The Rua Al-Madinah project, a huge multi-functional real estate development to the east of the Prophet’s Mosque, was recently unveiled by Saudi Arabia's Crown Prince Mohammed bin Salman

The crown prince, who also serves as the chairman of the Council of Economic and Development Affairs and the Public Investment Fund, conveyed just how impactful this project will be. In accordance with the Saudi Press Agency, the crown prince highlighted how the project is assisting the ambitions of Saudi Arabia’s Vision 2030. But he also went on to say how the project will have significant importance in helping to increase the capacity to host Umrah pilgrims to an impressive 30 million in the years to come.

The project is to be constructed by Rua Al-Madinah Holding Co., the Saudi Arabian Public Investment Fund (PIF) owned company. Upon its completion, it is also anticipated that the project will contribute SR140 million ($37.25 million) to the gross domestic product of Saudi Arabia.

KEY FEATURES AND FACILITIES

The Rua Al-Madinah project will cover 1.5 million meters squared, 63 percent of which will consist of open and green areas.

Yet, the sheer scale of the project doesn’t end there. The development will have a carrying capacity of up to 149,000 visitors per day. This is particularly advantageous in helping to accommodate greater quantities of tourists and Umrah pilgrims wishing to visit the Prophet’s Mosque.

Along with offering easy access to the mosque and neighboring residential and commercial areas, the project will also have nine bus stops, a metro station, underground parking, and autonomous vehicle tracks. Equally, 93,000 jobs will also be created, and 47,000 hotel rooms will exist.

Extra-wide pedestrian corridors in the project’s cutting-edge architecture make it possible for people to easily and immediately access the squares of the Prophet’s Mosque. The "Ahwash Houses" of Al-Madinah served as the inspiration for the project and form a group of superblocks with shared basements and separate entrances. These act as a means to enhance mobility and connectivity to the visitor parking facilities as well as to the shared services and loading facilities for the buildings.

SUSTAINABLE APPEAL OF THE PROJECT

In addition to creating a wide variety of new job opportunities, the project intends to increase the quality of life of Madinah’s residents. But above all else raising Madinah’s status as a modern Islamic and cultural pilgrimage destination is a core appeal to and goal of the development.

The project aims to maintain a clean and healthy environment by utilizing cutting-edge technology and smart infrastructure to guarantee a sustainable ecosystem. In public spaces and pedestrian corridors, an automatic underground solid waste collection system is to be implemented.

This all sits nicely in line with the forward thinking and environmentally conscious aims set out by Saudi Arabia’s Vision 2030.

Palm Jumeirah’s Atlantis The Royal Residences’ largest penthouse was sold for AED163 million. The supposed biggest penthouse on the Palm was sold by the premium real estate brokerage, B1 Properties.

The 25,208 square foot five-bedroom triplex penthouse has some impressive features to its name. Included are two private pools and terraces, a private elevator, a sky garden, and 360-degree views of Palm Jumeirah and the Arabian Sea via its floor-to-ceiling windows.

Located on the highest floors of the residential towers, floors 35,36, and 37, including an extra mezzanine level on floor 37, the penthouse is nothing short of luxury.

Given the penthouse's location in The Royal Atlantis Resort & Residencies, the penthouse also has access to the stand-out amenities that the resort has to offer. These include a 90-meter infinity sky pool, over 40 cafés, and restaurants, spa treatment rooms, steam and sauna facilities, gyms, tennis courts, and many other world-class facilities.

Inspired by the elegance of ancient Atlantis, some of the world's most renowned designers have worked on The Royal Atlantis Resort & Residences. This has led to distinctly developed concepts with rich features such as elegant pools and beautiful gardens. But, that’s not all. As conveyed on The Royal Atlantis Resort & Residences’ website, the Parisian designer Sybille de Margerie and GA Design used materials including leather, marble, metal, porcelain, and gold leaf to construct the interiors of the homes.a

This substantial purchase is linked to the rising demand for investing in Palm Jumeirah. But, it is also linked to the rising demand for investing in Dubai as a second home amongst affluent international citizens, and in many cases a primary place of residence too.

The increasing attractiveness of prime real estate in the UAE and Dubai has seen Dubai recently rank 4th in the world for prime residential capital growth. A strong contributor to this is the United Arab Emirates Golden Visa Scheme which is a long-term residence visa valid for up to 10 years. This Golden Visa Scheme offers attractive advantages for highly skilled foreign people to work or study in the UAE, thus attracting strong capital inflows into the UAE’s real estate market as these people seek to relocate to the UAE.

Edra for Emirates has been appointed by Bloom Holding, a prominent real estate development company, as the first contractor for the foundation work of Bloom Living, its completely integrated residential community in Abu Dhabi.

A significant step forward in the construction of Bloom Living will be achieved when the contractor begins work in September, just before the second phase of the community is launched.

Phase one of the AED9 billion ($2.5 billion) project, Cordoba, completely sold out when it debuted on the market in March of this year. This completion date of Q4 2024 is still on schedule for the completion of this project. The contractor for the core of the development is expected to be appointed before the beginning of 2023.

Residential units at Bloom Living can be purchased by buyers from all over the world thanks to the development’s recent designation as an investment zone.

WHAT BLOOM LIVING HAS TO OFFER

More than 4,000 residential units, including a variety of villas, townhouses, and apartments are available at Bloom Living. These are to be constructed across a 2.2 million square meter area to meet the individual demands of residents regardless of the generation that are part of.

The architecture of Bloom Living draws its rustic aesthetic from the Mediterranean and flawlessly combines traditional Spanish design with modern finishings. Equally, the gated neighborhood is near the Abu Dhabi International Airport and is situated in Zayed City.

The CEO of Bloom Holding, Carlos Wakim, conveys how Bloom is committed to offering UAE citizens and residents a variety of real estate services that specifically address their changing demands while upholding the high standards of excellence that the Bloom brand has strong associations with.

THE BROADER PICTURE IN THE UAE

Investments into the UAE real estate sector are expected to reach more than AED300 billion by the end of the year. This intense volume of transactions is unlikely to taper off any time soon given the introduction of extra transaction reporting requirements in the UAE’S real estate market, but also property advertising restrictions in Dubai. These initiatives are helping to create a strong, secure, and safe UAE real estate environment, making investors all over the world eager to get a piece of the pie.

The US Green Building Council (USGBC) has awarded the highest energy and sustainability accreditation to the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Saudi Arabia.

According to a press release, the center earned five Leadership in Energy and Environmental Design (LEED) awards in the Existing Building: Operation and Maintenance (EBOM) category. The facility received a rating of more than 80 points in the category, making it the only building in the Kingdom of Saudi Arabia to receive the platinum certification level.

Five of KAPSARC’s community buildings, with a combined area of 52,284 meters squared, received Platinum LEED-EBOM certifications. The certifications were presented to KAPSARC in recognition of meeting the highest global sustainability standards throughout the design of the facilities, operations, construction, and maintenance procedures.

The fact that KAPSARC attained all five certificates in 2021 and 2022 is evidence of KAPSARC’s ambitions and progress toward its sustainability goals. But it is also a testament to the center’s commitment to environmentally responsible growth.

This arises following KAPSARC being recognized as the Middle East’s largest LEED Neighborhood Development project in 2017.

KAPSARC earned Platinum LEED New Design and Construction certifications in 2014 and 2016, and LEED Gold for Homes in 2012. This makes it the first and largest development outside North America to obtain this recognition.

HOW KASPARC HAS ACHIEVED SUSTAINABILITY

Since its inception in 2007, KAPSARC has been focusing on and extensively researching environmental protection, sustainability, and energy economics.

In 2021, KAPSARC’s waste management program prevented 94 percent of solid waste from entering landfill. This was a result of waste stream audits that decreased single-use items and aided in the development of an efficient waste separation plan at numerous stages of the waste management process.

In addition, by applying modern tools and procedures for interior and outdoor water management, KAPSARC lowered the compound's water use by 30% in 2021. This comprises a weather-based irrigation system, micro-irrigation, mulching, native plant planting, and efficient faucets.

KAPSARC facilities significantly cut energy use by 35% in 2021, thanks to yearly energy audits that assisted in identifying and implementing low-cost energy-saving solutions.

WHAT THE LEED RATING SYSTEM ILLUSTRATES ABOUT KASPARC

The LEED rating system is the world’s most widely used green building rating system.

Buildings that are LEED certified are greatly efficient, save money, cut carbon emissions, and provide spaces that are healthier for people to live in. They serve a vital role in combating client change, achieving ESG objectives, boosting resilience, and promoting more equitable communities.

For KASPARC to obtain the highest possible platinum certification level along with obtaining five LEED certificates in the past year and a half is representative of the ground-breaking innovations and sustainable systems that the project has in place.

URB, a global pioneer in sustainable development, has presented the concepts for XZero City, a proposed sustainable community in Kuwait that would provide 100,000 residents with a net zero carbon lifestyle.

According to a URB statement, the 1600-hectare development in Kuwait’s southern region would supply 30,000 residential properties in addition to 30,000 eco-friendly jobs. These jobs would be spread across a diverse range of sectors such as medical, tourist, technological, educational, retail, and entertainment.

As part of the development a wellness center, autism village, and clinics will be part of the medical hub. A nursery, school, and an institute will be part of the educational hub. Then, an indoor mall and flexible office space will make up the commercial hub.

XZERO’S STAND-OUT SUSTAINABLE FACILITIES

Through its many eco-friendly hospitality facilities, such as a five-star eco-resort and eco-lodges, XZero will be an attractive destination for sustainable tourism. The utility park and nature conservation center, for example, will serve as education attractions and will develop the city into a one-of-a-kind tourist destination.

XZero City is designed to meet the highest standards for social, environmental, and economic sustainability. Achieving this is obtained through utilizing passive design principles in addition to green and blue infrastructure. This allows the development to be a sustainable project that necessitates the smallest amount of financial investment while offering the greatest environmental and social benefits.

According to URB, a one-of-a-kind resilient landscape intended to promote health, wellbeing, and biodiversity is at the forefront of the development. This is because the city is planned and constructed to be the most pedestrian-friendly city in the world. Well-shaded primary and secondary walking networks, in addition to easy access to green transport like cycling and electric buggies, offer a safe, convenient, and pleasurable way to travel around the whole city. 35 kilometers of designated running and cycling tracks help to facilitate this along with a 9-kilometer track that links to the equestrian center.

These networks and mixed-use zones are deliberately situated in the project’s center alongside the highest density of housing. This is done to minimize the distance that most people will need to walk in the city.

Equally, the city is cleverly optimized to maximize the volume of green space. This serves to mitigate the impacts of rising temperatures and urban heat islands, resulting in a cooler environment.

Overall, the city will offer the best possible standard of living while safeguarding the environment for future generations. This ultimately sets the standard for how future cities could be designed in harmony with nature, while also encouraging a greener, more circular economy.

UAE-based proptech start-up, Huspy, recently acquired two mortgage brokerages – Finance Lab and Just Mortgages. This comes as Huspy strives to transform the process of buying homes in the UAE.

These acquisitions enable enhanced distribution and reach for Huspy in the UAE mortgage industry. But equally, Huspy will benefit from the skills, experience, and expertise of the two acquired founders and their employees who are also joining the team at Huspy.

Huspy now has significant benefits through bringing key stakeholders together internally. Not only can they maximize their ability to successfully leverage technology to secure mortgages. But they can also offer the best financial solutions in the market for people wishing to buy a home.

HOW THE NEWLY ACQUIRED FIRMS WILL BENEFIT HUSPY

Founded in 2020, Finance Lab has strong banking connections in the UAE to help facilitate property financing, thanks to its extensive network of partners. The founder of Finance LAB, Manish Bhagnari, also brings to the table two decades of experience in banking and is an expert in the financial services industry.

The acquisition of Finance Lab will now make it easier for Huspy to secure favorable financing deals with banks. This will therefore further aid the speed and convenience of house financing for customers in the UAE.

Just Mortgages was founded in 2018 by Ramesh Khemani. The company’s workforce includes several industry experts who have closed deals for both local and foreign house purchasers in the UAE.

Huspy’s acquisition of Just Mortgages will enhance its ability to successfully close real estate deals for its customers. This will come through leveraging the proven experience of industry experts to close deals that Just Mortgages has at its disposal.

By acquiring both firms, Huspy will aim to create an enhanced customer experience within their goal of building a stand-out business. A business as such that provides a single platform where customers can locate and finance houses more conveniently and at a greater speed than they can anywhere else.

HOW HUSPY IS MAKING A DIFFERENCE IN THE UAE REAL ESTATE MARKET

The innovative model and technology at the center of Huspy’s operations are helping to transform the UAE’s real estate market. It’s doing so through creating a seamless process that reinvents how houses are purchased in the UAE for the better.

To further realize this goal, Huspy raised a $37 million Series A funding round in June 2022. This is one of the largest Series A rounds within the MENA region. The company is well backed by some of the most recognizable venture partners and investment firms in the world. These include Sequoia Capital India, Founders Fund, Fifth Wall, Chimera Capital, Breyer Capital, VentureFriends, COTU, Venture Souq, and BY Venture Partners.

Three of Damac Properties’ most luxurious developments – Safa One de Grisogono, Safe Two de Grisogono, and Cavalli Tower – are set to be equipped with a range of penthouses and ultra-luxury residential units under the launch of its Skylofts Collection.

The collection is positioned to embrace a super luxurious lifestyle, characterized by lavish design features and the highest quality facilities. The aim of this is to continue to build upon the innovative range of spectacular upmarket developments that Damac Properties - developer of luxury properties in Dubai – offers. But also, to continue to differentiate their ultra-luxury real estate portfolio.

PROJECT FACTS:

• At Safa One, Damac's special twin-tower construction branded by premium Swiss brand, de Grisogono, The Skylofts Collection offers upscale residential flats. Residents of the building's 40th to 61st floors will have access to the Tropical Garden, a rain forest on the top floor, a man-made beach pool, and other amenities.
• Another project by Damac and de Grisogono, Safa Two offers a selection of ultra-luxurious residences that are part of the Skylofts Collection. The luxury residential flats are situated on the 73rd to 84th floors of the building and not only give residents access to the distinct fog forest on the 85th floor. But they also offer access to a range of superior dining options, the Observatory, and not to forget a glass slide and the Edge Walk.
• Additionally, residents of the Skylofts Collection will have access to the artificial beach pool and gym on the 11th floor, as well as the floating pool in the middle of the Ruby Heart on the 60th floor.
• The penthouses of Damac's Cavalli Tower, including the highest penthouse in the entire Palm and its vicinity, complete the Skylofts Collection.
• The luxurious residencies, that are situated on the 68th to the 71st floors of the tower, provide residents with building amenities on the 59th and 60th floors, including the infinity pool situated in the Sky Garden, the highest garden in all of Dubai.

Since the beginning of the year through the end of July, 87,467 households have benefited from Saudi Arabia’s Sakani options and financing solutions. During that time, 104,492 families obtained their first homes, according to the Saudi Press Agency.

The Sakani program went on to say that the number of households utilizing the options and financing solutions of the program totalled 7,028 in July, with a total of 9,184 families settling into their first homes within the same month.

CORE PURPOSE OF THE SAKANI PROGRAM

Founded in 2017 by the Saudi Arabian Ministry of Housing and the Real Estate Development Fund, the Sakani Program aims to increase the proportion of Saudi households that own a house to 70% by 2030.

The core aims of the Sakani Program are to enable homeownership in the Kingdom by creating new housing stock, assigning plots and homes to citizens, and providing financing for their purchases.

Offering a variety of housing solutions like this enables the Kingdom’s citizens who are registered on the lists of the Ministry of Municipal, Rural Affairs and Housing and the Real Estate Development Fund to choose the most appropriate housing and course of action for themselves through easy and simple steps. This comes as part of one of the programs that aim to improve the customer experience of being a first-time homeowner.

In collaboration with real estate developers in the private sector, the Sakani Project has already led to over 100,000 new homes being built within the Kingdom of Saudi Arabia. But equally, it was announced earlier this year that the Sakani program seeks to provide 180,000 additional families with the benefits that the program’s housing options and solutions offer during 2022.

 

 

 

Through collaborating with Hala Real Estate Development Company, Wyndham, a major MENA hospitality development firm, recently opened the doors to their new Wyndham Grand Doha West Bay Beach hotel.

Located within Doha’s idyllic West Bay region at the center of the leisure and business district, the Grand Doha West Bay Beach hotel is situated in a prime location. A location that positions the hotel close to a variety of business, government, and recreational enterprises.

The strategic location also means that the hotel is 500 meters away from The Gate Mall and approximately 600 meters away from the DECC underground metro station. But also, the hotel is within walking distance of City Centre Doha, West Bay metro station, and Doha Exhibition and Convention Centre.

FACILITIES AT WYNDHAM GRAND DOHA WEST BAY BEACH

Wyndham Grand Doha West Bay Beach spans 40 stories with a total of 516 modern upmarket guest rooms and a range of cutting-edge leisure facilities. These facilities include a spa with a jacuzzi, steam room, sauna, and outdoor pool as well as several on-site restaurants. The hotel’s six roomy corporate conference spaces, which can accommodate up to 350 people in total, are also available for people traveling for business.

Additional facilities include a 24/7 gym, 4 swimming pools, and a spacious 600m2 Al Bustan Ballroom. This ballroom can hold up to 900 people and be divided into five parts.

Boasting a broad variety of high-end facilities and positioned in a convenient location makes Wyndham Grand Doha West Bay Beach an attractive place to stay for domestic and foreign visitors alike. Irrespective of whether they’re in Doha for business or pleasure, for a quick visit or extended stay, tourists have it all at their fingertips with the available facilities and strong locational appeal.

WYNDHAM HOTELS & RESORTS EXPANSION INTO THE MENA REGION

With 9,000 hotels spanning 95 countries, Wyndham Hotels & Resorts is continuing to expand its real estate portfolio within the Middle East. The company’s intention of which is to expand its property portfolio with a proposed roadmap of an additional 27 hotels within the region in their plans.

Wyndham Grand Doha West Bay Beach is the newest addition to Wyndham's portfolio in Qatar, which includes three functioning hotels and two more under construction.

With the 2022 FIFA World Cup in Qatar commencing in late November, the new Wyndham hotel has opened at an ideal time. A time when demand for hospitality services and accommodation is at a high in Qatar. Beginning at the end of November, the month-long tournament in Qatar is anticipated to attract an influx of 1.2 million football fans from around the world.

Government implementations in the UAE's real estate market, which include tightening regulations on property advertisements and adopting new reporting standards for real estate transactions, will aid further stability in the sector. A sector that has already secured deals valued at over AED 170 billion in the first half of this calendar year.

Real estate developers, analysts, and top executives anticipate that these introductions by the Emirate’s government will see investments in the UAE property sector reach more than AED 300 billion by the end of the year.

KEY FACTORS CONTRIBUTING TO THE INVESTMENT INFLOWS

The introduction of extra transaction reporting requirements as part of the UAE government's commitment to enhance its regulatory framework has had a major impact on real estate investing in the UAE.

These reporting requirements have created a more secure, trustworthy, and transparent operating environment, leading to significant risk reduction and greater perceived strength of the UAE real estate environment.

More localized initiatives like the Sharjah ‘Holiday Homes Project’ and localized legislation such as the newly introduced property advertising restrictions in Dubai have equally contributed to the increasingly secure and attractive Emirati real estate sector.

SCALE OF INVESTMENT IN UAE REAL ESTATE MARKET

According to the latest figures, the attractive real estate environment in Dubai will carry on fuelling both the development of and demand for property in the UAE’s real estate market. Dubai’s real estate market alone has already attracted AED 115 billion worth of investments in the first half of 2022. But also, real estate transactions totaled AED 22.5 billion and AED 11.2 billion in Abu Dhabi and Sharjah, respectively, within the same time frame.

So, not only is investor sentiment within Dubai’s real estate market observing a consistent up trend. But equally, the cities of Sharjah and Abu Dhabi in addition to the UAE as a collective are observing the same trends.

These trends are anticipated to continue. Savills highlights in their 2022 report titled: “The Property Report – the United Arabi Emirates” that the UAE’s long-term demographic and economic growth is a clear indicator of what is to be expected in the UAE’s real estate market. They further highlight that according to official projections and the Dubai 2040 Urban Master Plan, Dubai’s population itself is expected to almost double throughout the next two decades, reaching a total of just shy of 6 million people.

Fuelled by substantial population growth along with favourable regulations, the demand for real estate in the UAE shows no signs of slowing down.