The nation’s first recycling plant for end-of-life electric vehicle (EV) batteries is set to take shape, following the signing of a joint collaboration agreement comprising Beeah Recycling (a subsidiary of Beeah), the UAE Ministry of Energy and Infrastructure (MOEI) and the American University of Sharjah (AUS).

According to Beeah, the EV battery recycling facility will be added to Beeah Recycling’s integrated waste management complex. The facility is said to already have ten specialised waste processing and material recovery facilities that have contributed to a 76% waste diversion rate in Sharjah, which is claimed to be the highest in the Middle East.

As per the deal, Beeah Recycling will join the ministry and AUS to identify world-class technologies for the EV battery recycling facility, it stated.

Group CEO Khaled Al Huraimel was joined by Beeah Recycling CEO Daker El Rabaya to sign the agreement with Sharif Salim Al Olama, Undersecretary of Energy and Petroleum Affairs, Ministry of Energy and Infrastructure, and Prof. Juan Sanchez, the Provost of American University of Sharjah, at the 2023 World Future Energy Summit in Abu Dhabi.

In early March 2022, BEEAH Energy and Chinook Sciences said they had started development of the region’s first Waste-to-Hydrogen Plant.

“Combining the material recovery expertise from Beeah Recycling, the national vision and foresight of the ministry and cutting-edge research from AUS, we will be able to formulate the ideal, future-ready strategy,” said Al Huraimel.

The addition of an EV battery recycling facility will help further increase landfill waste diversion in the future as more batteries from EVs approach end-of-life, said Beeah.

The UAE has witnessed a rising number of people switching from traditional vehicles to electric vehicles. In a 2022 study, over 30% of UAE people were considering switching to electric vehicles; projections show the EV market will grow at a CAGR of 30 percent between 2022 and 2028, the statement pointed out.

“Ultimately, our efforts will realise the sustainable, zero-waste and Net Zero growth of the EV market, which aligns with the national, regional and global sustainability agenda,” he noted.

In late July 2022, EWEC and Tadweer issued a RFP for an Abu Dhabi Waste-to-Energy IPP.

Commenting on the agreement, El Rabaya remarked, “At Beeah Recycling, we embody a zero-waste strategy to support the creation of a circular economy across industries. We want to advance our contributions to circularity and material recovery within the EV industry, which is critical to achieving Net Zero emissions in the UAE and beyond.”

Al Olama added that ensuring future readiness and preparedness for the electric vehicle market ties closely with the ministry’s objective on enhancing energy and infrastructure for the UAE.

He concluded, “Leveraging the intelligence from Beeah Recycling and the latest research from AUS, we look forward to identifying the right solution to support green mobility in our sustainable cities and communities. Our exploration will also be aligned with the national and global sustainability agenda, which prioritises achieving net-zero emissions, diverting waste from landfill and creating a circular economy.”

In late January 2023, Emirates Global Aluminium announced the Aluminium Recycling Coalition.

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Source: MEConstructionNews

Saudi-based Jinko Power Technology Co subsidiary – Al Ghazala Energy Company – has begun construction of its Saad Solar PV project in the Kingdom, following the project’s financial close.

Engineering and construction firm Elsewedy Electric for Transmission and Distribution of Energy (EET&D) has been selected as the EPC contractor. The scope of the full-wrap EPC contract covers design, supply, construction, warranty, initial operation and maintenance of the project.

The project is located near the town of Saad, and is part of the Category B projects under the third round of competitive tenders of the Kingdom’s National Renewable Energy Programme (NREP). The 300MW power project is scheduled for commissioning in Q4 2024, the firm stated.

A consortium of three leading lenders is providing long-term, non-recourse project financing to Ghazala. The project debt facilities comprises both Islamic and structured senior tranches, the statement explained.

In mid December 2022, Dubai’s AMEA Power was awarded a 120MW solar project in South Africa.

“The financial closing of the Saad Project during tumultuous times for the world and the solar industry specifically is a testament of Jinko Power’s commitment to the renewable industry in Saudi Arabia, and its capabilities to develop and execute projects with professionally experienced teams spanning across technical, supply chain, finance, legal and project management. We remain committed to the kingdom and to successful completion and operation of the project,” commented Charles Bai, President of Jinko Power International Business.

With the achievement of the project’s financial close and approval from the off-taker, Saudi Power Procurement Company (SPPC), to commence construction, Ghazala said it has begun the mobilisation of its manpower and the EPC contractor on site.

Senior Managing Director of Jinko Power, Mothana Qteishat added, “A great start to the year 2023. The closing of the Saad Project underpins our commitment towards Prince Mohammad bin Salman and Saudi Arabia’s Vision 2030. This adds very well to our track record in the region with the world’s largest single-site solar plant under operation (the 1.2GW Sweihan Project in Abu Dhabi), and the world’s largest single-site plant under construction (2.1GW Dhafra Project in Abu Dhabi).

“We are glad to have elected Elsewedy Electric as our partner/EPC contractor for our first project in the Kingdom, who brings their regional know-how,” Qteishat remarked.

In early January 2023, SPPC said that it planned to re-tender two IPPs in Saudi Arabia.

A 25-year power purchase agreement was signed in March 2022 with SPPC.

In late January 2023, EWEC launched bidding for an Abu Dhabi solar plant project.

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Industrial rents in Dubai have risen sharply over the last 12 months, as demand continues to outstrip supply, according to the Year in Review: Dubai & Abu Dhabi Industrial Markets Review by Knight Frank.

On average, warehouse lease rates continue to escalate across Dubai, specifically Grade A rents in Al Quoz ($15 per sqft), which have increased by 57% during 2022. In fact, all nine of the industrial sub-markets Knight Frank tracks in Dubai have experienced strong rent rises in 2022 and are currently above pre-pandemic lease rates levels.

Faisal Durrani, Partner – Head of Middle East Research, Knight Frank explained, “The industrial market in Dubai is a thriving sector that plays a key role in the emirate’s economy, accounting for circa 60% of GDP. In Dubai, specifically, the average warehouse lease rates have shown a remarkable improvement in the last 12 months as demand has risen by 17.7%. This can in large part be attributed to the government’s decisive response to the pandemic, which has underpinned business confidence.”

In late December 2022, an integrated Metal Park was launched at Khalifa Economic Zones Abu Dhabi (Kezad).

“This positivity has in-turn fuelled an increased number of new industrial market entrants, specifically the manufacturing sector which now accounts for 36% of the 12.2m sqft of demand we recorded during 2022. This was closely followed by the logistics sector, which generated 1.95m sqft of demand last year,” he added.

Knight Frank highlights factors such as the strategic location of the UAE, world-class infrastructure, pro-business policies, economic stimulus and e-commerce trends, that continue to make the UAE a world-class destination for industrial and manufacturing occupiers.

It added that the 100% foreign ownership law continues to make it possible for businesses to fully own and operate in the city’s well-established free zones without an Emirati partner; this is attracting international manufacturers not previously present in Dubai, the firm noted.

In early January 2023, dnata broke ground on a $14mn cargo warehouse in Iraq.

Adam Wynne, Associate Partner – Co-Head of Industrial & Logistics UAE, Knight Frank concluded, “2022 was another strong year for the UAE’s industrial and logistics sector as the market continues to evolve & mature. Over the last 12 months occupiers have continued to demand Grade A units with limited supply entering the market; a critical factor underpinning the resilience and performance of the sector.”

Later in January 2023, Xylem said it was opening a new facility in Dubai.

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2023 has been announced as the ‘Year of Sustainability’ by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan. In line with the announcement, the UAE will launch several initiatives, activities and events that will draw upon the UAE’s deep-rooted values of sustainability and the legacy of its founder, the late Sheikh Zayed bin Sultan Al Nahyan, a report by WAM stated.

The year will focus on environmental sustainability by inspiring collective action through a nationwide commitment towards sustainable practices, in line with the UAE’s national strategy, bringing together everyone who calls the UAE home to work towards a prosperous future. The UAE will also showcase its commitment towards fostering global collaboration in seeking innovative solutions to challenges, such as energy, climate change and other pressing issues related to sustainability, the statement explained.

HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court; and HH Sheikha Mariam bint Mohamed bin Zayed Al Nahyan will oversee the year-long initiatives.

“Sustainability has been a fundamental principle in the United Arab Emirates since its unification. The nation continues to serve as an exceptional model for environmental conservation and resource management. The late Sheikh Zayed was a global leader in environmental and climate action, leaving behind a legacy that we continue to follow today,” said Sheikh Mohamed bin Zayed.

In early November 2022, Masdar, Infinity Power and Hassan Allam Utilities signed a MoU to develop a 10GW wind farm in Egypt and, later in the month, Abu Dhabi environment and energy agencies unveiled a 60% clean electricity plan for the emirate by 2035.

His Highness added, “Today for tomorrow embodies the UAE’s approach and commitment to sustainability and its responsibility to protect the future. By working, making efforts and initiating actions today, we are ensuring that we leave behind a legacy of stewardship for future generations, just as our ancestors did for us.”

Sheikh Mohamed emphasised that the Year of Sustainability has particular significance, as the UAE prepares to host the 28th United Nations Climate Change Summit, Conference of Parties (COP28). He pointed out that the UAE is determined for COP28 to set a precedent in the collective global efforts to address climate change.

His Highness invited community members and institutions to engage with the initiatives and activities of the Year of Sustainability, and come together in collective efforts that lead the nation towards a more sustainable future.

According to the WAM report, the Year of Sustainability solidifies the UAE’s commitment to addressing current challenges and promoting sustainable practices at an individual and community level. Notable examples include the Net Zero by 2050 Strategic Initiative, which outlines the UAE’s commitment to promote environmental protection, and its efforts to create thriving communities ideal for living and working.

In late November 2022, MOCCAE, EAD and ENWWF inked a deal to scale up Nature-based Solutions in a bid to address climate change and, in early December 2022, Louise Collins, Head of Engineering & Energy, MENA at JLL shared her thoughts and takeaways from COP27 exclusively with Middle East Construction News.

The announcement follows the conclusion of Abu Dhabi Sustainability Week 2023, which is said to have drawn the participation of numerous state leaders and officials worldwide. The event is said to have further cemented the UAE’s position as a leader in promoting sustainability awareness domestically and internationally, and reinforces its commitment to tackling the challenges associated with it.

In mid January 2023, Drees & Sommer’s Stephan Degenhart told MECN that COP28 has the potential to have a significant impact on the built environment in the region. Later in the month, AESG’s Katarina Uherova Hasbani detailed three considerations to help businesses create practical sustainability strategies.

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Source: MEConstructionNews

France-based transportation specialist Alstom says it has been recognised as a ‘Top Employer’ for the 2022 calendar year in Saudi Arabia, UAE and Egypt for the first time. Being certified as a Top Employer showcases an organisation’s dedication to a better world of work and exhibits a people centric culture, the company explained.

The firm said that the recognition came alongside certifications in 22 other geographies it operates in, including Australia, Belgium, Canada, China, Hong Kong, France, India, Italy, Mexico, Poland, Singapore, Spain, United Kingdom, United States of America, Chile, Panama, Romania, Sweden, and Thailand.

“We are honoured to be recognised as a top employer in Saudi Arabia and very proud of the team of our talented and diverse individuals serving the Kingdom’s mobility needs.  As we focus to support the fulfilment of Saudi Arabia’s Vision 2030, our commitment to people and diversity will be key to healthy, balanced and sustainable growth,” said Mohamed Khalil, Managing Director of Alstom Saudi Arabia.

Alstom said it is continuing to expand its employee engagement efforts across the region, focusing on building a strong corporate culture that creates a sense of belonging and purpose among its people. The ‘Top Employers Institute’ is said to have also commended the company’s career and talent development programs that provide continuous learning opportunities.

In early October 2022, Alstom signed a five-year $53mn O&M contract with Jeddah Airports Company and, later in the month, it opened a new regional office in Riyadh.

Additionally, employee wellness has come into sharper focus at Alstom, with the company offering health and well-being support programs to help them excel in their personal and professional lives, the firm said.

“Providing our people with a greater purpose at work and fostering a culture of transparency and respect are essential in our success in the emirates. Our employees know the work they do has an impact, and in making public transport smarter, more accessible, and most importantly sustainable,” added Tamer Salama, Managing Director of Alstom UAE & Qatar.

Ramy Salah El-Din, Managing Director of Alstom Egypt remarked, “This certification is a recognition of the work Alstom does for the well-being of its employees. We are delighted to be able to provide our employees a healthy and constructive work environment, allowing each of them to bring their best selves to support our customers bring the best solutions to address critical mobility challenges.”

Through its collaboration with the Top Employers Institute, Alstom will be able to benefit from being able to benchmark its internal efforts against industry best practice, determining further areas of improvement. The certifications will also serve to attract new talent, as the company continues to expand its presence across the Middle East, the firm concluded.

In late November 2022, Alstom said it would design and build the first driverless metro in Africa.

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Source: MEConstructionNews

Real estate developer Bloom Holding has named Emirates Link Maltauro as the main contractor for construction works of Phase One of its integrated residential community, Bloom Living. ‘Cordoba’ is scheduled for completion in Q4 2024, the developer pointed out.

Inspired by Mediterranean Spanish architecture and occupying an area of 2.2m sqm, the project boasts more than 4,500 homes, including a selection of villas, townhouses, and apartments. The gated community is situated within Zayed City and close to Abu Dhabi International Airport, the developer said.

“Our vision to offer quality lifestyle in a unique mixed-use development is one step closer to realisation. We are positive that Bloom Living will be one of the most sought-after communities in the capital, and this announcement articulates our sustained efforts to meet the needs of our customers and provide them with the best homes within prime locations. With the commencement of the main contracting works at Cordoba, we seek to fulfill our promise in delivering the project on schedule and to the highest construction standards,” said Bloom Holding CEO Carlos Wakim.

In late March 2022, the developer said Cordoba sold out within four hours of its release to market.

Wakim added that his firm was driven by its commitment to go beyond buyers’ and investors’ expectations. “We are carefully selecting right partners, such as Emirates Link Maltauro, to join our journey in building premium communities with best-in-class quality and finishing,” he explained.

Those living within Cordoba can benefit from a wide range of facilities available at Bloom Living, just within short walking distance. Residents can explore the beauty of nature at Bloom Living’s multiple walkways, cycling tracks, and linear parks that are connecting the community’s neighborhoods. They can also enjoy their time at the community’s main Clubhouse which provides easy access to pools, sports and recreational facilities, as well as a wellness center, the statement highlighted.

On the contract win, Emirates Link Maltauro General Manager Mohamad Sleiman said the win highlights his company’s strength and core competency in this sector.

In late May 2022, the developer said that the fifth phase of Bloom Gardens was on track for completion in Q3, 2023.

He concluded, “This is a very exciting project, and we honour the confidence and trust placed in us by Bloom Holding by deploying best-in-class processes to ensure the efficient and timely completion of Cordoba to the highest possible standard.”

In late August 2022, Bloom Holding appointed Edrafor Emirates as the enabling works contractor for Bloom Living.

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Source: MEConstructionNews

Telematics specialist Trackunit has acquired contractor services provider Flexcavo, which will enable it to extend its reach in the contractor market. The agreement, which closed on 1 January, will see Flexcavo continue to build its software solution to contractors and rental clients across Europe.

Berlin-based Flexcavo specialises in data-enabled workflow and process management through the construction sector. It is said to enable contractors and rental companies to increase their efficiency, lower costs and improve collaboration across construction sites, yards, and headquarters.

“We’re delighted to welcome Flexcavo into the Trackunit group; this significantly strengthens our offering to contractors and those with mixed fleets. We’re looking forward to leveraging Flexcavo’s expertise and make sure we’re serving our customers in the best way possible moving forward,” said Soeren Brogaard, CEO of Trackunit.

He added, “Our team has doubled in the last 18 months and with the acquisition of Flexcavo, we’re on track to continue growing. We’re ambitious and this move fits perfectly with our overall strategy.”

In late October 2022, Trackunit said it had achieved a milestone in connected assets.

Soeren Brogaard, CEO of Trackunit

Trackunit currently has just under 400 employees, the statement from Trackunit noted.

“We are excited and proud to join forces with Trackunit. This enables us to double down on our ambition to be the leading partner for every contractor who strives for excellence and wants to make the most of every single job. Being part of the Trackunit ecosystem allows for a deeper integration into the contractor value chain and beyond. I know the Trackunit team shares our commitment to build the most useful industry for the world, and I can’t wait to get started,” commented Flexcavo Co-Founder Benedict Aicher.

Commenting on the deal, fellow Co-Founder Leonhard Fricke highlighted the potential for Flexcavo, which employs approximately 30 staff, to make their solutions for customers even better.

Fricke stated, “It will boost our developing capabilities significantly so that contractors and rental companies can benefit from even faster feature releases, real-time data across all machinery, and even more automation of processes between site, yard, and headquarters. Making our offering available in other key markets and supporting customers in their digitisation efforts will be our key mission going forward.”

In mid November 2022, Trackunit’s CEO urged increased decarbonisation efforts following CO2 emissions warnings at COP27.

Brogaard added that the acquisition is expected to enable Trackunit to manage the rental/contractor relationship even better in the future.

He concluded, “It’s adding new capabilities and will allow rentals and contractors to smooth out any hiccups relating to machine usage, efficiencies and productivity. It fits with the industry-wide purpose to eliminate downtime and any move that brings us closer to that goal can only make construction better.”

In early December 2022, IPAF’s ePAL app passed a quarter of a million downloads.

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Masdar City, Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), and The Catalyst, which is billed as the region’s first clean technology start-up accelerator, have announced a partnership to drive the growth of artificial intelligence (AI), clean tech, and smart city technology, including autonomous transportation, throughout the region.

In a statement, the companies said that the partnership will support the exploration of several new initiatives, including an AI and clean energy centre, learning and business opportunities for students and graduates of MBZUAI, enhanced support for AI and clean energy start-ups, and using advanced data analytics and AI to improve the performance of buildings throughout Masdar City.

The agreement was signed by Mohamed Al Breiki, the Executive Director of Sustainable Real Estate Development of Masdar City; Sultan Al Hajji, the Vice President of Public Affairs and Alumni Relations at MBZUAI; and Stephen Severance, Director of Growth of Masdar City for the Catalyst. The Memorandum of Understanding was signed during Abu Dhabi Sustainability Week.

In mid October 2022, HPE and MBZUAI said they would build a supercomputer to tackle scientific and engineering challenges.

Al Breiki said, “This agreement will help strengthen Masdar City’s position as a hub for clean tech, AI, and autonomous transport start-ups. It will also build on the already strong connections between these industries and help harness the power of youth and start-up enterprises to make meaningful change.”

As part of the agreement, MBZUAI graduates may be eligible for special packages to fast-track their startup enterprises within Masdar City, while current MBZUAI students may be able to participate in paid internships with various companies in the Masdar City Free Zone. The three entities will also explore the development of a new accelerator program focused on AI to encourage more MBZUAI graduates to start successful businesses.

“One of the most critical predictors for successful entrepreneurship is access to industry talent, and the partnership between Catalyst, Masdar City, and MBZUAI creates a platform to attract and retain some of the leading authorities in AI to Abu Dhabi. From AI incubation to research capabilities in clean energy and a focus on mentorship for emerging businesses and AI professionals, this collaboration can significantly advance the UAE’s status as a global destination for AI,” remarked Al Hajji.

In mid October 2022, Fred Crehan, Area Vice President, Emerging Markets at Confluent said that more integration and data-sharing is likely to occur as confidence grows in smart cities, and as governments’ digital transformation programs reach maturity.

Stephen Severance, Director of Growth for Masdar City added that The Catalyst is looking to empower start-ups who want to change the world through sustainable, clean tech and AI.

He concluded, “This agreement will give us access to even more top-tier talent, and provide more opportunities for entrepreneurs to develop ground-breaking tech. We’re looking forward to working together.”

In early November 2022, Masdar, Infinity Power and Hassan Allam Utilities signed a MoU to develop a 10GW wind farm in Egypt.

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Source: MEConstructionNews

Real estate developer Fakhruddin Properties has broken ground on its new development, Maimoon Gardens – a residential complex that will be dedicated to the wellbeing of occupants, with sustainability at the centre of all its offerings.

In a statement, Fakhruddin Properties said that the development will offer residents significantly superior indoor air quality, premium drinking water, energy conservation, and innovative waste management processes.

The developer added that Maimoon Gardens has been conceptualised as a living example of sustainability, and will provide residents with a higher quality of life through innovative sustainable solutions and smart home automation technologies. It added that the new project will display its vision and brings the company one step closer to making a substantial contribution towards creating a greener future.

“At Maimoon Gardens, our vision has been to create sustainable developments that promises to bring together the best of lifestyle amenities, comfort and convenience. It is our mission to be a pioneer in the field of real estate development, positively influencing behavioural and cultural shift for a healthy and sustainable future,” said Yousuf Fakhruddin, CEO of Fakhruddin Properties.

In early May 2022, Fakhruddin Properties’ CEO said that the built environment can help achieve the national climate and energy goals and create a more sustainable future.

He added, “Through smart and conscious construction practices whose core focus lies in delivering lifestyle sustainability, Maimoon Gardens is built in line with national and global climate change goals. With this unique development, we hope to inch closer to our vision of becoming the market leader in practical sustainable lifestyle developments in the region.”

Maimoon Gardens’ twin towers are located in Jumeirah Village Circle, off Hessa Street. The mixed-use development is to feature studios, one-bedroom, two-bedroom, and three-bedroom units, as well as retail and commercial spaces.

It will also offer amenities such as a community greenhouse cooled with Radiant Cooling Technology; these are expected to host vertical hydroponic systems growing a number of fruits and vegetables, a state-of-the-art health club, an outdoor calisthenics park, a squash court, a multipurpose court, a paddle tennis court, an infinity swimming pool, and an outdoor play area for children, amongst other offerings.

In addition, the property’s podium will be maximised with green gardens and landscaping consisting of a separate Zen Garden and a meditation garden with peaceful cascading waterfalls. It will also offer a host of leisure facilities, with a one-of-its-kind Lazy River, misting pods, and a barbeque area.

In mid August 2022, Fakhruddin Properties said sustainability will be a key focus of its new residential project.

Each apartment will have its own vertical herb garden for residents and homeowners to utilise. The developer stated that it hopes to provide residents with the healthiest lifestyle possible, while also creating savings on the energy consumption front, via best-in-class technology and AI.

This includes the use of air purification technology that will offering combined savings of 30% to 40%. In addition, the centralised water purification system adopted will not only deliver premium quality drinking water to every home but will also help decrease plastic waste and carbon emissions, while also saving on drinking water consumption.

Residents of the building will also be able to take advantage of a Green House with hydroponics system for growing fruits and vegetables, all of which are managed in a self-regulating radiant cooling system designed to make summer temperatures more manageable. The property is also expected to house a waste management system that encourages users to separate dry and wet garbage; this will significantly reduce the collective carbon emissions in a drastic way, the developer explained.

Each apartment is to feature an advanced smart home automation systems, which have the potential to offer energy savings of up to 30%, and can be accessed through a single mobile application interface, curated over an AI enabled backend. Everything is designed to be managed with the push of a button, from automated lighting controls and temperature regulation options to security functions such as fingerprint recognition locks, smart security systems, and access control, the firm added.

In early December 2022, ZāZEN Properties said it would deliver ZāZEN Gardens in April 2024.

The project, which is scheduled to be completed in 2025, has already seen a quick sell out of both Tower A and Tower B, the developer pointed out.

Hussainy Fakhruddin, Chairman & Group CEO, Fakhruddin Holdings remarked, “Fakhruddin Properties is always looking for new ways to operate efficiently and provide the highest quality services to our clients. We understand how important it is to maintain a competitive edge in today’s market.”

He concluded, “We believe that our commitment to innovation, sustainability, and excellence will help us stand out as a leading developer in this ever-changing world of property development, management and investments.”

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Source: MEConstructionNews

Dubai registered a record 219 ultra-prime home sales in 2022, according to the latest analysis by global property consultant, Knight Frank. The firm says ultra-prime refers to properties with a value exceeding US $10mn.

“The meteoric rise of Dubai’s multi-million-dollar homes market over the course of the last two years has been phenomenal. From just 11 ultra-prime sales in 2010, 2022 has registered 219 deals above the $10mn mark – more than the total recorded between 2010 and 2020,” explained Faisal Durrani, Partner – Head of Middle East Research at Knight Frank.

He continued, “The performance at the top of the market clearly demonstrates the arrival of Dubai as a luxury hub to rival long established markets elsewhere, with no sign to suggest a slowdown in the seemingly relentless demand from global ultra-high-net-worth-individuals zeroing in on the emirate in search of second homes. Indeed, our 2023 Global Attitudes Survey shows that amongst the region’s wealthy, the UAE remains the second most likely target for a home purchase this year, behind the UK.”

In early January 2023, CBRE said that Dubai saw a record total of residential transactions in 2022.

Knight Frank’s research also reveals that the emirate’s prime markets, which include Emirates Hills, Jumeirah Bay Island and The Palm Jumeirah, have collectively registered price growth of 44% during 2022.

Durrani added, “Dubai’s prime residential market has performed in line with our expectations and with average transacted prices standing at around $885 per sqft, it remains one of the world’s most affordable luxury home markets – further boosting the city’s appeal amongst international buyers.”

“The Palm Jumeirah remains the city’s star-performer, with villa prices increasing by 49.4% last year, underpinned by a shortage of new waterfront villa projects in completed communities and the desire by the international elite to secure stand-alone beach front homes. The exceptional demand for homes on Dubai’s Palm Jumeirah is best reflected in the fact that villa prices have risen by 96% since the start of the pandemic, but remain at about $817 per sqft. Prices are however now 34% higher than their 2017 peak,” he remarked.

In mid January 2023, the Select Group awarded $816.7mn in contracts for Dubai projects.

Villas in Mohammed Bin Rashid City (21.6%), Dubai Hills Estate (20.2%) and District One (19.5%) were the other locations that experienced the strongest gains in 2022, the firm observed.

Apartments too in the most sought-after locations have seen significant price rises; Dubai Hills Estate (22.7%) leads the 2022 league table, closely followed by The Palm Jumeirah (19.7%) and Downtown Dubai (13.8%). Apartments in the last two locations are now trading for approximately $600 per sqft, the firm concluded.

Also in mid January 2023, Samana said it would invest $680mn into 12 new projects in 2023.

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Source: MEConstructionNews