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23 September 07:19 AM

Real Estate

Designs Group, Warwick Hotels to manage 1,000 rooms across Saudi Arabia
18 September 01:38 PM Designs Group, Warwick Hotels to manage 1,000 rooms across Saudi Arabia
Riyadh – Mubasher: Designs Group on Tuesday unveiled a partnership with Warwick Hotels & Resorts (WHR) under which the former will manage new hotels including 1,000 rooms in Saudi Arabia. The deal, which will come into effect in 2019, was signed …
Companies Investments
The deal’s financial impact cannot be currently specified.
17 September 04:04 PM Red Sea International’s unit, RSS ink business alliance deal
Riyadh – Mubasher: Saudi Arabia-based Red Sea International Co. on Monday said that its wholly-owned subsidiary Red Sea Housing Services Company in Jebel Ali Free Zone (JAFZA) signed an alliance agreement with Rental Solutions and Services Company …
Companies Investments
Saudi home prices drop in 2018
16 September 04:22 PM Saudi home prices drop in 2018 - Report
Riyadh – Mubasher: A new report covering international real estate markets has indicated that the Saudi market was among those that witnessed a fall in prices so far in 2018. Saudi was only one of seven markets to see prices fall in the 12-month …
Macroeconomics
The project’s infrastructure designs had been finished and delivered to the contractor
16 September 02:28 PM Al Wedyan project’s investment to hit SAR 38m upon completion – CEO
Riyadh – Mubasher: Saudi Real Estate (Al Akaria) has said that Al Wedyan project’s value will stand at SAR 37.5 million ($10 billion) after completion, CEO Mamdouh Saud Al Sharhan stated. The project’s infrastructure designs had been finished and …
Real estate
Al Akaria owns a 60% stake in Binya.
16 September 10:03 AM Al Akaria’s unit inks SAR 1.1bn deal
Riyadh – Mubasher: Saudi Real Estate (Al Akaria) said that its 100% subsidiary, Al Wedyan Saudi Real Estate, signed a SAR 1.1 billion contract with Saudi Real Estate for Infrastructure Co. (Binya) to implement the infrastructure of Al Wedyan …
Real estate
Saudi Arabia launches event to boost construction sector next week
11 September 02:44 PM Saudi Arabia launches event to boost construction sector next week
Riyadh – Mubasher: The Saudi Contractors Authority (SCA) has said it will organise the first International Contracting Conference and Exhibition (ICCE) during the coming week at the Riyadh International and Convention and Exhibition Centre. …
Sector Reports
RAFAL sold its entire stake in Burj Rafal Hotel Kempinski
10 September 11:29 AM RAFAL Real Estate exits SAR 1.4bn projects
Riyadh – Mubasher: Saudi Arabia-based RAFAL Real Estate Co. has announced exiting two projects worth a combined value of SAR 1.4 billion ($370 million) in a bid to develop new projects during the coming period. RAFAL sold its entire stake in Burj …
Companies Investments
Derayah REIT Fund acquires medical centre at SAR22m
30 August 04:39 PM Derayah REIT acquires medical centre at SAR 22m
Riyadh – Mubasher: Derayah Financial company has said that its subsidiary, Derayah REIT Fund has acquired Raseel Medical Center at a value of SAR 22 million ($5.87 million). The transaction’s value was funded through loans which were awarded to …
Mergers and Acquisitions
MENA countries are still feeling the impact of the significant drop in oil prices
29 August 03:02 PM Saudi Arabia tops MENA in IPO, REIT activity in Q2
Mubasher: Countries in the Middle East and North Africa (MENA) region have raised $881.5 million through nine initial public offerings (IPOs), including four Real Estate Investment Trust (REIT) listings, during the second quarter of 2018, …
Initial Public Offerings
The Middle East's construction sector should get rid of construction bonds
20 August 02:03 PM Middle East construction industry should remove bonds - Laing O’Rourke
Mubasher: The Middle East's construction sector should get rid of construction bonds to spare itself many problems, a top official has said, describing construction bonds as being "archaic". There are four types of construction bonds used in the …
Bonds
Jabal Omar’s net losses amounted to SAR 148.02 million in Q2-18
9 August 04:49 PM Jabal Omar’s losses rise 144% in Q2
Riyadh – Mubasher: Saudi Arabia-based Jabal Omar Development on Thursday posted a 143.5% year-on-year increase in net losses for the second quarter of 2018. Jabal Omar’s net losses amounted to SAR 148.02 million ($39.46 million) during Q2-18, up …
Real estate
Red Sea International suffered SAR 10 million losses in Q2
8 August 05:09 PM Red Sea International posts SAR 10m losses in Q2
Riyadh – Mubasher: Red Sea International Co. on Wednesday reported losses for the second quarter and first half of 2018 due to lower revenues. The company suffered SAR 9.8 million ($2.61 million) in losses between April and June, up 75% from SAR …
Financial Results
Al Akaria to complete Al Widyan project in 7yrs
6 August 04:43 PM Al Akaria to complete Al Widyan project in 7yrs
Riyadh – Mubasher: Saudi Real Estate (Al Akaria) has revealed plans to establish Al Widyan megaproject through its wholly-owned subsidiary Al Widyan Co in collaboration with other partners. The first phase of the seven-year project has already …
Companies Investments
Taiba's sales revenues levelled down 9% to SAR 107.58 million in Q2-18
2 August 10:36 AM Taiba Holding profit drops 5% in Q2
Riyadh – Mubasher: Taiba Holding Company on Thursday reported a 5.49% year-on-year decrease in net profits for the second quarter of 2018, recording SAR 46.48 million, compared to SAR 49.18 million. Quarter-on-quarter, the Saudi company's profits …
Real estate
50% of the required capital has been already spent
31 July 12:39 PM Kuwait's Mabanee says SAR 10bn capex for The Avenues - Riyadh
Mubasher: Mabanee Co is currently studying the offers proposed from contractors for The Avenues - Riyadh project in Saudi Arabia, the company's deputy CEO Tareq Al Adsani said. Al Adsani expected the opening of The Avenues - Riyadh to be in the …
Companies Investments
Dar Al Arkan’s profits surged 1,805.2% to SAR 439.7 million in H1-18
30 July 04:49 PM Higher sales boost Dar Al Arkan’s Q2 profit
Riyadh – Mubasher: The Saudi real estate developer Dar Al Arkan on Monday reported an 892.7% year-on-year surge in its net profits for the second quarter of 2018. Dar Al Arkan logged a net profit of SAR 108.6 million during Q2-18, up from SAR 10.9 …
Real estate
Dar Al Arkan’s Ziad Al-Chaar resigns
25 July 12:10 PM Dar Al Arkan’s Ziad Al-Chaar resigns; new CEO named
Riyadh – Mubasher: The CEO of Dar Al-Arkan Real Estate Development Company has resigned and the firm has accepted it and announced his replacement. Ziad Al-Chaar, who has resigned his post citing personal reasons, will be replaced by Emaar Middle …
Board of Directors
The firm’s net profits amounted to SAR 44.6 million in the period between April to June
15 July 09:40 AM Arriyadh Development’s profit drops 3% in Q2
Riyadh – Mubasher: Arriyadh Development Company on Sunday posted a 3.04% year-on-year drop in net profits during the second quarter of 2018, in addition to posting a 1.23% profit decrease during the first six months of this year. The firm’s net …
Real estate
Alwadian is planned to be headquartered in Riyadh
12 July 08:12 PM Al Akaria to launch new SAR 1bn unit
Riyadh – Mubasher: Saudi Real Estate (Al Akaria) has announced that the Ministry of Commerce and Investment has issued a decree permitting the company to incorporate a closed joint stock company under the name of Alwadian Saudi Real Estate …
Companies Investments
Musharaka REIT Fund secures SAR 400m facility from Al Rajhi Bank
31 May 11:57 AM Musharaka REIT Fund secures SAR 400m facility from Al Rajhi Bank
Riyadh – Mubasher: Musharaka REIT Fund has announced signing an agreement with Al Rajhi Bank to obtain an SAR 400 million loan with +1.85% SIBOR cost for six months. The seven-year facility will be compliant with the Islamic sharia, according to a …
Corporate Actions
MCDC’s operating profits dropped 17.24% to SAR 48 million
28 May 05:17 PM Makkah Construction & Development posts SAR 47m net profit in Q1
Riyadh – Mubasher: Makkah Construction and Development Company (MCDC) reported a 16.07% year-on-year decline in its net profit during the first quarter of the fiscal Hijri year 1439/1440, registering SAR 47 million. MCDC’s operating profits …
Real estate
The positive impact of the deal will appear in the company's financials by Q2-18
20 May 11:03 AM Jabal Omar sells 90 units at SAR 1.1bn
Riyadh – Mubasher: Jabal Omar Development on Sunday announced signing an agreement to sell 90 residential units to Albilad Capital, the investment arm of Albilad Bank. The total cost of the deal amounted to SAR 1.1 billion, according to a filing …
Real estate
Al Akaria's profits fell slightly to SAR 44.6 million in Q1-18
9 May 05:56 PM Saudi Real Estate posts SAR 44.6m profits in Q1
Riyadh – Mubasher: Saudi Real Estate (Al Akaria) on Wednesday posted a slight decline in its first-quarter results compared to a year ago after it registered higher expenses and Zakat provisions. The Saudi property firm achieved SAR 44.64 million …
Financial Results
Jabal Omar CEO Yasser Al-Sharif and SHUAA Capital chairman Jassim Alseddiqi
8 May 01:10 PM UAE’s SHUAA Capital inks property management MoU with Jabal Omar Development
Dubai – Mubasher: SHUAA Capital on Tuesday announced signing a memorandum of understanding (MoU) with Saudi-based Jabal Omar Development Company through which the two companies aim to launch and manage real estate investment vehicles in Saudi …
Banking and Finance
The Kuwaiti company will build two projects in Saudi Arabia
6 May 12:30 PM Mabanee to expand The Avenues in GCC – CEO
Mubasher: Mabanee Co has played an important role in the real estate sector in Kuwait since 1964, company CEO Waleed Al Shareaan said in a press conference on Thursday. Mabanee’s business represents one-third of the overall market value of the …
Real estate