The UAE's construction sector is moving beyond rapid expansion, with developers increasingly focused on project execution, sustainability and regulatory compliance, as construction output is forecast to reach $130.8 billion within the next three years, according to a report.
The Federal Tax Authority (FTA) has announced a significant increase in the number of beneficiaries of VAT Refund Scheme for Emirati nationals building new residences during the first half. A total of 4,000 refund applications were approved in H1 over 3,100 the same period last year.
A&O Shearman, a leading law firm, has advised Abu Dhabi Future Energy Company (Masdar) on a combined $6.1 billion financing package for a landmark solar-plus-storage project in Abu Dhabi.
Kuwait International Bank (KIB), through its Islamic investment arm KIB Invest, participated as a Joint Lead Manager in the pricing of the third issuance of international sukuk for the Saudi Real Estate Refinance Company (SRC), with a total value of $2.75 billion.
Dubai’s Roads and Transport Authority (RTA) has begun work on a project to upgrade the lighting of pedestrian bridges at 30 key locations across Dubai. The first phase covers upgrades on 21 pedestrian bridges, with the full project likely to be completed in the fourth quarter.
A consortium of Petrojet and leading Egyptian contractor Enppi has sealed a long-term engineering, procurement and construction (EPC) framework agreement with Petroleum Development Oman, covering a portfolio of projects worth more than $6 billion.
Dubai's office market entered a more balanced phase during Q2 with occupier demand remaining resilient despite a more measured pace of leasing activity. The office leasing transactions hit 38,082, registering a modest 4% quarter-on-quarter increase, said an industry expert.
Saudi-based Alkhorayef Water and Power Technologies Company has signed an agreement with Royal Commission for Riyadh City (RCRC) for the provision of comprehensive operation and maintenance of treated sewage effluent (TSE) network and it facilities in the Saudi capital.
Artificial Intelligence (AI) is poised to reshape water and waste water infrastructure management globally as utilities adopt autonomous AI agents to analyse operational data and support real-time decision-making, but human oversight will remain essential, said an industry expert.
Talal Group, one of the UAE's most diversified business groups spanning retail, trading, food and beverage, manufacturing, and services, has broken ground on a new Central Distribution Centre at Dubai Industrial City, the region’s leading manufacturing and logistics hub and part of TECOM Group.
