Kuwait real estate developer Mabanee has entered into a deal with a local bank to raise its credit facility from 25 million dinars ($81.5 million) to 45 million dinars ($146.7 million), according to a company disclosure on the Kuwait stock exchange (Boursa Kuwait).    The deal has been inked with a local bank for a period of 11 months. Mabanee said the purpose of this facility is for financing the company’s activities. In December, Mabanee broke ground for its $1 billion project, The Avenues Khobar Mall, in Saudi Arabia located in the Eastern Khobar city. Phase 1 of the project will include a shopping mall and a mixed-use tower, which is expected to be completed by 2026. The Kuwaiti developer also announced a deal last October to purchase a vacant plot in Bahrain…

وتعتبر العقارات في البلاد من بين العقارات الواعدة والأكثر جاذبية في منطقة الخليج، مع إمكانات كبيرة، وخاصة في مدينة لوسيل. باعتبارها ثاني أكبر مدينة بعد الدوحة وتعتبر العاصمة الاقتصادية لقطر، تفتخر لوسيل أيضًا بأحد أكثر قطاعات الترفيه الواعدة، حسبما ذكرت بروبرتي فايندر (منصة عقارية رائدة في منطقة الشرق الأوسط وشمال أفريقيا) في تقريرها السنوي للعقارات السكنية. وصلت المشاريع العقارية الجارية في قطر حتى نهاية عام 2023 إلى مراحل متقدمة من…

Doha: The volume of real estate trading in sales contracts registered with the Real Estate Registration Department of the Ministry of Justice from June 9 to 13 of 2024 reached QR398,338,931, while the total sales contracts for the real estate bulletin for residential units during the same period reached QR41,240,045.   The weekly bulletin issued by the department indicates that the list of real estate properties traded for sale has included vacant lands, houses, residential buildings, shops, an apartment complex, and residential units. Sales were concentrated in the municipalities of Doha, Al Rayyan, Al Daayen, Umm Salal, Al Khor, Al Thakhira, Al Shamal, Al Wakrah, and the areas of The Pearl Island, Legtaifiya, Al Kharayej. The volume of real estate trading in sales contracts…

The Oman Ministry of Housing and Urban Planning (MoHUP) is forging ahead with the design of the $1.3-billion Al Khuwair Muscat Downtown and Waterfront Development, a massive project that is set to redefine Muscat’s urban landscape.   Spanning 3.3 million sq m in Muscat’s northern Al Khuwair district, the project responds to the anticipated rapid growth of the capital both in terms of its resident population and the surge in tourist number. Hence, the masterplan design created by Zaha Hadid Architects (ZHA) will transform this existing administrative and industrial area of Muscat into a vibrant new urban district with an expected population of 64,500, according to the MoHUP. “This visionary project will bring us another step closer to realising the Oman Vision…

Qatari Diar, a wholly owned unit of the sovereign-backed Qatar Investment Authority, has signed a deal with Egypt’s Organi Group to deliver three real estate projects in the North African country.     The news was confirmed by Ibrahim Al Organi, Founder and Chairman of the Egyptian company, which has investments in real estate, construction, transportation, hospitality, and tourism.   Revealing details about the projects in a post on the micro-blogging site Threads, Al Organi said the deal extends to three developments spearheaded by Qatari Diar, including the 5th settlement of the CityGate project in New Cairo, the recently launched $1 billion St. Regis Residences project, along with hotels in Sharm El-Sheikh and Hurghada.   Qatari Diar, which is invested…

Muscat: Residential land prices in Oman led the general index of real estate prices in the Sultanate of Oman to record a decline of 2.6 percent in the first quarter of 2024, according to statistics issued by the National Centre for Statistics and Information (NCSI).   The residential land price index decreased by 0.9 percent, apartment price index fell by 17.3 percent, villa price index increased by 0.8 percent while the price index for other homes decreased by 4.3 percent. The general residential real estate price index recorded a decrease of 2.9 percent in the first quarter of 2024 compared to the fourth quarter of 2023, where the residential land price index recorded a decrease of 0.8 percent. The number for residential apartments decreased by 14.8 percent, villas by 2.1…

Doha, Qatar: Qatar’s retail real estate sector remained steady during the first three months of the year, providing an increase in supply, according to commercial realty agency - Cushman and Wakefield’s report. This static growth comes as a result of ongoing expansions in the market across Qatar. Lulu Group International, one of the key players in the region, opened several stores in Q1 2024. The report outlined that numerous units are “being fitted out”. At the same time, it is anticipated that outlets including Doha Mall will open their doors to the public in 2024, adding close to 100,000 sq m of retail floor space to the market, which is expected to represent the largest mall in South-West Doha. It said: “The opening of Doha Mall will see Qatar’s…

Kuwait's Public Authority for Housing Welfare (PAHW) has annnounced that work is moving at a steady pace on its ambitious project - Sabah Al Ahmad City - mainly the south and east sectors of the project, with power connection given to 40 of the total 60 buildings within the mega development.   The PAHW authorities are currently focusing on developments in the south and east sectors, as well as a vertical housing initiative in the investment suburb. This phase of the project aims to create 20,380 plots, stated PAHW in its statement. The officials said the East Sabah Al Ahmad City project, which involves the development of 1,148 homes alongside public buildings, road infrastructure, and service networks, was also reviewed. A 61.5 sq-km development, Sabah Al Ahmad City, was formed…

Doha, Qatar: The volume of real estate trading in sales contracts at the Department of Real Estate Registration at the Ministry of Justice during the period from June 2 to 6, 2024 reached QR371,311,423, while the total sales contracts for residential units in the Real Estate Bulletin during the same period reached QR31,123,000.   The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale included vacant lands, houses, a building complex and residential units. Sales were concentrated in the municipalities of Al Rayyan, Doha, Al Daayen, Al Wakrah, Umm Salal, Al Khor, Al Dakhira, and the areas of The Pearl Island, Legtaifiya and Al Kharaej. The volume of real estate trading in sales contracts registered in the Real Estate Registration…

Doha, Qatar: Qatar’s real estate sector has witnessed surge as the number of properties sold increased in April this year. The total number of properties sold totalled 201 in the country in April 2024 registering a yearly increase of 28 percent. On yearly basis of the total number of sold properties by municipality, Al Rayyan constituted 49 properties showing a rise of 11 percent on year on year basis, followed by Al Wakra 45(309 percent), Umm Slal 22 (29.4 percent), Al Shamal 8 (700 percent), Al Khor and Thakhira 10.5 (110 percent) in April 2024.While Doha, Al Daayen, and Al Sheehaniya municipalities saw decline on yearly basis, according to figures released by the National Planning Council. The country saw a total of QR811.6m worth of properties sold in April 2024. The real…

Doha, Qatar: The rents of marts across the country witnessed a subtle decrease during the first three months of the year, having returned to the same price range during the third quarter of 2023, noted market experts from Qatar’s e-realty platform, hapondo.   However, the average asking rents climbed up during the fourth quarter of 2023 in many of Qatar’s retail areas. Researchers state that the majority of the retail shops noticed a decline from QR214 per sqm to QR 182 per sqm from January to March 2024. According to analysts, key commercial localities such as Al Sadd, witnessed a fall in the average rent for two consecutive quarters and amounted to QR157/sqm in Q1. The Peninsula spoke to a number of shopkeepers to understand how the rental decline would impact the…

Prime Minister and Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani chaired the Cabinet's regular meeting held at its seat at the Amiri Diwan on Wednesday morning.     After the meeting, HE Minister of Justice and Minister of State for Cabinet Affairs Ibrahim bin Ali Al Mohannadi issued the following statement:   At the outset of the meeting, the Cabinet extended sincere greetings to HH the Amir Sheikh Tamim bin Hamad Al-Thani on the advent of Eid Al Adha, asking Allah Almighty to return this blessed occasion for His Highness with the best of health and wellness, and for the State of Qatar and its people with further development and prosperity under the wise leadership of HH the Amir, as well as the Arab and Islamic nations with…