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UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London. The growth is attributed to the increase in investments...
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Construction costs set to rise in UAE, Saudi Arabia in 2024: Report
Dubai, UAE -- Construction costs are set to increase in the UAE by 2-3 percent, and in Saudi Arabia by 5-7 percent in 2024, following an increase of 3 percent and 7 percent respectively in 2023. Increases will challenge construction firms, which will need to develop new processes and capabilities to... -
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries Corporation (SABIC), began on Monday in east China's Fujian Province. The project, with a total investment of US$6.3 billion (44.8 billion yuan) from SABIC and Fujian Energy Petrochemical Group Co.... -
Saudi Arabia leads GCC in project awards this year
The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value, according to a latest report. -
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial increase from 12,000 to over 26,000 citizens working in the industry since July 2021. The significant 116% leap comes in the wake of the government's decision to prioritize the localization... -
DEWA unveils new distribution substations
It commissioned 1,414 substations of 11kv in Dubai. -
Deyaar, Arady Properties sign MoU
Deyaar is a leading real estate developer in Dubai. -
Hamas talks down discovery of Gaza tunnel by Israel
Dubai, UAE--A Hamas official on Monday said one of the group's tunnels revealed by the Israeli army in Gaza had "successfully" accomplished its mission, downplaying the Israeli announcement of its discovery. On Sunday the Israeli army showed images of what it said was the biggest Hamas tunnel uncovered so far... -
EGA begins work on pilot plant to convert bauxite residue into manufactured soil
ABU DHABI, UAE – Emirates Global Aluminum (EGA) on Thursday announced the construction of a pilot plant to convert bauxite residue, a waste stream from alumina refining, into manufactured soil. The pilot plant is considered to be the first-of-its-kind in the world. Construction follows five years of scientific research development... -
Iran and Russia to speed up railway project along Caspian Sea
Tehran, Iran--Iran will begin construction work on joint railway projects with Russia as part of the International North-South Transport Corridor (INSTC). "The preliminary steps and obtaining the necessary permits for the construction of the Rasht-Astara railway have been carried out by the Iranian side, and we hope that with the... -
EGA begins construction of UAE’s largest aluminum recycling plant
ABU DHABI, UAE - Emirates Global Aluminum (EGA) on Tuesday announced the start of construction of the country’s largest aluminum recycling plant. The state-of-the-art facility, with an annual production capacity of 170,000 tonnes, is being built adjacent to EGA's existing smelter in Al Taweelah. The plant will utilize a combination... -
UAE rides property-market boom as demand soars
Global firms looking to hire space for offices and demand from govt, local dwellers have turbocharged the sector, driving property prices and rents to highs not seen in recent years. -
NHC, NAVER Cloud ink pact
The pact aims at establishing advanced digital solutions. -
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a staggering $101 billion worth of projects in the first half of 2023, a report by JLL's Construction Market Intelligence said, based on insights gathered from industry experts and sources. The... -
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second quarter and contributed 8.8 percent to the UAE capital's GDP during the quarter. -
Saudi real estate sector builds on vision beyond oil
TRENDS digs into Saudi Arabia's booming real estate sector and ambitious projects to find how they offers investors lucrative, long-term, and sustainable growth opportunities. -
Ajman records US$1.01 billion in construction contracts in H1 2023
Ajman, UAE-- The value of construction contracts in the emirate has exceeded $1.01 billion during the first half of 2023, in line with its strategic goal to achieve the sustainable development of the construction and contracting sector, according to the Ajman Municipality and Planning Department. Abdul Rahman Mohammed Al Nuaimi,... -
Building less, repurposing more key to low construction sector emissions
The industry is responsible for 37 percent of global carbon dioxide emissions and growing urbanization is spurring the construction of new buildings made from carbon-heavy materials, especially concrete and steel. -
Saudi construction sector employs 3 million workers
GCC countries employ close to 20 million foreign workers, who are subject to vastly different conditions and wags compared to the nationals. -
Global construction industry projected to reach $12.9 trillion by 2028
Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust Compound Annual Growth Rate (CAGR) of 4.4 percent from 2023 to 2028, a report said. The industry set to experience a significant upsurge, presenting lucrative opportunities across residential, non-residential, and... -
Iran first Islamic country to have modern observatory, says official
TEHRAN, IRAN – Iran is the first Islamic country to possess a very modern observatory, the head of the Institute for Research in Fundamental Sciences Mohammad Javad Larijani said. “We started the construction process (of the observatory) concurrent with Turkey (starting its own); they had the resources, like the cash, so they... -
ACWA Power is preferred bidder for DEWA’s Hassyan Seawater Reverse Osmosis plant
DUBAI, UAE - MD and CEO of Dubai Electricity and Water Authority (DEWA) Saeed Mohammed Al Tayer said on Wednesday that Saudi Arabia’s ACWA Power is the “preferred bidder” for the construction and operation of the 180 Million Imperial Gallon per Day (MIGD) Sea Water Reverse Osmosis Hassyan Phase 1... -
Dubai Chamber of Commerce achieves 46.7% success rate in mediation cases
DUBAI -- The Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has revealed that it received a total of 75 mediation cases during the first half (H1) of 2023. Mutually agreeable settlements were achieved in 35 of these cases, representing a success rate of 46.7... -
Saudi Arabia funds construction of library in Bosnia and Herzegovina
SARAJEVO, BOSNIA AND HERZEGOVINA - Saudi Fund for Development (SFD) Board of Directors Chairman Ahmed Al-Khateeb, laid the foundation stone for the construction of a new library in the University of Sarajevo here. The funding for construction and equipping of the library has been through a generous US$22 million grant... -
Lebanese activists struggle against rampant beachside development
Amchît, Lebanon--In a pristine patch of Lebanon's north coast, a rare marine visitor has fueled opposition to a seafront development, in a country where unchecked construction has obstructed access to beaches. Residents of Amchit say a Mediterranean monk seal sometimes visits the area, taking refuge in the crystal-blue waters of a... -
Saudi-Turkish Business Forum kicks off in Istanbul with signing of 16 agreements
Riyadh, Saudi Arabia - The Saudi-Turkish Business Forum which began on Wednesday in Istanbul, witnessed the signing of 16 agreements worth over SAR 2.3 billion ($0.62 billion) between the Saudi side and Turkish companies operating in various investment sectors, including real estate development, construction, and engineering consulting. The objective of... -
Abu Dhabi first quarter GDP up 3.9% on strong non-oil growth
Official data show a 6.1 percent growth in non-oil GDP during the first quarter of 2023, driven by strong performances in construction, wholesale and retail trade, transportation and storage, and financial and insurance services. The non-oil GDP (at constant prices) reached AED 146bn ($39.74bn) in Q1 compared to AED 137.7bn... -
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to a peaceful place. Dive into an in-depth analysis from TRENDS. -
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place. -
Gulf countries build on unprecedented megaprojects
Four out of nine ongoing megaprojects worldwide, with costs exceeding $100 billion each, are concentrated in the Arab Gulf States, a latest report highlights -
Saudi Arabia tops MENA region’s hotel construction boom, UAE close behind
Dubai, UAE -Taking advantage of the boom in the tourism sector in the Middle East, Saudi Arabia and the UAE are engaged in frantic construction activity to build new hotels in order to cope with the rush of visitors. According to a report by STR, Saudi Arabia is involved in... -
Expo 2020 likely to add $42bn to UAE’s economy by 2042: Report
The pre-event phase contributed around one-quarter of GVA, the event itself added almost 13%, while the lion’s share of benefits (62%) will be felt in the legacy phase. The sectors adding most to GVA are events organization and business services ($20.6bn), construction ($8.7bn) and restaurants and hotels ($6.3bn). -
Tourism, state spending spur real estate in KSA, UAE
Property markets benefit as an increased demand for tourists and the rise in government spending on infrastructure projects drive the post-pandemic recovery in the region. -
PIF to invest $1.3 billion in four Saudi construction companies
Riyadh, Saudi Arabia--- Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has announced an investment of $1.3 billion by way of minority stakes in four leading Saudi construction companies. The companies are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.... -
Qatar Chamber discusses investment with Cuban delegation
DOHA, QATAR - Qatar Chamber First Vice-Chairman Mohamed bin Ahmed bin Twar Al Kuwari met with President of the Republic of Cuba Eng. Antonio Rodriguez and his accompanying delegation. The meeting touched on economic and commercial relations between both countries and ways to enhance cooperation between the Qatari private sector... -
Iraq chamber asks government to tie up with German construction firms
Baghdad, Iraq-- The head of the Federation of Iraqi Chambers of Commerce - FICC, Abdul Razzaq Al-Zuhairi, called on the government to move towards German companies in the field of construction and infrastructure development, while stressing that Iraq needs to develop trade relations with Germany. Iraqi News Agency reported that... -
DEWA’s hydroelectric power plant in Hatta is 59 percent complete
DUBAI, UAE - The Dubai Electricity and Water Authority (DEWA) under-construction pumped-storage hydroelectric power plant site in Hatta is 58.48 percent complete. This is the first station of its kind in the GCC, with investments of up to US$387 million (AED 1.421 billion). The project is planned for completion in... -
Six years later, Saudi King Salman and China’s Xi sign comprehensive strategic partnership agreement
Beijing is ready to expand its crude oil trade with Riyadh and will "list Saudi Arabia as a destination country for outbound tourism organized by Chinese citizens, says Xi Jinping. -
Iran begins work on new nuclear power plant
With talks suspended over a nuclear deal between Iran and the Western countries, Islamic Republic has begun the construction of a new nuclear plant in the southwestern province of Khuzestan. Estimated to cost between $1.5 billion and $2 billion, the plant will take seven years to complete. -
Gulf indices ease as China COVID curbs hit oil prices
Stock markets across the GCC remained less enthusiastic as oil, which fuels the region's growth, declined amidst fresh coronavirus scare. -
FIFA praises Qatar’s reforms to improve living conditions of workers
Applauding Qatar's "groundbreaking reforms" that are "changing the lives of thousands of workers for the better," FIFA President Gianni Infantino has dispelled doubts about Qatar's rights record ahead of the World Cup. The footballing body said it is negotiating measures to help migrant workers on the Gulf state's construction sites. -
Innovations keep manufacturers going in Middle East
More organizations in the region are trying to turn their current challenges into advantages through innovations and by improving skills to collaborate with suppliers and allies. -
Gulf construction market builds on KSA-UAE rivalry
As Saudi Arabia is all set to become the largest construction site in the world, the competition between Dubai and Riyadh to attract investments will intensify further. -
Recent floodings in UAE call for sustainable infra
It is a wake-up call that warns of a bigger disaster in cities like Dubai and Abu Dhabi if quick steps aren't taken to deal with heavy rainfalls, Dake Rechsand CEO tells TRENDS. -
Number of UAE-based private sector employees grows by 9% in Q2
The Ministry of Human Resources and Emiratisation said in its private sector workforce report that the construction sector accounted for the largest chunk of new work permits issued during Q2, followed by the business services sector and the trade and repair services sector. -
Hotel construction to see boom in Saudi Arabia: TOPHOTEL Projects
Saudi Arabia will see a boom in construction of hotels in 2023, with some 63,753 to be available for guests next year. -
Saudi construction contracts jump to $12.3 billion in Q1
Saudi Arabia has seen a staggering increase in the award of construction contracts to the tune of $12.3 billion in the first quarter of 2022. -
Jordan, Greece discuss cooperation in construction, energy, agriculture
The two sides signed several agreements to implement double taxation and the Cultural and Technical Cooperation Program 2022-2025. -
Jordan’s GDP grows 2.5 percent in Q1, hospitality sector biggest gainer
Jordan's Gross Domestic Product (GDP) at constant market prices grew by 2.5 percent in quarter one of 2022, compared to the figure in the same period of 2021. In a quarterly statistical report released Sunday, the Department of Statistics (DoS) said economic sectors rose in quarter one of the current... -
Jordan’s wholesale price index up 5.6 percent as fuel, mineral prices surge
Jordan’s wholesale price index in Q1 2022 increased by 5.66 percent, reaching 102.64 points against 97.14 during the same period of 2021. According to the Department of Statistics' (DoS) quarterly report issued Sunday, the rise was mainly driven by the increase in the group price of fuel, minerals, and construction... -
Middle East construction set to build on oil prices
Crude price rise will potentially lead to a greater surplus in local govt budgets, which can be used for construction and development investment, Gary Tracey of JLL tells TRENDS.