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28 May 2019

New 250,000 barrels/day refinery for bunker fuel to be built in Fujairah

BPGIC to develop new refinery providing cleaner fuel for ships First phase to be completed by Q1 2020 Storage capacity to increase to approximately 1 million cubic metres UAE-based terminal operator Brooge Petroleum and Gas Investment Company (BPGIC) is to build a new refinery in Fujairah. The proposed refinery will produce 250,000 barrels/day of bunker fuel, according to a company […]
26 May 2019

Saudi Arabia’s diversification strategy of non-oil growth and vision of 2030

Positive results for Saudi Arabia’s economic reforms Consumer price index inflation due to VAT introduction and energy prices Increased oil and non-oil revenues despite Q1 2019 budget After the recently concluded article IV consultations with Saudi Arabia, the International Monetary Fund (IMF) has announced that the kingdom’s economic reforms have started to yield positive results. Non-oil growth, a key objective […]
23 May 2019

New construction contracts awarded for major projects in Abu Dhabi and Dubai

GCC awarded construction contract for Abu Dhabi’s Jubail Island mega-project Jubail Island to feature more than 800 residential properties Arabtec awarded contract for the construction of 322 villas in Dubailand Jubail Island Investment Company (JIIC) has appointed Gulf Contractors Company (GCC) to prepare Jubail Island for construction, according to a recent statement. JIIC are the developers for the proposed mixed-use […]
22 May 2019

Abu Dhabi hotels record 16% increase in revenues in Q1 2019 on the back of successful events

Occupancy rates were at 79%, while ARR increased by 15% compared to Q1 2018 Number of visitors from the US rose by 13.8% in the same period Al Ain recorded a 19.8% rise in guest numbers in Q1 2019 New data released by the Department of Culture and Tourism Abu Dhabi (DCTAD) showed that total hotel revenues in the capital […]
21 May 2019

Aldar Properties records 20% increase in revenue in Q1 2019, sales cross AED 1 billion

Abu Dhabi-based developer reports increase in revenue to AED 1.7 billion Net profit down 26% compared to Q1 2018 Approximately 80% of all development units launched were sold Aldar Properties, the Abu Dhabi-based developer behind mega projects such as the Formula One race circuit on Yas Island, reported positive Q1 earnings in Q1 2019. Boosted by strong demand and sales […]
20 May 2019

Rise in holiday home and short-term rentals prompts new ventures in Dubai

Dubai Asset Management enters partnership with HiGuests to take advantage of favourable market conditions Report reveals holiday homes account for 2% of total households in Dubai Growth in sector estimated for Expo and post-Expo periods until 2025 HiGuests, a Dubai-based start-up specialising in managing short-term property rentals has partnered with one of the city’s most prominent property managers. Dubai Asset […]
16 May 2019

New freehold investment opportunities signal change in real estate market in the northern emirates

One of the key developments over the past year has been the increasing diversity of asset types available for investment in real estate in the northern emirates. Previously, areas like Sharjah, Ras Al Khaimah and Ajman offered limited options for freehold properties open to all nationalities, while some were open to GCC freehold – UAE and other GCC country nationals. […]
16 May 2019

Latest figures show jobs in wholesale and retail grew in April, indicating boost in sector

The Emirates NBD Dubai Economy Tracker Index registered a score of 57.9 for Dubai Travel and tourism, and construction jobs declined in April Score of 70.8 for wholesale and retail indicate strong growth in new businesses Dubai’s wholesale and retail sector had the fastest rate of growth in the past four years according to the latest data from the Emirates […]
15 May 2019

Average house price declined 1.5% month-on-month in April: Property Monitor Dubai House Price Index

House price declined 1.5% month-on-month Average house price now under AED 2.5 million Prices in certain communities declined by more than 14% Property Monitor, the UAE’s leading real estate intelligence platform from Cavendish Maxwell, has released its Dubai House Price Index for April 2019. The index has been tracking the prices of a selection of apartments and villas/townhouses since September […]
15 May 2019

New report suggests growth in construction industry to rise post-Expo 2020 over improving investor confidence

Residential construction had the largest market share in the industry, followed by energy and utilities construction Government initiatives helping to boost industry overall CAGR of 4.6% expected between 2019 and 2023 Dublin-based Research and Market’s latest “Construction in the UAE – key trends and opportunities in 2023” report suggests that the UAE’s construction industry will see renewed growth and thrive […]
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