foasummit – Page 2 – Construction Intel Summit KSA | 23 Nov 2022 | Live

Dubai’s residential property sector has 243,000 units in the pipeline from now until the end of 2027, with apartments accounting for 80% of future inventory, according to Cavendish Maxwell’s 2024 Dubai Residential Market Performance report. The booming off-plan sector continued to dominate the market, with sales four times up on pre-Covid levels. Almost 145,000 new off-plan units came to the market during the year – an average of 400 per day, the report showed.

The report said that the property market soared to record-breaking heights last year with 169,000 sales – an increase of 42% on 2023. Prices saw sustained increases during the year, ending 0.9% up month-on-month in December, and 3.1% higher than the previous quarter. Year-on-year, prices rose 16.5%, representing an increase of more than 90% on the April 2009 low.

In fact, Dubai’s residential property sector closed 2024 with 47 months of continuous price rises. However, as anticipated by Cavendish Maxwell, the rate of appreciation is starting to slow, with monthly growth now hovering around 1%, compared to previous month-on-month increases of up to 2.5%. Mortgage activity also soared in 2024, hitting an all-time high of 36,600 loans, up almost a third on 2023.

Ronan Arthur, MRICS, Partner and Head of Residential Valuation, Cavendish Maxwell said, “These impressive figures are not just the result of the recovery from the pandemic. They reflect a strong, stable property market that has seen consistent growth since 2022, driven by continued international demand from India, China and other Middle Eastern countries in particular.”

“While Dubai’s residential market remains extremely robust, with further growth expected in 2025, there are now signs of an adjustment to more sustainable levels. As with previous market cycles, the emirate’s regulators, developers and investors are taking the right steps to avoid runaway growth which, as we have seen before, could threaten market stability,” he added.

Emaar Properties, Binghatti Properties and DAMAC Properties led the new launch market in terms of both units released and sales value. In 2024, under construction projects represented 68% of the total residential market.

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Source: ME Construction News

AMIS Development has broken ground on Woodland Terraces, a US $35.1mn residential project at District 11, Meydan. The milestone is said to mark the beginning of construction for the modern luxury development, which is scheduled for completion in Q1 2027.

The groundbreaking ceremony took place at the project site, attended by AMIS Development’s senior leadership and partners. The event reaffirmed to redefine living through innovation, design, and amenities. AMIS Development also secured investment from the First APAC Fund VCC, Singaporean investment fund, signing a MoU in 2024 to invest $1.3bn in the company.

Neeraj Mishra, Founder and CEO, AMIS Development said, “Breaking ground on Woodland Terraces is a testament to our vision of delivering exceptional homes that blend modern aesthetics with unparalleled comfort. Our project will be a defining addition to Meydan’s landscape, offering residents an elegant and contemporary lifestyle. With a strong foundation and unwavering dedication, we are excited to bring this development to life by Q1 2027.”

AMIS Development’s mission is to create designed homes with open-plan living, expansive terraces, and floor-to-ceiling glass facades. Designed for modern living, the residences at Woodland Terraces include one-, two- and three-bedroom apartments featuring en-suite bathrooms, walk-in closets, and laundry areas to provide both style and functionality, said the developer.

Residents will have access to a rooftop infinity pool, sports amenities, a fitness centre, yoga area, and an outdoor theater, while the ground floor includes a kids play area, lobby and AMIS Café, it added.

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The Department of Public Works (DPW) and Dar Alwd Construction (DAW) reaffirmed their shared commitment to sustainable, high-performance infrastructure solutions during a strategic visit to the PRC manufacturing facility in Qatar. The visit provided key insights into material innovation, quality assurance, and advancements in sustainable packaging and deployment strategies.

DPW, a logistics company headquartered in Dubai, specialises in cargo logistics, port terminal operations, maritime services, and free trade zones. DPW’s participation highlighted the significance of efficient supply chain integration within the construction sector. This ensures that materials are aligned with evolving regulatory and environmental standards.

Tarek Musbah Abdulrahman, General Manager of DAW said, “At DAW, we share a commitment to driving the future of infrastructure through sustainable, efficient, and high-performance solutions. This visit reflects our collective focus on enhancing resilience, optimising material efficiency, and advancing environmentally responsible construction practices.”

“By gaining deeper technical insights into PRC’s manufacturing excellence, we reinforce our confidence in its durability and suitability for the UAE’s ambitious infrastructure landscape. Through this engagement, we continue to refine our approach to delivering reliable, sustainable, and future-ready construction solutions that meet the highest global standards,” Tarek added.

The visit provided an opportunity to examine the latest developments in PRC’s production processes, ensuring that its manufacturing, packaging, and application continue to align with UAE regulations and global industry benchmarks. The delegation also explored how advanced logistics and material deployment strategies can further enhance PRC’s role in sustainable infrastructure development.

By integrating technical expertise, regulatory insights, and supply chain optimisation, DPW and DAW remain committed to delivering high-quality, sustainable solutions that drive the future of infrastructure across the UAE and beyond. With DAW at the forefront of construction solutions, the visit provided a better understanding of PRC’s durability, material integrity, and suitability for large-scale infrastructure projects across the UAE.

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Developer Palma Development has said that its Serenia Living project has reached 70% completion and is expected to be compete by the end of 2025. The ultra-premium beachfront development is being built on the crescent of the Palm Jumeirah at a cost of US $817mn.

The major milestone is said to exemplify the substantial progress toward delivering one of Dubai’s most coveted projects, further reinforcing Palma’s dedication to timely project delivery, said a statement from the company.

“Serenia Living is progressing smoothly and remains on track for the expected completion by the end of 2025, while maintaining the exceptional quality that defines all our projects. As we move into the final phase of construction anticipation continues to build among our discerning clientele, who will soon experience a new standard of upscale beachfront living,” said Omar Derbas, Executive Director, Development and Engineering at Palma Development.

The project features 226 exclusive residences, including two-, three-, and four-bedroom apartments, full-floor and half-floor penthouses, and one of Dubai’s most exclusive Sky Mansions, according to the developer.

The project’s high-end amenities include one of the largest residential swimming pools in the city, a state-of-the-art gym with a dedicated personal training area, multiple indoor and outdoor children’s play areas, and direct beach access. With its ultra-prime location, best-in-class amenities, and unwavering focus on delivering bespoke residential experiences, the project is set to become a landmark of opulence on Palm Jumeirah, it added.

As construction continues at a steady pace, Palma Development looks forward to achieving further milestones, bringing Serenia Living closer to completion and setting a new standard for ultra-premium beachfront residences in Dubai.

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NMDC Group said that it has delivered solid results for FY 2024, achieving an exceptional 57% year-on-year growth, with its revenues hitting US $7.2bn.

Announcing its full year financial results for 2024, NMDC Group said its net profit after tax rose 44% compared to 2023. Earnings per share rose by 36% and up by 59% compared to year-end 2023. 2024 was marked by the expansion of the NMDC family, as the Group launched a new entity, NMDC LTS, to focus on the regional demand for logistics and services.

This was closely followed by the strategic announcement of the acquisition of a controlling stake in Emdad, marking NMDC Group’s first entry into oilfield services. Furthermore, NMDC Group grew its net profits in 4Q24, reflecting a 43% increase compared to the same period in 2023.

On the solid performance, Chairman Mohamed Thani Murshed Ghannam Al Rumaithi said, “2024 was a landmark year for NMDC Group where we delivered a series of historic initiatives that have brought depth and diversification to our business and created immense value for our shareholders. As a continuously evolving integrated energy and marine provider, our growth mindset and leading capabilities position us to leverage new opportunities in 2025 and beyond. We look forward to continuing to support our leadership’s ambitions in driving meaningful economic growth and diversification within our sectors.”

“What’s been impressive is that our growth has been horizontal and vertical, bringing short term impact as well as long term value for our stakeholders with benefits felt across the energy and marine landscape. As we look ahead, we will continue to explore diversification strategies aimed at advancing high-growth opportunities to ensure NMDC Group remains leader in an ever-evolving landscape,” Al Rumaithi commented.

Moreover, following the group’s performance during the year, the board of directors proposed a final cash dividend for the financial year ending 31 December 2024, representing a cash dividend per share of 83 fils. This would take the group’s dividend yield to 12.9% and dividend payout ratio to 91% The robust financial performance was underpinned by increased global presence both vertically and horizontally, said a statement from the firm.

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Dubai’s residential real estate market experienced an exceptional year in 2024, driven by strong investor confidence and increasing demand for high-quality properties. According to the latest report by Savills Middle East, the sector recorded unprecedented transaction volumes, with a 47% year-on-year increase, reflecting the emirate’s growing appeal to high-net-worth individuals and global investors.

This growth was underpinned by a surge in off-plan sales, which accounted for 68% of all transactions, a significant rise from 55% in 2023. Developers launched over 50,000 units throughout the year, representing a 25% increase compared to 2023, to meet this rising demand. High-quality projects from reputable developers often sold out within weeks, driven by attractive payment plans and strong investment potential.

Zone 6, which includes areas such as Jumeirah Village Circle, Dubai Hills Estate, and Al Barari, led the market, accounting for 51% of all transactions. Established submarkets like Dubai Marina, Business Bay, and Jumeirah Lakes Towers also demonstrated strong activity, highlighting the continued demand for accessible, well-located properties.

Apartments dominated the market, contributing to 82% of all transactions. Off-plan apartment sales accounted for 68% of these, up from 58% in 2023. Villa transactions comprised 18% of total sales, with significant demand concentrated in Zone 6. Under-construction villas accounted for 68% of villa transactions, compared to 45% in 2023, indicating a rising preference for new projects in locations like Damac Hills 2, The Valley, and Dubai South.

Luxury housing saw a remarkable rise, with over 4,600 units in 2024, a 23% year-on-year increase. The villa segment outperformed apartments, with luxury villa transactions increasing by 33%, compared to a 5% rise in the apartment segment. Premium areas like Palm Jumeirah, La Mer, and Jumeirah Bay Island commanded the highest prices per square foot, reflecting their enduring appeal to high-net-worth buyers, said the firm.

Dubai’s rental market also witnessed notable growth in 2024, driven by economic expansion and political stability. Apartment rents increased by 16%, while villa and townhouse rents rose by 13%. Emerging submarkets, such as Al Furjan, experienced rental spikes of up to 26%, highlighting the city’s evolving residential landscape.

“Dubai’s residential market continues to grow from strength to strength, driven by a steady stream of international investors, end-users, and a strong pipeline of high-quality projects. The emirate has cemented its reputation as a global hub for luxury living and investment opportunities, catering to a wide spectrum of buyer profiles,” said Andrew Cummings, Head of Residential Agency at Savills Middle East.

Over the past year, we’ve achieved significant milestones, including landmark sales in Tilal Al Ghaf and Palm Jumeirah, as well as major land deals. Our expanding team of experienced brokers continues to deliver exceptional results, reinforcing Dubai’s position on the global real estate stage,” Andrew added

Looking ahead, Dubai’s residential market is poised for continued growth in 2025. Trends such as strong investor confidence, rising demand for off-plan properties, and the increasing traction of luxury housing are expected to persist. Developers are likely to continue delivering high-quality projects, offering unique opportunities for investors and end-users to capitalise on Dubai’s growth and development.

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Source: ME Construction News

Ohana Development has commenced construction on ELIE SAAB Waterfront by Ohana, a residential project on Abu Dhabi’s Al Reem Island. Designed to set new benchmarks in luxury living, the development will bring ELIE SAAB’s design vision combining art and architecture, the developer said.

Inspired by the concept of ‘sculpture in motion’, ELIE SAAB Waterfront by Ohana will feature fluid curves of a veil swaying gracefully in the breeze. The architecture will be crowned by a dual-level penthouse complete with an infinity pool, the developer explained in a statement.

“ELIE SAAB Waterfront by Ohana represents our commitment to redefining the UAE’s luxury real estate landscape. By collaborating with ELIE SAAB, the world-renowned fashion designer, we are creating a residential experience that merges unparalleled design with the highest standards of quality,” commented Husein Salem, CEO of Ohana Development.

The project will comprise 174 units, and each residence is said to be designed to reflect ELIE SAAB’s attention to detail and commitment to elegance. Amenities include a children’s playground, outdoor pool, landscaped gardens, additional visitor parking, a fully equipped gym, an electric vehicle charging station, and padel court.

Scheduled for completion in Q2 2027, ELIE SAAB Waterfront by Ohana will offer panoramic views of the Arabian Gulf and Abu Dhabi’s skyline. Residents will have convenient access to Abu Dhabi’s destinations, including Reem Mall and Reem Central Park. With its location and amenities, the project promises an unparalleled lifestyle of sophistication and comfort, the statement concluded.

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Facilities management (FM) company Farnek has achieved record sales revenue in 2024, securing a host of new and retained contracts, valued at more than US $18.63mn. In total during 2024, Farnek was awarded more than 460 contracts, with over 1,500 additional members of staff, mobilised to sites across the UAE and Saudi Arabia, bringing their total headcount to over 9,000.

According to Markus Oberlin, Group CEO at Farnek, “2024 was an outstanding year for new business development and contract retention. We managed to increase our market share in the UAE and in Saudi Arabia, through sectors such as energy, healthcare, aviation, hospitality, retail, commercial and residential property. Given the rapid growth in real estate development, demand for innovative AI-driven smart and green solutions will continue to drive the FM market throughout the GCC, as companies strive for automation, sustainability and cost efficiency.”

Farnek has steadily increased its share of the Abu Dhabi FM market with new business wins totalling $64.8mn, which includes Khalifa Sport City, Etihad Airways Engineering and the Barakah Nuclear Power Plant. The firm also made considerable gains in the hospitality sector by winning multiple hospitality contracts valued at $19.4mn mobilising 450 staff.

Security was another sector where Farnek gained multiple contracts valued at over $6.75mn, from major companies such as GMG, Aramex, MAG EYE, AZADEA, NAS 2 and MIZA Investments.

Farnek’s home maintenance company Hitches & Glitches, secured a significant contract with Emaar Hospitality to manage back of door services, for 14 Emaar Residence Towers featuring more than 7,000 apartments, as well as the contract for King’s College Hospital and its clinics.

Farnek’s smart FM solutions company HITEK, has implemented its digital solutions at Sports Boulevard in Riyadh, with an additional contract for the mining company Maaden and has successfully developed and activated a community app for the MAG City development in Dubai plus a waste management agreement with du.

“HITEK also launched its Housekeeping Plus solution last year, a smart mobile application for the hospitality sector and its MEDTEK solution has been set up successfully and is already supporting more than 10,000 patients,” added Oberlin.

Another achievement in 2024 was Farnek’s support for the Burj Khalifa’s successful LEED O+M Platinum Certification. Farnek has been providing MEP hard services for the world’s tallest building since 2010. Farnek services a wide range of industry sectors and its scope of work includes a considerable number of contracts for total facilities management (TFM), as well as dedicated hard and soft services such as MEP, cleaning, maintenance, security and housekeeping, amongst others.

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Source: ME Construction News

There has been a marginal rise in the number of announced greenfield projects across the GCC in 2024, up 1% to 1,830 from 1,813 the previous year. The growth is being spearheaded by the Kingdom of Saudi Arabia and the UAE.

As the primary destination market for greenfield foreign direct investments (FDI) within the GCC, Saudi Arabia walked away with the lion’s share in 2024, accounting for 54% of the total value of projects in the region followed by UAE with 36% share.

There does, however, appear to have been a decline in the average project value across the GCC, with the total value of projects having fallen by 26% year-on-year in 2024. The Kingdom has set an explicit target for FDI in its Vision 2030 plans, hoping to attract $100bn annually by 2030, with greenfield FDI projects playing an important role in reaching that figure.

The primary sources of FDI into GCC economies in 2024, on a value basis, included the US (25%), China (17%), the UK (9%) and India (9%). The UAE also made a material contribution to greenfield FDI in the rest of the GCC, accounting for 5% of announced projects in 2024. Sectors seeing the highest value of greenfield projects include communications (18%), renewables (14%), metals (8%), electronic components (8%), as well as coal, oil and gas (8%).

Notwithstanding, the value of greenfield project announcements across Saudi Arabia declined 28% y/y in 2024 to almost US$22bn, but remains a strong showing, being the third highest annual value on record.

Scaling up to achieve the required levels of inflow will be facilitated by a series of reforms. These include allowing 100% foreign ownership of companies, a bankruptcy law, and more recently a new law unifying the treatment of foreign and local firms to ensure a level playing field.

The US, China, the UK and the UAE were the top source countries for Saudi greenfield projects last year. The value of projects stemming from the US saw a sharp rise in 2024, driven by a $5.3bn investment by Amazon Web Services in data and innovation centres.

Meanwhile, Dubai remained the largest recipient of greenfield FDI in the UAE, accounting for around 58% of the total value of announced projects, followed by Sharjah with almost 12% in 2024, it stated.

Industries that saw the largest value of announced greenfield projects in the UAE in 2024 include real estate, software & IT, renewables, coal, oil and gas, business services, and automotive OEMs.

The UAE features as the source country for two of the top 10 projects by value of investment, including a real estate investment into Ras El-Hekma in Egypt by ADQ and an investment by Mubadala in semiconductor manufacturing in the US.

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Source: ME Construction News

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