for completely remote document approval and clearance. This will be particularly important for large, multi-stakeholder projects, where the need for traditional signature chains can be costly and time-consuming.

“At MoEI, we seek to adopt innovative tools and ways to improve our performance and offerings, in line with the Emirates Programme for Excellence in Government Services,” he concluded.

In late October 2022, the MoEI disclosed pre-qualification requirements for a PPP street-lighting project exclusively with Middle East Construction News (MECN).

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Source: ME Construction News

Dubai-based real estate developer DAMAC Properties has launched Canal Heights 2, a 45-storey tower designed to offer luxury waterfront living in a premium, central location in Dubai. The project comes soon after the successful launch of the first branded tower in its Canal Heights portfolio, the developer elaborated.

Located on the shores of Dubai Canal in the heart of Business Bay, Canal Heights 2 will feature a blue topaz colour theme in its interiors, which are all co-branded by Swiss jeweller de Grisogono.

“After the success of Canal Heights, we are proud to unveil its twin – and product par excellence – Canal Heights 2. The new tower is set to bring as much exuberance as its predecessor and promises glitz, glamour, and indulgence packed into a fine product for today’s discerning clientele who choose modern luxury living options,” said Niall McLoughlin, Senior Vice President at DAMAC Properties.

In early February 2023, DAMAC Properties awarded a $241.2mn main works construction contract for Cavalli Tower and, in late February 2023, the developer handed over ZADA Tower in Business Bay to customers.

He added, “As a developer who understands the pulse of this market, DAMAC strives to continuously bring the most innovative, advanced, and exquisite products for our valued customers.”

A unique offering of the tower is said to be its ‘stars’ lake – an infinity lap pool, which will sparkle and glow from its bioluminescent edge.

Canal Heights 2 will offer a range of layouts from studio, one-, two- and three-bedroom apartments as well as three- and four-bedroom super luxury duplexes, with views of Business Bay district, and Sheikh Zayed Road, the statement concluded.

In late March 2023, the developer awarded contracts for its DAMAC Lagoons development.

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Source: ME Construction News

The Big Project Middle East (BPME) editorial team has revealed that the inaugural Future of Water Summit (FOW Summit) will take place in Dubai on 21 June 2023. The summit has been launched in response to growing concerns around water scarcity and efforts to bolster water security, as increasing water demands and climate change exert growing pressure on regional water reserves and infrastructure.

The event will bring together regional personalities from government and industry bodies, operators, consultants, contractors and technology firms to discuss a number of issues including: the region’s relationship with water; desalination and alternative solutions the region can rely on to supplement its fresh water reserves; the challenges regional water networks face; how technology can boost efficiency and reduce wastage, and stepping up water reuse via wide scale water recycling/reclamation.

The FOW Summit is free to attend for industry professionals, and will comprise several panel discussions, presentations, and focused fireside chats from high profile regional personalities including key decisionmakers, while also offering high value networking and sponsorship opportunities. A full agenda will be shared on the event website in coming weeks.

“A reliable supply of clean water is critical to life, economic growth, sanitisation, and urbanisation – this summit seeks to highlight water scarcity challenges, and discuss how the region can build water security. Since the MENA region is the most water-scarce in the world, and is being increasingly affected by growing demand and the negative effects of climate change, we thought the time was right to launch a dedicated event around this precious resource,” said Jason Saundalkar, Head of Content at Big Project Middle East.

Ahead of the FOW Summit, BPME is also hosting the second edition of its popular Energy & Sustainability Summit (E&S Summit), the BPME editorial team reiterated.

“Both the E&S and FOW summits align with UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan announcing 2023 as the ‘Year of Sustainability’, and since Dubai is hosting the 2023 UN Climate Change Conference (UNFCCC COP 28) from 30 November to 12 December 2023, we’re eager to provoke intense and useful debate that we hope will contribute to the region’s continued growth and sustainable future,” Saundalkar added.

To discuss participating at the event as a speaker, contact conference producer Jason Saundalkar on Jason.s@cpitrademedia.com. Sponsorship and dedicated presentation inquires can be addressed to Raed Kaedbey (raed.kaedbey@cpitrademedia.com) and Madeleine Martin (madeleine.martin@cpitrademedia.com).

To find out more about the FOW Summit, click here.

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Source: ME Construction News

Luxury residential developer Iman Developers has announced the launch of Oxford Gardens, which is being developed at a cost of US $54.4mn.

According to the developer, the project will be a modern community blending contemporary living with natural, green spaces and a landscaped setting. Spread over 165,000sqft, Oxford Gardens is the ninth project to be included in its residential development portfolio.

Group Director Ismail Marfani pointed out that the success of this project reinforces Iman Developer’s position as a leading luxury residential developer in Dubai. He explained: “We are now looking forward to delivering the project on time, and we are confident that our residents will experience the perfect blend of modern living and natural surroundings that Oxford Gardens has to offer.”

In mid November 2022, Iman Developers launched its Oxford 212 residential project and, in mid December 2022, the developer launched its $53mn The Grove in Dubai Hills.

An area of around 60,000sqft has been dedicated to amenities catering to a variety of lifestyle needs. According to Marfani, Oxford Gardens has been designed to offer a diverse range of living spaces that suit the needs of different buyers. Sizes vary between the standard studio at 400-450sqft; a one-bedroom at 650-800sqft and two-bedroom at 1,200-1,600sqft.

The community will offer premium amenities including a rooftop infinity pool, leisure pool, gym, yoga area, indoor and outdoor kids play area, jacuzzi, sauna, steam room and EV charging stations.

Marfani concluded, “With the growing demand for upscale living spaces, we aim to provide residents with a home that offers modern amenities, exceptional design, and unparalleled comfort. Our commitment to quality and customer satisfaction drives us to continually innovate and exceed expectations. We believe that our new project will offer a unique lifestyle that our residents will cherish for years to come.”

In late March 2023, Samana launched its $54.5mn Waves-2 residential project in JVC Dubai.

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Source: ME Construction News

Dubai Multi Commodities Centre (DMCC) has reported its best Q1 results since its inception in 2002, with growth in traditional markets boosted by the exceptional performance of its cryptocurrency and gaming centres.

The free zone said it registered 708 new companies in the first quarter of 2023, up 8.4% year-on-year and represents an average annual increase of 13.7% over the last five years. Additionally, significant momentum was seen by the crypto and gaming centres in December 2022, both considerably supporting DMCC’s long-term growth strategy.

Ahmed bin Sulayem, Executive Chairman and CEO, DMCC, said in a statement, “In contrast to the challenging global economic outlook, these remarkable figures firmly display Dubai’s status as a prime destination for investment, backed by strong local macroeconomic conditions and the ease of doing business within DMCC.”

In late October 2022, DMCC launched sustainability projects to decarbonise the JLT District and, in late January 2023, Ellington and DMCC launched a $326.6mn high-rise residential development.

He added, “With a number of high-growth areas in our sights, including Web3 and gaming, we are efficiently utilising this momentum to target long-term growth across the board.”

Traditional core markets continued to outperform previous quarters, with strong growth in businesses from India, the United Kingdom, Germany, China, and France.

DMCC, which registered 3,049 new companies in 2022, is currently home to nearly 23,000 companies, the statement concluded.

In late February 2023, Sobha Realty launched its Verde by Sobha development in Dubai’s JLT district.

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Source: ME Construction News

The OPEC Fund for International Development (OPEC Fund) and Saudi-based utility project developer Acwa Power have entered into two loan agreements worth US $20mn each. The financing deal will enable the development of two wind power plants in Uzbekistan.

The new facilities will contribute to the country’s renewable energy generation capacity, while also reducing greenhouse gas emissions and diversifying the country’s energy mix, the statement explained.

The funds will support the construction and operation of the 500MW Dzhankeldy wind farm and the 500MW Bash wind power plant, and will take shape in the country’s Bukhara region.

OPEC Fund Director-General Dr Abdulhamid Alkhalifa said, “Increasing private sector participation is key to support Uzbekistan’s ambitious energy transition. We are happy to cooperate with the authorities as well as with our development and private sector partners on energy sector projects that will boost the share of renewables in energy generation and provide reliable and affordable clean energy.”

In mid June 2020, the OPEC Fund unveiled a landmark logistics plan for Oman.

The loan agreement for the Dzhankeldy wind farm will support the development of the plant’s infrastructure including its construction, operation, and maintenance, as well as the development of 128km of transmission infrastructure.

As per the OPEC Fund, the Dzhankeldy plant is expected to generate 1,550GWh of electricity annually, while the Bash plant  will generate in excess of 1,650GWh of electricity annually, and will include the construction and installation of 160km of transmission infrastructure.

Together, the two plants are expected to reduce CO2 emissions by 1.8 billion tonnes, the statement pointed out.

The financing for both projects was provided through a consortium of international lenders, with the European Bank for Reconstruction and Development (EBRD) serving as the technical bank, and Standard Chartered Bank acting as the documentation bank, according to Dr Alkhalifa.

In early January 2023, the Ducab Group said it was supplying 633km of cabling for an Egyptian windfarm.

The consortium also includes the French development financier Proparco, Germany’s development bank Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the Industrial and Commercial Bank of China, and the Asian Development Bank (ADB), he concluded.

In late March 2023, the Big Project ME editorial team announced that the second edition of its Energy & Sustainability Summit will take place on 24 May in Dubai.

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Source: ME Construction News

Developer Azizi Developments has launched Azizi Grand in Dubai Sports City, which comprises 431 homes and is scheduled for delivery by Q4 2024. The firm said the project aims to offer residents the best of luxury and sports, with a focus on modern, healthy and sustainable living.

According to a statement from the developer, the residential project will offer a mix of studios, one- and two-bedroom residences, as well as a gymnasium, two swimming pools, kids’ play areas, barbecue zone and landscaped gardens in addition to other health and convenience-focused amenities.

Located on Al Fay Road, Azizi Grand is at the heart of the action, yet at a comfortable distance from the daily grind of the city. Nestled amidst schools, sports academies, equestrian clubs, golfing clubs, stadiums, and lavish greenery, Azizi Grand is situated minutes from Al Khail Road and Mohammed bin Zayed Road, said an official from the firm.

In late January 2023, Azizi said its Park Avenue I project was 58% complete and, in early February 2023, it noted that its Park Avenue II project is set for Q2 handover.

“Built around the concept of healthy and sustainable futuristic living, this exceptional new development, situated in Dubai Sports City, is for those seeking an active lifestyle with easy connectivity while still wanting to enjoy the serenity of being away from the city’s bustle,” stated CEO Farhad Azizi.

He continued, “We trust that with its outstanding build quality, strategic location, and extraordinary range of amenities, our valued investors will be as excited as us to see sales go live.”

The project boasts open, customisable layouts, spacious balconies that stretch across the entire lengths of the apartments overlooking the vast greenery surrounding the building, built-in shelving and cabinetry for tasteful storage in the bathrooms, built-in wardrobes and vanity units in the bedrooms, soft modern lighting, exquisite tiling, framed floor-to-ceiling double-glazed windows with breath-taking views, customizable open-plan kitchens with premium cabinets and appliances, he concluded.

In early March 2023, Azizi extended its partnership with Kludi.

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Source: ME Construction News