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  • Dubai Advisory Setting Up Shop in Saudi Arabia Upbeat on FDI

    In a sign of the need for more capital, executives from so-called giga projects like Neom and Qiddiya were out in force this week at events in the capital city of Riyadh to pitch themselves to potential partners and investors. Neom also recently held a show-and-tell for bankers.

  • Dubai Advisory Setting Up Shop in Saudi Arabia Upbeat on FDI

    In a sign of the need for more capital, executives from so-called giga projects like Neom and Qiddiya were out in force this week at events in the capital city of Riyadh to pitch themselves to potential partners and investors. Neom also recently held a show-and-tell for bankers.

  • Cars are swept away and roads turned into rivers as Saudi Arabia is hit by floods two weeks after apocalyptic Dubai storms blamed on cloud-seeding

    Flash flooding has devastated parts of Saudi Arabia this week with shocking footage showing cars being swept away by the deluge as roads were submerged amid torrential downpours.

    Clips shared on social media showed how major highways in the Kingdom were overrun by devastating floodwater that cascaded down typically dry and rocky outcrops and swept through cities and towns below.

  • Flooding spotlights Dubai construction quality

    Each flooding incident will have its own specific issues, but the reasons will come from three key areas: design, construction and maintenance. Many projects will not have been designed to cope with such a deluge. Others will have been poorly constructed, allowing water to ingress into properties, and others will have drainage that was poorly maintained and failed when it was most needed. Dubai is heavily incentivised to address these concerns. In the past, Dubai has been a transient city with many expatriates living and working in the emirate for only a few years. There has been little collective memory of major weather incidents.

  • Dubai faces massive clean up after deluge swamps glitzy desert city

    Dubai, a city in the desert proud of its modern gloss, faced the towering task on Thursday of clearing its waterclogged roads and drying out flooded homes two days after a record storm saw a year's rain fall in a day. Dubai International Airport, a major travel hub, struggled to clear a backlog of flights and many roads were still flooded in the aftermath of Tuesday's deluge. The rains were the heaviest experienced by the United Arab Emirates in the 75 years that records have been kept. They brought much of the country to a standstill and caused significant damage.

  • Dubai’s high-end property sales rise on overseas demand

    Sales of homes in Dubai worth $10 million or more rose 6% in the first quarter versus last year, an industry report showed on Tuesday, as demand from the international ultra-rich for homes in the emirate showed little sign of abating.
    A total of 105 homes worth an overall $1.73 billion were sold from January to March, up from around $1.6 billion a year earlier, according to property consultancy Knight Frank.

  • Move Over Dubai, Saudi Arabia Is Taking Center World Stage

    Behind the headlines, an extraordinary real estate-led development boom has been going on within the country, driven by what the Saudis call ‘giga-projects.’ And for once the scale of these initiatives lives up to the self-dubbed hype because they are enormous in scope, ambition, and size and are threatening to shift the tourism and retail axis away from Dubai and Abu Dhabi. Simply stated, Saudi Arabia is taking center world stage.

  • Abu Dhabi’s Lunate, Saudi Group Buy Into Iconic Dubai Tower

    An Abu Dhabi investment firm and a Saudi conglomerate have bought into the largest office tower in Dubai’s financial hub, securing a slice of one of the world’s few upbeat commercial property markets. The $105 billion fund Lunate and Saudi Arabia’s Olayan Financing Company have bought a 49% stake in ICD Brookfield Place in one of the largest commercial real estate transactions since the start of the pandemic, according to a statement. Financial details weren’t disclosed, though Bloomberg has previously reported the tower could be worth as much as $1.5 billion.

  • Saudi to Dubai in an hour? Hyperloop chief sees GCC transport link as ‘possible’

    Andres de Leon, chief executive of Hyperloop Transportation Technologies (Hyper-loopTT), revealed that “conversations have been had” with countries in the GCC – including the UAE and Saudi Arabia – to bring the mass transport system to the region. Plans to bring a hyperloop prototype to Northern Italy - between Venice and Padua – through a joint venture between the Italian government and private investors reignited interest in the project. That system – which aims to be the world’s first working passenger system and will propel people between cities in pods more than twice as fast as high-speed rail net-works and far more sustainably – aims to be up and running between 2028 and 2030, de Leon said

  • Saudi bourse gains on Fed rate cut signal; ex-dividend stocks pull down Dubai, Qatar

    The Saudi Arabian stock market rose in early trade on Thursday as the U.S. Federal Reserve Chair said he expects interest rate cuts later this year, while bourses in Dubai and Qatar were weighed down by stocks trading ex-dividend. In remarks prepared for delivery to the House Financial Services Committee, Fed Chair Jerome Powell said that continued progress on inflation "is not assured," though the central bank still expects to reduce its benchmark interest rate later this year.