Friday 9 December 2022

Dubai unveils $56bn budget for 2023-25; big spend on housing

In his capacity as Dubai ruler, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the emirate's general budget for the fiscal cycle of 2023-2025, with total expenditures of AED205 billion ($56 billion).   Th


Debut Hamdan bin Rashid Awards honours creative engineers

Winners of the inaugural Hamdan bin Rashid Al Maktoum 'Excellence and Creative Engineering Award' were honoured at a special ceremony held in Dubai.   These awards are aimed at nurturing a culture of innovation and competitiveness in engineering and desi


Saudi PIF mulls 2-km megatall skyscraper near Riyadh

Saudi Arabia’s sovereign wealth fund PIF (The Public Investment Fund) plans to build a 2-km-high megatall tower as part of an 18-sq-km masterplanned development to the north of Riyadh, said a report by Meed.  The key players involved in the project include US-base


Damac unveils ultra-luxury Cavalli project on Dubai Canal

Leading luxury project developer Damac Properties has announced the launch of its latest ultra-luxury branded living experience - Cavalli Couture - overlooking Safa Park along the Dubai Canal.   The exclusive project is a low-rise 14 storey building featuring 70


Top Abu Dhabi groups complete landmark Masdar stake deal

Abu Dhabi National Energy Company (Taqa), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (Adnoc) announced today (December 8) the successful completion of the Masdar transaction, following which they will all become shareholders in Abu Dhabi Future Energy Co


Emirates Development Bank picks CBRE for UAE assets' sale

Global real estate advisor CBRE has been signed up by UAE’s Emirates Development Bank (EDB) to advise on the sale of its former office headquarters in Abu Dhabi and Dubai, as well as their residential portfolio in the UAE capital.   The first office compon


Japan's UD Trucks to launch new service centre in Abu Dhabi

Japanese commercial vehicle manufacturer UD Trucks is all set to open its brand-new state-of-the-art service centre in Mussafah, Abu Dhabi, in co-ordination with its distributor Al Masaood Commercial Vehicles and Equipment.   This new facility will double the br


Seven, Warner Bros to set up indoor adventure units in KSA

Saudi Entertainment Ventures (Seven), a subsidiary of the kingdom's Public Investment Fund (PIF), has signed an exclusive partnership agreement with Warner Bros Discovery, a global leader in real-life entertainment, to bring purpose-built indoor adventures centres to the kingdom which int


Saudi construction strongest in Mena with $1.1 trillion project pipeline

Saudi Arabia’s construction industry continues to lead the Mena region despite the macroeconomic conditions hitting the sector globally, according to leading real estate expert JLL.   The kingdom has been maintaining its position as the strongest market ac


Bechtel wins project management consultancy contract for Neom project

Bechtel, a leading US engineering, construction, and project management company, has been appointed as the project management consultant for Trojena, a year-round mountain destination being set up within Saudi Arabia's mega futuristic city Neom.    Loca

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