Construction & Real Estate

Residential demand picks up in Dubai in July: Emirates NBD

Residential demand has picked up in Dubai with more than 15,300 units worth AED40.5 billion ($11.03 billion) transacted across the city in July, according to Emirates NBD Research.
 
Demand for off-plan units has remained strong. Transactions in July mirror the demand trend being noticed since the start of the year. A total of 10,160 under construction units were sold in July, representing 66% of the demand.
 
Close to 10% of the approximately 90,000 units sold across Dubai to date has been across developments in JVC. The micro-market has been a preferred location for both end-users and investors due to the relatively affordable ticket prices.
 
Marginal price rise
On average, prices across apartments and villas have increased by 2% month-over-month (m/m). With the marginal increase in prices in July, annual price points across the city are 19% and 24% higher across apartments and villa developments respectively.
 
Close to 14,100 units have been handed over across the city YTD. There are an additional 38,700 units due for completion by the end of the year.
 
Significant number of unit handovers is seen in the next 12 months. Close to 14,100 units have been handed over across the city YTD. There are an additional 38,700 units due for completion by the end of the year. Business Bay has close to 4,090 units slated for completion throughout 2024, followed by JVC (3,900 units), Meydan and Damac Lagoons (3,800 units each) and Al Furjan (3,070 units).--TradeArabia News Service
 

Construction & Real Estate

Jeddah Tower construction officially resumes

Kingdom Holding Company (KHC) has announced that construction of the Jeddah Tower, a symbol of ambition and progress, has officially restarted.
 
Work resumed with the concrete pouring today (January 21) in the presence of Prince Alwaleed bin Talal, Chairman of KHC; Eng Talal bin Ibrahim Al Maiman, KHC CEO; Sheikh Yaslam bin Laden of Bin Laden Group; Eng Hassan Sharbatly from Qilla Jeddah for Real Estate Investments; and Mohammed Al-Qatari from Abraar International Company Limited, said a KHC post on X.
 
Set to become the world’s tallest building at over 1,000 m high, Jeddah Tower will redefine Jeddah’s skyline and position Saudi Arabia as a hub for architectural excellence and economic opportunity, it said.
 
“Today’s ceremony represents the realisation of a vision that took years in the making,” said Eng Al Maiman. “Jeddah Tower will serve as a beacon of innovation and a catalyst for growth.”
 
The Jeddah Economic Company is managing the project in cooperation with renowned architects Adrian Smith and Gordon Gill Architecture and engineers from Thornton Tomasetti and Langan International. The tower will feature luxury residences, commercial spaces, a Four Seasons hotel, and an observation deck with unparalleled views of the city and the Red Sea. - TradeArabia News Service

Construction & Real Estate

Reynaers Middle East showcases innovative solutions at BAU 2025

Reynaers Middle East, a leading provider of sustainable aluminium solutions, has concluded its participation in BAU 2025, the world’s leading trade fair for architecture, materials, and systems. 
The event took place from January 13 to 17 in Munich, Germany.
 
Held every two years, BAU brings together architects, planners, investors and representatives of the industrial and commercial sectors, drawing expertise from all relevant branches at a high international level. It promotes a concrete exchange of ideas and information while releasing synergies.
 
As a pioneer in the development of advanced aluminium systems, Reynaers Middle East presented its latest innovations and sustainable solutions designed to meet the evolving needs of the market in the region and beyond. 
 
The participating team included Ali Khalaf, Managing Director; Aws Salih, General Manager, UAE & Oman; Lance Cornils, General Manager, Saudi Middle and West; Abdulla Mayoof, Technical Manager; Isa Al Wadi, Area Manager, QBK-SE; Mohannad Al Qudah, Area Manager, (UAE & Oman); and Majed Shaheen, Area manager, Saudi Middle, West and Egypt. 
 
The team attended the week-long fair where they provided insight and answered questions about product specifications, project applications, and sustainability initiatives.  
 
Visitors to the booth were introduced to ways Reynaers’ solutions could be integrated to transform their building projects. They viewed a range of products combining aesthetics with functionality that prioritise thermal performance and eco-friendliness. Furthermore, Reynaers highlighted its efforts in promoting circular building economy principles through the use of recyclable materials and sustainable manufacturing processes. 
 
“We are thrilled to conclude our participation in BAU 2025, which serves as a global platform for industry leaders to connect, share ideas, and showcase cutting-edge technologies,” commented Ali Khalaf. 
 
He continued: “This successful participation underscores our commitment to driving innovation in the sector and promoting sustainable practices that enhance the quality of living and working spaces.” – TradeArabia News Service