Kuwait-listed AQARAT awards $54mln contract for Sharjah residential project
Kuwait Real Estate Company (AQARAT) has awarded an infrastructure development contract for its Al Tay Hills residential project in Sharjah.
The 198 million UAE dirhams ($53.91 million) contract was awarded to an unnamed UAE contractor, the company said in a statement published on Boursa Kuwait on Tuesday.
In January 2024, AQARAT and IFA Hotels and Resorts launched the AED 3.5 billion Al Tay Hills project.
Covering an area of six million square feet, the project includes 1,100 villas and townhouses, with the first phase of the project scheduled for delivery in the first quarter of 2028.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
16 minutes ago
- The National
Kezad Group to create 'next generation' business district in Abu Dhabi
Khalifa Economic Zones Abu Dhabi Group (Kezad), the largest operator of integrated economic zones in the UAE, is developing a new commercial hub to attract more global investors to the emirate. The Kezad Business District (KBD) in Al Ma'mourah will be developed as an integrated mixed-use commercial hub that includes offices, retail, residential, lodging, education, professional training and leisure components, the group said in a statement on Wednesday. When completed, the district will serve as a site for investors to set up their regional headquarters, research and innovation centres, training facilities, service providers and educational institutions. Kezad will deliver a "next-generation business district that will further elevate Abu Dhabi's proposition to global investors," Abdullah Al Hameli, chief executive of Economic Cities and Free Zones at AD Ports Group, said. 'Aside from re-emphasising our commitment to provide our investors with end-to-end solutions to grow their businesses, Kezad Business District will offer development opportunities and catalyse new investments in the wider Kezad Al Ma'mourah master plan." Kezad Group is a subsidiary of Abu Dhabi Ports Group and its infrastructure and services span 12 economic zones in Abu Dhabi, Al Ain and the Al Dhafra Region, covering a total of 550 square kilometres. It provides strategic market access, lower operating costs and ease of doing business with more than 2,100 businesses from 17 key industrial sectors. Abu Dhabi's economy expanded by 3.8 per cent annually in 2024 to reach an all-time high of Dh1.2 trillion as the emirate's non-oil sector continued to grow amid its diversification push. The emirate's non-oil sector during the 12-month period grew 6.2 per cent to Dh644.3 billion, marking its highest annual contribution yet to the total gross domestic product at 54.7 per cent. Abu Dhabi is developing non-oil sectors from aviation to manufacturing as it seeks to diversify its economy from oil revenue. Initially planned over approximately three square kilometres, the business district area will be developed in phases, with infrastructure work currently under way, the group said. The district intends to allow for close collaboration between academia, businesses and industry, it added.
Khaleej Times
31 minutes ago
- Khaleej Times
Dubai: Dirham drop helps British, European, Indian property investors save millions
Dubai's booming real estate market has become even more attractive to foreign investors, as the UAE dirham has weakened against major international currencies such as the British pound, euro, and Indian rupee. This currency shift has significantly reduced property acquisition costs for buyers from the UK, Europe, and India — potentially saving them millions of dirhams compared to earlier this year. According to John Lyons, managing director at Espace Real Estate, the depreciation of the US dollar, to which the UAE dirham is pegged, has played a key role in making Dubai real estate more affordable for international buyers. 'In simple terms, for many international investors — especially from Europe and the UK — Dubai property has just become significantly more affordable,' Lyons explained. 'We recently listed a Dh59-million villa in Palm Jumeirah. Back in January, a British buyer would have needed just over £13.2 million to purchase it. Today, that same villa would cost around £12 million — a saving of more than £1.18 million (Dh5.86 million) purely due to exchange rate differences, without any reduction in the asking price.' Stronger currencies drive investment Since January 2025, the British pound has strengthened from 4.47 to nearly 5 against the dirham, while the euro has risen from 3.76 to 4.22. This appreciation means investors can get more dirhams for their home currency, increasing their purchasing power in the Dubai market. 'The euro has appreciated nearly 10 per cent against the dirham since the start of the year. A Dh1-million property that would have cost around €265,800 in January now costs approximately €239,200 — saving the buyer €26,600 (about Dh111,500) without any change in the local price. British investors have also benefited, though the pound's movement has been more modest,' said Farooq Syed, CEO of Springfield Properties. Syed noted that the strengthened foreign currencies are fuelling renewed buying momentum in Dubai, particularly in the prime and upper mid-market segments, where transaction volumes have recently surged. Selling in UK to buy in Dubai The favourable currency environment is even prompting some UK residents to sell their properties back home to invest in Dubai instead. 'There's a clear uptick in cross-border activity from regions where currency appreciation has enhanced purchasing power — particularly from the UK, eurozone, India, and Pakistan,' Syed said. 'Interest from Russian buyers also remains consistent. These investors are focusing on well-connected communities, branded residences, and ready-to-move-in units.' Lyons added that his firm has seen a rise in UK buyers since January, with a shift in behaviour. 'We're seeing more clients who initially planned to buy in Dubai while continuing to lease their homes in the UK now deciding to sell their UK properties outright,' he said. 'This shift is driven by two key factors: an improved UK property market and the fact that British buyers now get nearly nine per cent more value when purchasing in Dubai due to the stronger pound. 'Real estate markets don't adjust overnight, but the currency gap is real. Historically, property prices tend to catch up. Since January 2025, the US dollar – and by extension, the dirham – has dropped by just under nine per cent against both the euro and the pound. That might sound abstract, but the impact on buyer behavior is very real,' he added.
The National
32 minutes ago
- The National
Borouge and Adnoc L&S form $531m alliance to boost UAE petrochemical exports
Abu Dhabi chemicals maker Borouge has awarded a Dh1.95 billion ($531 million) contract to Adnoc Logistics and Services aimed at streamlining maritime deliveries and boosting the UAE's petrochemical exports. The 15-year partnership will see Adnoc L&S manage the transportation of up to 70 per cent of Borouge's annual production, to Khalifa Port in Abu Dhabi and Jebel Ali in Dubai, the companies said on Wednesday. A minimum of two vessels will be dedicated for the operations, they said. Borouge's petrochemical output capacity is expected to increase by 1.4 million tonnes per year after the expansion at its Borouge 4 plant is completed, which would make it the world's largest single-site polyolefin complex, it said. Polyolefins, known for their flexibility and resistance, are a large group of polymers used in major sectors such as textiles, packaging, automotive, construction and consumer goods. The partnership will also support the next phase of Borouge's growth strategy, underpinned by a focus on optimising operations, the companies said. The contract is expected to drive more than $50 million in cost savings in the first five years, they added. The move is the latest in long-standing co-operation between Borouge and Adnoc L&S 'that has been instrumental in meeting the evolving needs of our customers in high-growth markets', said Hazeem Al Suwaidi, chief executive of Borouge. 'It brings significant benefits to Borouge … with the rapid increase in our production capacity, we are advancing our capabilities in delivering differentiated products and solutions efficiently, while keeping pace with rising global demand,' he said. The energy and industrial sectors are among the key pillars of UAE's economy and companies in the sector have continued to boost investments and partnerships to drive efficiencies and improve their bottom lines. Abu Dhabi has been at the forefront of this strategy, with its vast resources, stable of companies and commitment to drive economic growth through its various industrial programmes. The latest collaboration aligns with the Adnoc L&S's strategy to provide 'seamless, end-to-end logistics solutions that power the UAE's industrial growth and export ambitions', said chief executive Abdulkareem Al Masabi. 'By leveraging our extensive maritime and logistics expertise, we are ensuring that Borouge's world-class petrochemical products reach global markets efficiently and competitively,' Mr Al Masabi said. Borouge, a joint venture between UAE state energy company Adnoc and Austrian chemicals producer Boreali, was established in 1998. In May 2022, Borouge raised $2 billion through an initial public offering and was listed on the Abu Dhabi Securities Exchange. The IPO, which was about 42 times oversubscribed, was the largest listing in Abu Dhabi at the time. After its listing, Borouge was included in the FTSE Global Equity Index Series, which is used by investors globally to guide asset-allocation decisions and support portfolio construction. Adnoc L&S delivers dry bulk and energy products to more than 100 customers in about 50 countries through its three business units, including integrated logistics, shipping and marine services. The company made its debut on the Abu Dhabi bourse in June 2023 after parent company Adnoc raised about Dh2.83 billion from the sale of a 19 per cent stake in the subsidiary.
