The Egyptian real estate company Tatweer Misr is planning to launch its first real estate project in Saudi Arabia’s Riyadh, in partnership with Naif Alrajhi Investment, Tatweer’s CEO Ahmed Shalaby told Asharq Business.   The project is set to be carried out on an area ranging from 2 to 3 million square meters by the end of 2024, Shalaby noted.   He added that his company is considering other investment opportunities in the Saudi market with government entities.

Bahrain Marina Development Company, the developer behind the prestigious Bahrain Marina project in the heart of Manama, has announced a significant achievement with 25% of the Phase I already completed.   One of the most significant real estate and tourism developments in the kingdom, the Bahrain Marina is designed to provide an integrated and luxurious living experience that blends high-end residential, retail, entertainment, and hospitality offerings.   The project features an array of luxury residential units, including meticulously designed apartments offering panoramic views of the Gulf. Five-star hotels provide premium hospitality services.   A state-of-the-art yacht marina is also part of the development, offering world-class facilities for marine enthusiasts,…

Mountain View for Real Estate Development and Investment has launched "Mountain View KSA," marking its first step in expanding regionally, as per an emailed press release. The company has partnered with Maya Real Estate Development and Investment Company and Al Saedan Real Estate Company to acquire its first plot of land in Saudi Arabia’s capital, Riyadh. This acquisition is part of Mountain View’s long-term plan to develop several urban projects in Saudi Arabia, aligning with the country's Vision 2030 goals. The move comes as the Saudi real estate market grows rapidly, driven by a booming population and strong economy. This expansion highlights Mountain View’s commitment to "Bringing Life to Land and Spreading Happiness Around Us" throughout the region. Mountain…

KUWAIT CITY - A Professor of Economics at Kuwait University and a researcher in urban economics and housing Dr. Dhari Al- Rasheed highlighted the importance of the real estate sector in the country. It accounts for approximately nine percent of Kuwait’s GDP. Housing expenses consume between a third and half of the average household budget. He stressed the need to reassess various housing and real estate issues, especially with the state’s near-total control over private housing provision through the housing care program, which has limited the private sector’s involvement in real estate development. Moreover, Dr. Al-Rasheed raised concerns about the limited housing options and the constraints imposed on supply by the laws and regulations related to building and…

Saudi Arabia’s drive to develop giga projects in the kingdom has resulted in an uptick in the total value of its real estate development plan to $1.3 trillion, rising by 4% from 2023, despite a slowdown in commissioned projects that witnessed a drop in value by $85 billion, according to the global property consultancy Knight Frank data.  Saudi’s Vision 2030 diversification plan that has propelled a shift in the kingdom’s dependence on oil and gas production, has given rise to a construction boom where real estate and infrastructure projects continue to contribute to the country’s GDP. Yet, on one hand, even as the kingdom’s project pipeline hit a valuation of $249 billion, according to Knight Frank’s latest ‘Saudi Giga Projects…

Riyadh: The Minister of Municipalities and Housing, Majed bin Abdullah Al-Hogail, witnessed today the reaffirmation of a collaboration between ROSHN Group and Tarmeem, a charity focused on renovating homes.According to a press release from ROSHN, the partnership aims to improve the quality of life for Saudi citizens and support social development.ROSHN and Tarmeem plan to renovate 100 homes across the Kingdom for the second year as part of ROSHN's YUHYEEK social responsibility program, which aims to enhance the well-being of communities.Over 500 volunteers from ROSHN and the wider community renovated 100 homes in 2023, benefiting more than 700 Saudi citizens. The release said the partnership with Tarmeem reflects ROSHN's commitment to improving the living conditions of those in need and…

Saudi Arabia - Rize, a groundbreaking Property Tech company, has received Sharia certification for its rent payment solution from the Shariyah Review Bureau (SRB), a leading Sharia advisory services provider. This certification represents a significant milestone for Rize, which is committed to transforming the real estate rental experience through innovative payment solutions. Rize has unveiled a distinctive financial model that allows tenants to convert traditional annual rent payments into manageable monthly installments. This flexibility greatly reduces the upfront financial burden on tenants while ensuring landlords receive the full annual rent upfront, thus providing immediate liquidity and minimising vacancy periods. This model aligns perfectly with the objectives of Saudi Vision…

Kuwait - In the first half of 2024, real estate companies listed on the Boursa Kuwait collectively reported operating revenues of 239 million dinars, marking a 3.4 percent increase from 231 million dinars in the same period of 2023.   This rise represents a gain of 79.1 million dinars compared to the previous year. The top performers include the Mabanee Company which led the sector with the highest operating revenues, reaching 66 million dinars, up from 61.8 million dinars. The United Real Estate Company followed with revenues of 40.2 million dinars, a decrease from 43 million dinars and the Salhia Real Estate Company secured third place with revenues of 22.2 million dinars, an increase from 20 million dinars. As for the Kuwait Real Estate Company, it earned 15.8 million dinars,…

Riyadh: The National Housing Company (NHC) has announced a significant leap in its residential unit sales during the first half of 2024, reaching SAR13.5 billion.   Over 13,000 units were sold, a fourfold increase compared to the same period last year.This achievement results from ongoing efforts to meet the housing needs of citizens across various regions of the Kingdom and all segments of society, focusing on providing a comprehensive urban environment that enhances the quality of life.The sales growth is attributed to NHC's launch of numerous housing projects across different regions of the Kingdom. These projects contributed to the realization of Saudi Vision 2030 goals by increasing the homeownership rate to 70%.The exceptional growth results from NHC's adoption of…

Qatar’s office market continues to witness a hike in demand with expansion projects across the country. However, the rents for office rooms during the second quarter of 2024 remained constant, according to a report released yesterday by ValuStrat.   Anum Hassan, Head of Research, Qatar commented “Office sector rents remained stable throughout the period. Whilst, street retail and shopping centers in Doha saw a quarterly decline of 5 percent and 2 percent respectively.”   However, the data indicated an overall decrease of 3.6 percent Y-O-Y in the rents for the office market.   Some of the primary business districts including the West Bay observed a quarterly reduction of 1 percent, while office rents in Grand Hamad Avenue dropped by 3…

Diyar Al Muharraq, Bahrain’s largest real estate firm, has appointed ASK Real Estate to provide comprehensive executive management support services for the Al Naseem Community.     ASK Real Estate will oversee daily operations, maintain common areas, and offer strategic advice on community management. The company has also been entrusted to manage all financial aspects related to the community’s operations.   Held at Diyar Al Muharraq headquarters, the signing ceremony for this collaboration was attended by Majed Al Khan, Chairman of the Board of Directors of ASK Real Estate, Karim Yazji, Chief Executive Officer of ASK Real Estate, Eng Ahmed Ali Alammadi, Chief Executive Officer of Diyar Al Muharraq, and other officials from both companies.   Vibrant,…

Work is forging ahead on the SAR17.2 billion ($4.586 billion) The Avenues – Riyadh, which is expected to open in the first quarter of 2026.       Having broken ground during the first quarter of 2022, the project has reached 44.5 per cent completion, said a statement.   Joining the kingdom’s numerous new mega projects, The Avenues - Riyadh is a collaboration between Shomoul Holding Company and regional architecture and engineering firm, Pace.   Located at the heart of Saudi Arabia in the northern region of Riyadh City, overlooking the intersection of King Salman Road and King Fahad Road, The Avenues - Riyadh extends across an area of 390,000 sq m with a total built up area of 1,870,000 sq m. The mixed-purpose development will house a plethora…