The UAE has made significant strides in global real estate market transparency, with Dubai and Abu Dhabi securing a place among the top five improvers in the transparency score globally, according to JLL’s 2024 Global Real Estate Transparency Index (GRETI).

Dubai earned the third spot and Abu Dhabi secured the fifth position for improvements made from 2022-24 for scaling digital capabilities, implementing strong anti-money laundering (AML) and beneficial ownership (BO) regulations, and increasing the availability of market data for established and start-up market providers.

Dubai climbed one spot to reach the 28th position on the index in the 2024 edition, where it has retained its position as the only property market in the Middle East and North Africa (MENA) to feature in the ‘Transparent’ tier. The emirate’s gains in its ranking highlight government initiatives to enhance market transparency and more robust real estate.

The launch of technology-focused initiatives such as the Real Estate Innovation Incubator and Dubai PropTech Group have boosted Dubai’s rise on the index. These initiatives have empowered the real estate community in Dubai, creating confidence in the sector and building investment environment. Enhancements made to digital services through the Dubai REST interface, platform for real estate services, and providing access to land information or urban planning systems.

Marwan Ahmed bin Ghalita, Director General of Dubai Land Department said, “Dubai’s progress in the 2024 Global Real Estate Transparency Index demonstrates our commitment to building an innovative and reliable real estate ecosystem. Clear, open practices attract global investments, enhance market trust, and support sustainable development, aligning with Dubai’s vision as a leading global destination for real estate. Following Dubai’s Economic Agenda D33, we are advancing digital transformation and setting high standards to keep Dubai at the forefront of global real estate markets.”

James Allan, CEO of JLL Middle East and Africa (MEA) added, “Dubai’s continued advancement in the 2024 edition of the Global Real Estate Transparency Index and the significant improvements made by Abu Dhabi reflect a broader trend towards greater transparency and efficiency in real estate markets across the UAE. Our 13th Global Real Estate Transparency Index has also spotlighted the importance of embracing technology to drive the sector’s transformation and enhance transparency. The UAE has positioned itself as a tech and innovation leader in the MENA region, and by ramping up commitments to sustainability, it is creating a conducive investment environment that supports transformative urban development projects.”

JLL’s 2024 GRETI report reveals the competitive advantages AI brings to real estate markets and its potential for advancing productivity and transparency. Despite its impact on the economy, concerns have been raised on the potential risks of AI tools leading to anti-competitive behaviour, for example, through pricing optimisation algorithms.

Sustainability transparency too is becoming increasingly critical as a growing number of countries and cities set out mandatory long-term decarbonisation pathways in line with the goals of the Paris Agreement. With governments also mandating building-level energy and emissions disclosure, progressively more stringent standards and improved building management will drive faster progress.

Globally, financial sanctions have maintained momentum for improving anti-money laundering (AML) and beneficial ownership (BO) regulations. As tighter standards are introduced in more jurisdictions owing to geopolitical tensions and risk rise, investors and corporations will need to devote more resources to ensuring compliance and will increasingly gravitate towards markets with robust regulatory systems and lower reputational and financial risk.

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Source: MEConstructionNews

Dubai’s real estate market recorded total sales of US $38bn in Q3 2024, which is said to be an all-time high for a single quarter. This eclipsed the previous quarterly sales record of US $33.47bn in Q2 this year and represented a 30.1% year-on-year rise in value.

In a market update issued by fäm Properties, the firm said there were 50,423 overall sales transactions in Q3, a 37.9% year-on-year increase in volume and a 16.6% rise on Q2. There were 39,058-apartment sales worth $19.03bn which represented 77% of the total Q3 transactions, showing a 43.9% increase in volume on the same period last year. Meanwhile, 8,156 villas sold for $10.59bn, a rise in volume of 16.6% over Q3 2023, and an increase of 18.4% on the previous quarter.

Rising property values in recent years were highlighted by a median price of $408.02 per sqft compared with the Q3 rates of $274.57 in 2021, $318.23 in 2022, and $378.35 last year. Sales of 2,102 plots for  $8.05bn represented a 45.9% leap in volume on Q3 last year and a 42.3% increase on Q2. In commercial real estate, 1,112 sales worth $6.21mn were up 12.1% in volume on Q3 last year.

“The figures once more emphasise the resilience of the Dubai real estate market and the consistent growth we’ve seen in recent years, which continues to enhance investor confidence,” said Firas Al Msaddi, CEO of fäm Properties. “This ongoing upward trend reinforces Dubai’s status as a leading destination for real estate investment, attracting growing interest from global investors, as well as buyers from the local and regional markets.”

Dubai’s Q3 property sales over the last five years have now risen to the current peak level from $4.90bn (8,600 transactions) in 2020 to $11.48bn (15,900) in 2021, $18.72bn (25,500) in 2022, and $29.51bn (36,700) last year.

The top five performing areas of Dubai in Q3 were Jumeirah Village Circle (4,467 transactions – $1.44bn), Dubai South (2,910 – $2.23bn), Business Bay (2,651 – $1.95bn), Wadi Al Safa 5 (2,382 – $1.43bn), and Dubai Hills Estate (2,358 – $1.99bn). The most expensive individual property sold in Q3 was a luxury One at Palm Jumeirah apartment which fetched $74.1mn.

Properties worth $272,000 – $544,000 accounted for 31% of sales, 29% were below $272,000, 18% between $544,000 – $816,000, 14% between $816,000 – $1.36mn, and 8% more than $1.36mn, the report noted.

Overall, first sales from developers significantly outnumbered re-sales in the secondary market – 68% over 32% in terms of volume and 63% against 37% in value.

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Source: MEConstructionNews

Major Developers has broken ground on its US $270mn Manta Bay residential project. Manta Bay will offer a blend of contemporary design, premium amenities and is said to be a prime location on Al Marjan Island.

Featuring panoramic sea views, private beach access, and a wellness centre, Manta Bay aims to become a landmark destination for high-end residential living, the firm stated.

The groundbreaking ceremony was attended by key stakeholders from Marjan, the master developer of freehold properties in Ras Al Khaimah, Federal Engineering Consultants, and Civil Power General Contracting, the enabling contractor. The event highlighted the project as a cornerstone of Ras Al Khaimah’s strategy to enhance its standing as a luxury destination globally and in the region, said a statement from the firm.

The launch of Manta Bay comes at a time of robust growth for Ras Al Khaimah’s real estate sector, which saw a 15% increase in transactions and value in the first half of 2024, reflecting strong investor confidence and a thriving market.

Andrei Charapenak, CEO of Major Developers said, “Launching Manta Bay in Ras Al Khaimah is a strategic move that aligns with our ambition to lead in the luxury real estate sector. This project embodies our commitment to creating world-class living experiences in a market that holds tremendous potential.”

Abdulla Al Abdouli, the CEO of Marjan, the master developer of Al Marjan Island, explained Al Marjan Island is the ideal location for an exclusive project of this magnitude. “We are delighted to host innovative developments that showcase the unique appeal of our luxurious waterfront destination and attract premium investors to the picturesque emirate of Ras Al Khaimah,” he said.

Dr Walid Lutfy, Founder of Federal Engineering Consultants concluded, “Our role as the engineering consultancy for Manta Bay is to ensure that this development stands out in terms of quality and innovation, and of course, we look forward to seeing this project redefine the luxury real estate market in Ras Al Khaimah.”

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Egis has announced its integral role in the expansion of the Dubai Exhibition Centre (DEC) at Expo City Dubai. As part of this plan, Egis as lead engineering consultant, will leverage its expertise in delivering infrastructure projects to contribute to the creation of the purpose-built exhibition venue in the region.

Upon completion of the expansion, DEC will span 1.2km and will include a 180,000sqm of exhibition space designed to host global events and drive the future of business tourism in Dubai.

Amer Al Farsi, Assistant Vice President of Real Estate Development at (DWTC) said, “Aligned with Dubai’s 2040 Urban Master Plan and building on DWTC’s existing regional leadership and world-class event hosing facilities, (DEC) expansion, will drive the next stage of MICE sector evolution. The DEC masterplan will see the venue expanded over three strategic phases which will bring the total amount of indoor exhibition space to 180,000sqm, featuring 26 halls on a single contiguous level that spans 1.2km, with the ability to hold one mega event or multiple events simultaneously.”

“Upon completion, DEC will be the largest, purpose-built indoor events and exhibitions venue in the wider region and will solidify Dubai’s standing as one of the top three global destinations for tourism and business, reinforcing the city’s role as a model of innovation and opportunity on the global stage. We are excited about our collaboration with Egis and look forward to leveraging their expertise as we move towards realising our vision for DEC,” Farsi added.

Gurminder Sagoo, Country Managing Director of UAE, Egis remarked, “The Dubai Exhibition Centre is set to redefine the event experience in the region, and under the wise vision of Sheikh Mohammed bin Rashid Al Maktoum we are honored to play a pivotal role in its expansion. Working in collaboration with our client, Dubai World Trade Centre and their appointed contractor.”

“We remain focused on delivering a fast-tracked sustainable design solution that is future ready. The DEC expansion reflects Dubai’s commitment to being an innovative hub for economic growth, shaping the future of global business networking right here in the UAE, whilst setting new standards for event infrastructure across the Middle East,” he noted.

As a key contributor to the DEC expansion, Egis is committed to upholding the standards of excellence, delivering a ‘Sustainable Materials Strategy’, ensuring compliance with green building standards to meet LEED certification requirements. Moreover, the project will feature sustainable infrastructure, such as renewable energy systems, environmentally responsible materials, and waste management strategies, in line with global best practices, the statement concluded.

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Amaal has launched its debut development, Amaal 8. Located in Meydan Horizon within Mohammed bin Rashid City, the 48-level mixed-use residential tower will set a new standard for urban living that merges design with environmental sustainability and comfort, the developer said in a statement.

Positioned against the backdrop of the Ras Al Khor Wildlife Sanctuary, Amaal 8 combines the energy of city life with the natural surroundings. The development is a lifestyle destination, traditional residential offerings with accessible public spaces such as retail and entertainment venues. This development stands of modern architectural design and innovative living solutions, aiming to foster community ecosystem and residents’ well-being. The project is expected to be delivered in Q4 2028, the statement added.

Abdulla Lahej, Chairman of Amaal noted, “I’m very excited to present Amaal 8, our flagship development designed to transform urban living in Dubai. This project reflects our commitment to pioneering a new caliber of inclusive, community-focused, elevated living and captures my passion for real estate. With Amaal 8, we are not just constructing a building; we are shaping the future of residential communities in Dubai.”

“Every element, from its prime location to the cutting-edge design and comprehensive amenities, is crafted to meet the sophisticated needs of today’s urban residents. Together with our exceptional team, we have created an outstanding residential offering that meets diverse lifestyle needs and fosters a strong sense of connection among residents. I believe that Amaal 8 will redefine market expectations, delivering an unmatched living experience that anticipates and exceeds the desires of our discerning clients,” Lahej added.

The tower will be crafted with eco-friendly technologies that minimise environmental impact and maximise comfort. Its exterior will be characterised by modern lines and glass facades, and will offer residents views of the urban skyline and the natural landscapes surrounding it. The attention to detail continues inside with the design of the 512 residences spread across 48 levels. These include one-, two-, three-, and four-bedroom apartments and luxurious Infinity Collection residences on the upper floors, each thoughtfully planned layouts that epitomise elegance and functionality.

Strategically located along Ras Al Khor Road, Amaal 8 ensures easy access to Dubai’s iconic landmarks, including Dubai Design District and Downtown Dubai. Residents also benefit from proximity to the expansive Meydan Horizon’s 4 crystal lagoons, which offer pristine waters and four kilometres of landscaped promenades ideal for relaxation and leisure activities, the statement said.

Amaal 8 will feature infinity pools on the upper decks, providing a retreat with view. The wellness facilities include gym, spa, dedicated leisure zones, and an indoor cinema. The kids’ pool and play areas will ensure that younger family members have ample space for recreation and fun. Fitness enthusiasts will appreciate the modern equipment and a dedicated yoga studio. The indoor cinema and extensive spa facilities offer a perfect escape with steam rooms, saunas, and massage rooms. Further, the property will also feature padel court, a golf simulation pavilion, a mini golf course, and a racing simulation for entertainment needs. Another feature is its innovative parking solutions, which include ample podiums and exclusive VIP levels, the statement concluded.

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Khalifa Economic Zones Abu Dhabi (KEZAD Group) and Azizi Developments have signed a 50-year land lease agreement for the establishment of 12 state-of-the-art factories in KEZAD A (KEZAD Al Ma’mourah) to meet the growing demands of the housing industry in the region.

To be developed with a US $272mn investment by Azizi Developments, the project will encompass the establishment of a steel cut and bend facility, timber joinery and duct fabrication workshops, a modular factory, an aluminium and glass fabrication unit, as well as an aluminium extrusion factory.

Spanning approximately 220,000sqm, the facilities will make use of the given space equipped with infrastructure for the design and development of essential equipment and parts to serve the needs of the real estate industry.

Modular construction using sustainable materials such as aluminium is a forward-thinking practice to build energy-efficient homes and is aligned with KEZAD’s sustainable business practices for industrial development, the firm said in a statement.

The construction of the proposed facilities will ensure speed of build for materials required for the region’s housing sector, and meet demands with cost-effective, faster and greener methods for production. The agreement reinforces AD Ports Group’s and KEZAD’s commitment for sustainable industrial manufacturing with minimal waste generation and impact on the environment, it added.

Abdullah Al Hameli, CEO, Economic Cities & Free Zones, AD Ports Group said, “This project is another addition in our expanding ecosystem of manufacturers from widely diverse sectors who find KEZAD a supportive partner in their expansion plans. We welcome Azizi Developments to Abu Dhabi and look forward to the launch of the new facilities, which will be a significant step forward in meeting the needs of real estate development with sustainable industrial practices and contribute to economic growth.”

Mirwais Azizi, Founder and Chairman of Azizi Developments commented, “We are delighted to be setting up several of our new facilities in Khalifa Economic Zones Abu Dhabi’s Al Ma’mourah – the ideal hub for our building material manufacturing plans. We look forward to establishing ourselves in this ideally equipped location with 12 new factories worth close to $272mn in the coming weeks, enabling us to produce high-quality construction materials for our developments.”

The construction industry plays a crucial role in building urbanised built environments, and in shaping cities and communities. This industry has a significant environmental footprint and therefore its role in ensuring sustainable construction is critical. The emerging needs of a growing urban population brings into focus the efforts that this industry must take to tackle waste and environmental impact while meeting its demands. Azizi Developments’ new establishments in KEZAD are poised to bring in the much-needed efficiency and speed in production, with responsible and sustainable measures, the statement concluded.

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Source: MEConstructionNews

Dubai-based Dulsco Group has appointed Fara Siddiqi as its Group Chief Human Resources Officer. Fara brings more than 20 years of expertise to Dulsco Group, with experience at multinational organisations across the Americas, Europe, and Asia, including Aster DM Healthcare, GEMS Education and Bank of America.

Siddiqi has played pivotal roles in organisations through IPOs, strategic mergers, private equity investments and reorganisations. She is also experienced in managing board-level HR strategies, shaping cultures for business growth and transformation and coaching C-suite executives.

At Dulsco Group, she will be responsible for developing and executing human resources strategies and initiatives in line with the company’s overall business objectives. Dulsco Group’s future collaboration with the leadership team in embedding a culture of continuous improvement, talent management, retention and nationalisation.

David Stockton, Chief Executive Officer, Dulsco Group added, “Fara joins Dulsco Group at a key phase in our growth and evolution. As we move into new markets, invest more in new technology and innovation, and expand our customer base, her long-standing expertise and unmatched experience will play a key role in our ongoing success and future business strategy.”

Siddiqi added, “I am excited to join Dulsco Group during this pivotal time and be able to contribute to the business growth and success of the organisation.”

Her role covers all business verticals of Dulsco Group, Dulsco People, Dulsco Environment, Parisima Talent and Advance Global Recruitment, the statement concluded.

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Source: MEConstructionNews

Abu Dhabi Future Energy Company (Masdar) has announced the closing of its acquisition of a 50% stake in Terra-Gen Power Holdings II from Energy Capital Partners (ECP). The company is said to be one of the largest independent renewable energy producers in the United States.

ECP, a private investor in power and renewable assets in the United States, has fully exited its position in Terra-Gen in connection with the closing of the transaction. Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager, retains its existing 50% stake in Terra-Gen, said a statement from Masdar.

Before the Terra-Gen acquisition, its US portfolio of utility scale wind, solar and storage assets had a generating capacity of more than 1.4GW.  The U.S. market and Terra-Gen’s scalable platform will play important roles as Masdar executes its plan to build 100GW of capacity in its global renewable energy portfolio by 2030.

Terra-Gen’s gross operating portfolio currently comprises 3.8GW of wind, solar and battery storage projects, including 5.1GWh of energy storage facilities across 30 renewable power sites throughout the U.S., predominantly in California and Texas, the statement outlined.

Terra-Gen is currently developing more than 12GW of wind, solar and battery storage projects in the US. Its development activities include projects in California, Texas and New York. The project pipeline includes 386MW of Texas wind and California solar, and 512MWh of California energy storage facilities, with commercial operations anticipated in 2025.

Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar said, “The UAE and US have long been partners in efforts to advance clean energy, a collaboration culminating in the Partnership for Accelerating Clean Energy (PACE) agreement. Masdar has a strong track record of supporting US renewable energy projects, and the acquisition of Terra-Gen reaffirms this long-standing commitment. We are now on target to surpass our goal of having 10GW of integrated renewable generation capacity in the US by 2030. This transaction unlocks further economic opportunities from green growth and aligns with the global ambition to triple renewable energy capacity, in line with the historic UAE Consensus reached at COP28.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar noted, “Terra-Gen’s experienced management team and scalable platform make it the ideal partner, as we work to increase our presence and investment in the US as part of Masdar’s commitment to a long-term strategy in this important market. We look forward to partnering with Igneo to enhance Terra-Gen’s capabilities and position it as a leading developer, owner and operator of reliable and clean renewable energy in the US.”

Jim Pagano, CEO of Terra-Gen stated, “The finalisation of this deal cements a strong relationship between Masdar and Terra-Gen. Masdar is a great partner for Terra-Gen because of our shared focus on developing clean energy projects and our commitment to decarbonisation. We look forward to working with them to expand and build on our pipeline of U.S. projects.”

Niall Mills, Managing Partner and Global Head of Igneo concluded, “Terra-Gen has been a strong platform for Igneo in the US since our investment in 2020. We see tremendous potential to continue driving growth and creating long-term value in the US renewable power sector through the capable and experienced team at Terra-Gen, and we look forward to partnering with Masdar on this exciting next phase of expansion.”

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Source: MEConstructionNews

In response to growing interest in its forthcoming ED&I Summit and Awards event, the Middle East Consultant (MEC) editorial team has made the decision to split the event, and attach the awards component to its annual Middle East Consultant Awards gala dinner. The move will expose ED&I winners to the broader Middle East Consultant audience, the MEC team confirmed.

The ED&I Awards will now take place on 14 November, with excellence in the 10 dedicated ED&I categories being recognised ahead of the Middle East Consultant Award categories. Paul Godfrey, Head of Content at MEC also confirmed that the deadline for nominations for the ED&I Awards has been extended to 25 October.

“We have experienced a remarkable level of interest in the forthcoming ED&I Awards, which have attracted a number of very strong entries. Given the calibre of the companies now involved, we’ve taken the decision to move the awards from the evening of 9 October, and instead make them an integral part of the Middle East Consultant Awards on 14 November. This ensures nominees will have the best possible showcase for demonstrating leadership in the ED&I agenda, and they will now be able to highlight their achievements to a larger audience,” said Godfrey.

To read about the categories for the ED&I Awards and to nominate, please click here.

Godfrey added, “We believe the ED&I Awards deserve the biggest showcase that the MEC brand has in its portfolio, and that’s the Middle East Consultant Awards!”

The ED&I Summit will continue as planned on 9 October at the Habtoor Grand Resort, JBR, Dubai, the MEC team emphasised. Click here to register.

The ED&I Summit & Awards are sponsored by:

Gold Partner: AECOM, AtkinsRéalis
Associate Partner: TBH Consultancy
Strategic Partner: KEO International Consultants
Supporting Partner: Climatize, Cundall and HKA

Read more about the ED&I Summit and Awards by clicking here.

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Source: MEConstructionNews

KASCO Developments, the latest venture by the KASCO Group, has officially launched in the  UAE. Having been involved in real estate since 2008, the group has a portfolio of delivered projects such as Waves Tower by KASCO, KASCO Residence, KASCO Tower, and Gulf Oasis.

Building on the group’s longstanding success across multiple sectors, KASCO Developments aims to innovate and create lifestyle driven, premium residential spaces. In the short term, the company will be focused on launching, selling, and delivering its first three projects. Dubai areas of particular interest to the new company include Business Bay and Al Jaddaf, the firm said in a statement.

In the short term, the company will be focused on launching, selling, and delivering its first three projects, with an initial investment of over $326mn. Dubai areas of particular interest to the new company include Business Bay and Al Jaddaf.

“KASCO Developments will differentiate itself in Dubai’s soaring market by prioritising client well-being and an inspiring living experience. Its philosophy, captured by the slogan Inspire Your Soul, goes beyond traditional opulence, blending design, functionality, and an inspiring atmosphere,” said Mustafa Al Kaissi, Chairman of KASCO Developments.

“We plan to create spaces that inspire and elevate lifestyles. This is not just about luxury but about crafting homes where design, energy, and quality align to offer a unique living experience. We are bringing the values of professionalism, reliability, and premium quality that have always been at the heart of the KASCO Group to our new real estate ventures,” added Issa Abdul Rahman, CEO of KASCO Developments.

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Source: MEConstructionNews