PIF-backed developer Roshn is engaging with international banks to raise up to SAR 2.6 billion ($666 million) in the first quarter of 2025 as it adapts to the changing market in Saudi Arabia. Discussions are ongoing with four international banks, including JP Morgan and Standard Chartered, Fahad Al Ghamdi, the firm’s executive director, treasury and insurance, told Zawya. In the shorter term, Roshn expects to raise SAR 18 billion in total from local banks by the end of 2024, with a SAR 9 billion credit facility with six Saudi banks announced last month. Roshn was originally founded to build 400,000 homes as part of Saudi Arabia’s Vision 2030 goal of 70% home ownership; the country reached 63.7% home ownership in 2023. Roshn has branched out into commercial and retail and…
Gulf Real Estate
Doha, Qatar: The volume of mortgage transactions achieved during the third quarter (Q3) of this year reached 351 transactions with a total amount of QR10.802bn. Doha Municipality registered the highest number of mortgage transactions with 190 (equivalent to 54.1 percent) of the total number of mortgaged properties, followed by Al Rayyan Municipality with 84 transactions (equivalent to 23.9 percent). Then Umm Slal Municipality with 26 transactions (equivalent to 7.5 percent) of the total number of mortgaged properties, according to data by Ministry of Justice. Regarding the value of mortgages in Q3, 2024, Doha Municipality comes first with amount of QR8.763bn while Al Shamal Municipality registered the lowest value which reached QR2.160m. Considering the indicator of movement of…
Bahrain's leading telecom and technology group Beyon today (November 3) unveiled plans for launching its ambitious 380,000 sq m Digital City project at Hamala in partnership with Bahrain Real Estate Investment Company (Edamah), the real estate arm of Bahrain sovereign wealth fund Mumtalakat Holding Company. An agreement was inked by the duo on the opening day of the Gateway Gulf Investor Forum 2024 organized at the Four Seasons Hotel in Bahrain. Through the signing, Beyon has named Edamah as the development manager for its signature project, for which construction is expected to begin in 2025. Present at the signing ceremony were Shaikh Abdulla bin Khalifa Al Khalifa, the CEO of Mumtalakat and Chairman of Beyon and Edamah, as well as Andrew Kvalseth, the CEO of…
Doha: The real estate sector continues to drive Qatar’s economy as the compound annual growth rate (CAGR) is estimated to grow by 1.96 percent in the years ahead. According to a report by Statista, the market is anticipated to amount to a value of $446.60bn by the year-end. In terms of the residential and housing sector, the market dominates with an estimated market volume of $237.80bn in the same year. Several realty experts noted that the demand will surge in 2025 and will further accelerate the GDP growth. Analysts have highlighted that the rental rates have increased during the previous quarter across several prime localities. Among the research platforms in Qatar, hapondo recently stated that the average rent for a one-bedroom listed in the key and emerging residential…
Riyadh: The General Authority for Statistics (GASTAT) has released the real estate price index for the third quarter of 2024, with figures indicating a 2.6% increase compared to the same period in the previous year. The primary driver of the overall increase in real estate prices in Q3 2024 was the residential sector, which saw a 1.6% annual growth. This growth was attributed to a 1.6% increase in residential land prices, a 1.9% increase in apartment prices, and a 1.5% increase in villa prices. The commercial sector also experienced significant growth, with a 6.4% increase in prices in Q3 of 2024 compared to the same quarter in the previous year. This was primarily driven by a 6.3% increase in commercial land prices and an 8.6% increase in building…
Saudi Arabia - Ardara Development Company, a wholly-owned unit of Saudi sovereign wealth fund PIF (Public Investment Fund) has announced that it has signed up top architectural firm OBMI and global partner Parsons for the development of its flagship AlWadi hospitality project. A transformative mixed-use waterfront development, AlWadi features well-designed residences, thriving commercial, and vibrant retail spaces, along with exhilarating entertainment outlets that aim to attract both locals and tourists year-round. Ardara (Arabic for Our Land, Our Home), will come up over a sprawling 2.5 million sq m, dedicating more than 30% of the project’s area as green open spaces, with 16 km of waterfront extending across the length of the project, and 17 km of sport trails and cultural…
A new high-grade office tower is set to redefine Muscat’s business landscape with the launch of the ‘Malak Tower’ project, which was officially launched on Tuesday. Held under the patronage of Abdulsalam bin Mohammed al Murshidi, President of Oman In-vestment Authority, the launch event brought together dignitaries, business leaders and senior officials. An investment of RO12mn, Malak Tower is a collaboration between H H Sayyid Dr Kamil Fahad Mahmood al Said, project owner, Al Khalili Group as developer and Tibiaan as marketing and management firm. Project completion is expected by the end of 2027. Speaking at the launch, H H Sayyid Kamil said, “Malak Tower is more than just a real estate project; it is a collaborative effort that offers substantial value to…
Doha: The average asking rent for residential apartments indicates a significant upsurge in key neighborhoods across Qatar in Q3 2024, according to the online realty research platform - hapondo. The prime apartment markets continued to observe a spike in rents from July to September, the online marketplace said. As per the analysts at hapondo, the average rent for a one-bedroom listed in the West Bay area surged by over 7 percent to QR9,760 per month and by 4.5 percent to QR7,980 per month in Lusail’s Marina District. Meanwhile, in the two-bedroom apartment category, both West Bay and Marina have witnessed considerable increases in rental rates on a quarterly basis. On the other hand, market experts note that the rents in The Pearl Qatar have remained steady at QR8,490 per month…
Doha, Qatar: With an emphasis on redefining the concept of smart cities, Msheireb Downtown Doha seeks to change how people experience city life. By relocating essential services underground — creating what Faisal AlMalki, COO of Msheireb Properties describes as ‘City under the City’ — this development not only enhances the aesthetic and functional quality of the urban landscape but also promotes sustainability and community engagement. In an interview with The Peninsula AlMalki shares insights into the project’s evolution, its smart technologies, and how it aligns with global trends in urban development, positioning Msheireb Downtown Doha as a pioneering model for future cities. “Our vision is to change the way that people…
Saudi Arabia’s King Abdullah Financial District (KAFD) is planning to raise $700 million through a real estate investment trust (REIT) to fund further development, according to Bloomberg. The financial centre real estate project in Riyadh will put some of its income-generating buildings into a trust to offer a stake to investors through a listing on Tadawul, the Saudi stock exchange. The final amount raised could be closer to $750 million, Bloomberg said, citing people familiar with the matter, with Citigroup Inc, HSBC Holdings Plc and Al Rajhi Capital hired as advisors on the deal. Saudi sovereign wealth fund PIF took over the development in 2016 following its launch in 2007.
Qatar: UDC elevates luxury living standards with Crystal Residence at Cityscape The United Development Company (UDC), the master developer of The Pearl Island and Gewan Island, is showcasing its most anticipated project, Crystal Residence, as the centrepiece of its participation in Cityscape. Situated at the heart of Gewan Island, Crystal Residence exemplifies luxury, lifestyle, and sustainability, and stands as one of the most significant additions to UDC's growing portfolio of premium developments. Crystal Residence offers a unique blend of opulence and modern convenience. Designed to cater to the discerning needs of its residents, the development includes a variety of luxurious units ranging from one to three-bedroom apartments and spacious four-bedroom duplexes. The…
Doha, Qatar: Qatar’s real estate market has continued to witness growth during the third quarter (Q3) of this year as it saw deals worth QR3.351bn for 798 real estate transactions in Q3 of 2024. In the third quarter of last year the real estate index achieved total value of QR3.597bn for 855 real estate transactions. The real estate transactions achieved the highest levels during September 2024 with a total value of QR1.419bn. While August 2024, registered a total value of QR827.058m and July of this year recorded QR1.105bn realty transactions. The real estate market index for Q3, 2024 revealed that Doha Municipality, Al Rayyan Municipality and Al Dhaayen Municipality consecutively are the most active in terms of financial value. The financial values of Doha Municipality totaled…