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23 May 04:05 PM

Real Estate

Raheja will replace Kevin Kwak
5 hours ago Dar Alarkan names new CEO
Riyadh – Mubasher: Dar Alarkan Real Estate Development Company’s board of directors approved appointing Andy Raheja as the company’s new CEO starting from 4 June.  Raheja, who will replace Kevin Kwak, is currently the CFO of Dar Alarkan, according …
Board of Directors
The new portal will feature a diverse portfolio of properties for tenants and investors
22 May 11:37 AM UAE’s largest property portal expands in Saudi Arabia
Dubai - Mubasher: Bayut, the UAE’s largest property portal, on Wednesday announced the launch of its new domain in Saudi Arabia, Bayut.sa. The new portal will feature a diverse portfolio of properties for tenants and investors seeking to rent, …
Real estate
Saudi Arabia’s King Salman bin Abdulaziz
21 May 12:03 PM King Slaman, Crown Prince offer SAR 150m housing aid to the needy
Riyadh – Mubasher: Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman have provided SAR 150 million grant to the Joodeskan platform, which is under the supervision of the National Housing Development Association, the Saudi Press …
The move comes along with the country’s Vision 2030
21 May 11:23 AM Saudi MoE to set up 30 educational complexes for SAR 2.4bn
Riyadh – Mubasher: The Saudi Ministry of Education’s (MoE) Tatweer Buildings Company (TBC) inked a SAR 2.4 billion deal with Al Mabani Real Estate Company to establish 30 educational complexes across the kingdom. The move comes along with the …
Macroeconomics
‘Ai Everything Summit 2019’ kicked off in Dubai on 30 April
19 May 10:17 AM UAE leads GCC in adopting Fourth industrial revolution
Mubasher: The current industrial revolution will not include organisations that do not adapt by using new digital technologies, including the internet of things (IoT) and Artificial Intelligence (AI). Such entities are expected to fail to be ready …
Macroeconomics
The acquisition will be financed via a sharia-compliant financing facility.
19 May 09:59 AM Al Ma’athar REIT acquires Towlan Hotel Suites for SAR 22m
Riyadh – Mubasher: Al Ma’athar REIT has signed a deal to acquire Towlan Hotel Suites in the Saudi city of Al Khobar. The transaction’s total cost amounted to SAR 22 million, according to the fund’s recent statement to the Saudi Stock Exchange …
Macroeconomics
MCDC’s profit after zakat and taxes reached SAR 48 million
16 May 11:43 PM Makkah Construction’s profits go up 2.1% YoY in Q1
Riyadh – Mubasher: Makkah Construction and Development Company (MCDC) on Thursday reported a 2.13% year-on-year profit increase during the first quarter of the current fiscal year. MCDC’s profit after zakat and taxes reached SAR 48 million in the …
Real estate
Autonomous transport something that the UAE is already actively involved in
16 May 10:44 AM Genomic medicine amid UAE’s goals in Fourth Industrial Revolution – Colliers
Mubasher: The Fourth Industrial Revolution (4IR) is becoming an endorsing factor for economies all over the world and it is currently being seen in various sectors such as real estate, banking, entertainment, healthcare, and the new trend of …
Macroeconomics
Operational revenue fell by 7% to AED 6.8 million in Q1-19
12 May 12:44 PM Eshraq Investments Q1 profit plunges 73%; board mulls listing on Tadawul
Abu Dhabi – Mubasher: Eshraq Investments, listed on the Abu Dhabi Securities Exchange (ADX), has posted a net profit of AED 2.1 million for the first quarter of 2019. Operational revenue fell by 7% to AED 6.8 million during the three-month period …
Financial Results
The company’s net loss went up to SAR 18 million
9 May 11:10 PM Red Sea Int’l posts 17% YoY loss hike in 3M
Riyadh – Mubasher: Red Sea International Company reported a 16.88% year-on-year loss increase during the first three months of the year 2019. The company’s net loss went up to SAR 18 million in Q1-19 versus SAR 15.4 million in the year-ago period, …
Financial Results
Operating profit dropped 95.7%
9 May 10:16 PM Saudi Real Estate’s profit goes down 59% YoY in 3M
Riyadh – Mubasher: Saudi Real Estate Company on Thursday posted a 58.5% year-on-year decline in net profit during the first quarter of 2019, recording SAR 18.5 million. The Tadawul-listed developer ascribed the decline in its profit to a SAR 7.8 …
Real estate
Two Seasons Hotel & Apartments will open in Al Barsha in 2022
9 May 02:54 PM Two Seasons Hotels expands operations in UAE, Morocco
Mubasher: Two Seasons Hotels management company has unveiled updates on its four new upcoming properties in the UAE and Morocco during its participation as an exhibitor in the Arabian Travel Market (ATM) 2019. In Dubai, the hospitality group will …
Companies Investments
The new app replaces all the apps previously launched for the group’s individual hotel brands
9 May 01:43 PM Emaar Hospitality launches fully-integrated app for guest experiences
Mubasher: Emaar Hospitality, a subsidiary of the leading Dubai-based Emaar Properties, on Thursday announced the launch of a single-point mobile app that covers all the hotel, hospitality, and leisure experiences under the group. The …
Real estate
Revenue reached SAR 40 million in Q1-19
9 May 10:39 AM Alandalus reports SAR 20.3m profit in Q1
Riyadh – Mubasher: Alandalus Property Company (Alandalus) posted a 1.2% year-on-year decrease in its profits for the first quarter of 2019. Net profits after zakat and tax inched down to SAR 20.28 million in Q1-19, compared to SAR 20.52 million in …
Real estate
Net profits after zakat and tax recorded SAR 25.51 million in Q1-19
9 May 10:25 AM Dar Al Arkan’s Q1 profit falls 92%
Riyadh – Mubasher: Dar Alarkan Real Estate Development Company (Dar Alarkan) reported a 92.3% year-on-year drop in profits for the first quarter of 2019. Net profits after zakat and tax recorded SAR 25.51 million in Q1-19, compared to SAR 331.12 …
Real estate
Net losses, after zakat and tax, stood at SAR 27.39 million in Q1-19
8 May 10:25 AM Shaker’s loss deepens 33% in Q1
Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker (Shaker) posted a 33.2% year-on-year increase in its losses during the first quarter of 2019. Net losses, after zakat and tax, stood at SAR 27.39 million in Q1-19, compared to SAR 20.55 million in …
Financial Results
Elaf Jeddah Hotel
7 May 10:22 AM Hotel rooms inventory in Jeddah likely to grow 35% by 2023 – KPMG
Riyadh – Mubasher: The hospitality market in Jeddah has registered an upward trend in key performance indicators (KPIs) during 2018, endorsed by a surge in the number of tourists as well as limited supply over the year; this has followed a …
Real estate
Marassi Al Bahrain will feature 6,000 residences
5 May 02:14 PM Eagle Hills inks $374m syndicated financing to build Marassi Galleria
Mubasher: Eagle Hills Diyar has signed a $374 million financing agreement with a syndicate of banks from UAE and Bahrain to finance the construction of Marassi Galleria, Address Hotel and VIDA Hotel. “The syndicated financing underscores the …
Real estate
SABB will distribute the value for Alandalus' shareholders on 9 May
29 April 12:12 PM Alandalus Property to distribute SAR 70m dividends for FY18
Riyadh – Mubasher: Alandalus Property Co’s ordinary general meeting (OGM) has approved distributing SAR 70 million or SAR 1 per share as cash dividends for the full fiscal year 2018. Distributions will take place on 9 May through Saudi British …
Real estate
Taiba Holding turned to profits in Q1-19, against losses in Q4-18
29 April 11:15 AM Taiba Holding posts SAR 31m profits in Q1
Riyadh – Mubasher: Taiba Holding Company reported a 15% year-on-year growth in profits during the first quarter of 2019. Profits hit SAR 31.3 million from January to March 2019, compared to SAR 27.2 million during the same months a year earlier, …
Real estate
Mabanee previously inked a preliminary agreement worth SAR 5.1 billion with nine GCC banks
24 April 03:10 PM Mabanee’s unit, Saudi fund ink SAR 500m deal to finance The Avenues Riyadh
Mubasher: Mabanee Co. said its 60% subsidiary Shomoul Holding Ltd has signed a SAR 500 million ($133.4 million) agreement with the Project Support Fund, which is affiliated to the kingdom’s finance ministry, to finance The Avenues project in …
Real estate
TIME Hotels will be exhibiting on stand HC0620 during ATM 2019
22 April 04:33 PM TIME Hotels plans to open 35 properties in Middle East by 2025
Mubasher: The UAE-headquartered hospitality company and hotel operator TIME Hotels plans to launch five properties across the Middle East during 2019. A further expansion to its business is planned, as TIME Hotels targets 35 properties by 2025.   …
Global Economy
The 46 projects include 80,000 residential units
22 April 12:23 PM Saudi housing ministry to implement 46 residential projects
Riyadh – Mubasher: Saudi Arabia’s Ministry of Housing started the implementation of 46 residential projects, a spokesperson told Al Eqtisadiah newspaper. These developments are a part of 70 properties which will be built over the coming period. …
Real estate
Dar Al Arkan has no plans to issue new sukuk in the meantime
22 April 11:19 AM Dar Al Arkan to redeem SAR 1.5bn sukuk
Riyadh – Mubasher: Dar Al Arkan Real Estate Development Company said it will redeem SAR 1.5 billion ($400 million) 2019 Sukuk from the company’s internal cash reserves. The sukuk, listed on the Irish Stock Exchange and Nasdaq Dubai, are due to …
Sukuk and Islamic Finance
Rents and property prices have decreased the most in Q1-19
21 April 11:47 AM Over 20,000 units likely to enter Dubai market in 2019
Dubai – Mubasher: The real estate sector in Dubai has witnessed more than 20,000 units entering the market during 2018, head of consulting at Chestertons MENA Ivana Vucinic said, according to TimeOut Dubai. The new units have resulted in a …
Sector Reports