October project launches, commercial property demand, plus ADNEC's major London acquisition
Construction Week Middle East
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As usual, it's been another very busy week for the construction industry in the Middle East — we've put together a list of the major movements over the course of October, plus some interesting insights and acquisitions.
Strap in!
1.?Binghatti Developers: Binghatti Skyrise
Type: Luxury residential tower
Features: 3,333 units, 15 high-end amenities
In a new step to strengthen its position in Dubai’s luxury real estate market, Binghatti Developers has now launched Binghatti Skyrise, the newest icon in the heart of ?Business Bay area of Dubai, perfectly located to meet the increasing demand for luxury residential units near Burj Khalifa and the Dubai Water Canal.
This launch comes as part of Binghatti’s vision to double its project portfolio to over $27.2 billion (AED100 billion) in the next 18 months. The project is an architectural masterpiece featuring 3,333 residential units designed in a contemporary style.
Binghatti Skyrise’s design concept draws inspiration from the seamless fusion of diverse elements, resulting in a cohesive fa?ade that captivates the senses.
Read more here.
2.?Modon: Maysan
Type: Freehold residential development
Area: 600,000m2
Modon has launched Maysan, a high-end freehold residential development located on Abu Dhabi’s?Reem Island. ?The first phase of the project features two districts: Mayar and Thoraya.
The overall design of the project — which spans more than 600,000-square metres — is inspired by boutique-style inside/outside living.
The first district, Mayar, consists of 132 stacked maisonettes — also known as split-level apartment, duplex or duplex apartment; a new concept in?Abu Dhabi ?— that seamlessly blend the immersive beauty of nature with modern living.
3.?NABNI Developments: Avenue Residence 7
Type: Residential building
Completion date: Q1 2027
Leading Emirate real estate developer?NABNI Developments ?has announced its latest residential project in Al Furjan, named Avenue Residence 7 by NABNI.
Following the successful sales of Avenue Residence 1-6, Avenue Residence 7 is a luxurious 12-storey apartment building and NABNI’s first Emirati-inspired off-plan project in Dubai.
Set to be completed in Q1 2027, this new addition to the Avenue Residences collection showcases a unique blend of Emirati heritage and modern design.
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UAE real estate: Commercial property led Q3 2024, sustainable developments gain traction
The latest Royal Institution of Chartered Surveyors’ (RICS) Global Commercial Property Monitor found the UAE continuing to post some of the most elevated results across all nations covered in the monitor, with recent robust impetus showing little sign of easing.
Overall occupier demand remained in firm growth territory, recording a +57% result (net aggregate sentiment), with offices leading the pack at +72%, while industrial and retail property recorded +53% and +47%, respectively.
These figures demonstrate healthy demand levels that are firm throughout each development type, but especially among offices.
All key figures demonstrate a continued trend of firm growth, whilst interest from international investors appears to have become exceptionally strong (+63%). ?
Abu Dhabi’s ADNEC acquires London’s Business Design Centre
Abu Dhabi’s ADNEC Group has completed the acquisition through its subsidiary ExCel London of BDCG Holdings Company, which is the 100% owner of the Business Design Centre (BDC), a leading trade and exhibition venue located in London.
Originally the Royal Agricultural Hall dating back to 1862, BDC is a Grade II listed venue that now spans a 4.5-acre freehold estate and hosts a wide array of leading events, awards and product launches as well as long-standing shows such as the London Art Fair, HIX and the Surface Design Show.
With over 130 events and more than 900,000 visitors a year, the North London venue is a multiple award winner and the current Exhibition News Venue of the Year.
In addition to its 6,000 square metres of dedicated event and conference space, BDC also provides over 12,500m2 of high-quality, let-able space for showrooms, offices, and serviced offices.
The estate also includes the freehold title to the Hilton Hotel land located in Islington, London
Sindalah: NEOM opens first completed destination to public
NEOM’s Board of Directors revealed Sindalah , the luxury island destination on the Red Sea coast, to the public this weekend
First announced by Prince Mohammed bin Salman in December 2022, Sindalah’s opening marks an exciting milestone in NEOM’s progress, said NEOM in a press release on Sunday. A number of key guests were invited to attend the opening ceremony.
Sindalah took two years to complete thanks to the efforts of a 30,000-strong workforce at its peak across four local contracting partners and up to 60 subcontractors.
CW Awards Saudi Arabia 2024 happening next week!
The wait is almost over! The Construction Week Awards Saudi Arabia 2024 are happening next week in Riyadh. Find out who's up for receiving an award here , find tickets here , and more details about the awards here .
See you in Riyadh!
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