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In an interview this week, Ravi Menon, Co-Chairman of Sobha Realty, said the growth momentum in Dubai’s real estate sector will persist for the rest of 2023, with market consolidation projected for next year.
He explained the market is already at 30-40 percent growth for the first half of 2023 over the first half of last year, and that he expects this momentum to continue for the rest of 2023.
London-based Foster + Partners has revealed the designs of Equinox Resort Amaala, a hotel on Saudi Arabia’s Red Sea coast. The hotel is located in the new Marina Village at Amaala, which houses a collection of luxury hotels, villas and condominiums. When complete, the village will form an integral part of Red Sea Global’s wider Triple Bay development.
Egypt’s General Authority for Land and Dry Ports (GALDP) and Ocean Express Shipping have signed a Memorandum of Understanding (MOU) to develop and operate Burj Al-Arab Dry Port.
The project would be established over an area of 120 acres on the highway linking Burj Al-Arab city and the agricultural region of Banjar al-Sukkar, and would be connected by railway and road to the ports of Alexandria, Dekheila, and Abu Qir Al Bahri.
Authority signed a 30-year contract for the development and operation of the 10th of Ramadan Dry Port and Logistics Centre project.
The 30-year design, build, finance, operate and maintain (DBFOM) contract was signed by the General Authority for Land and Dry Ports (GALDP) with MEDLOG, the winner of the international tender for the project, according to a press statement from the Egyptian Ministry of Transport.
US architecture firm Skidmore, Owings & Merrill (SOM) has released a new plan for a proposed smart city in Oman, with construction scheduled to start next year, according to a media report.
The 14.8 square kilometre Sultan Haitham City is located west of Muscat and will accommodate 100,000 people with 20,000 housing units. The first phase, which runs until 2030, will develop the five-square-kilometre city centre and six of the development’s 19 planned neighbourhoods.
U.S.-headquartered Parsons has announced the company was awarded a 5-year contract by the King Abdullah Financial District Development and Management Company (KAFD DMC).
The contract supports the expansion of KAFD in new, undeveloped land, located in the Saudi capital Riyadh. KAFD is the world’s largest LEED-certified mixed-use financial district, with 1.6 million square metres (sqm) of office space.
GJ Properties, a UAE-based real estate developer, has launched Biltmore Sufouh Residence, a luxury hotel apartments project in Dubai. The project is located on Sheikh Zayed Road – adjacent to the Al Sufouh community.
The 44-storey tower will house 480 apartments and is expected to open its doors in 2025. GJ Properties has delivered 16 real estate projects in Ajman and the Northern Emirates.
Dubai-based The Luxe Developers will appoint the main contractor for their US$ 408.39mn The Oceano residential project on Al Marjan Island in Ras Al Khaimah, in the third quarter of this year, according to a statement from the Managing Director and Co-owner Siddharta Banerji.
Enabling work has already started on-site, he said, adding that the 18-storey project is expected to be handed over in the third quarter of 2026. Although the current focus is bolstering its presence in the UAE market, he also disclosed that the company was assessing opportunities in Saudi Arabia.
