ICONIC TOWER, NEW ADMINISTRATIVE CAPITAL, EGYPT

Set to be the tallest building in Africa when it’s completed in 2022, this 385-metre-high megastructure is situated in Egypt’s new government hub - the New Administrative Capital.

DUBAI CREEK TOWER, DUBAI CREEK HARBOUR, UAE

At a startup cost of USD 1 million, this skyscraper is set to take the top spot as the world’s tallest building once completed. Initially due to be finished in 2022, in December last year it was announced that construction would be paused due to the ongoing Covid-19 pandemic.

JEDDAH TOWER, JEDDAH, SAUDI ARABIA

Competing for the title of world’s tallest building is Saudi Arabia’s Jeddah Tower. Once completed this megastructure is expected to be a minimum of 1 kilometre in height. Construction halted in 2018, JEC - the company which owns the tower - has yet to give a new date for completion.

PALM TOWER, PALM JUMEIRAH, UAE

Connected to Palm Jumeirah’s Nakheel Mall, this new tower will be a mix of residential accommodation and luxury hotel property when it opens later this year. At the top of the 240-metre-high build will be an observation deck offering panoramic views of the Dubai skyline and the Arabian Gulf.

_{Photo Credit: www.skyscrapercenter.com}

 

LOOKING TO ENHANCE YOUR REAL ESTATE KNOWLEDGE? 
Sign up now to the Cityscape Intelligence newsletter here

 

Despite the challenges posed by the COVID-19 pandemic, the real estate sector in Egypt is on track to become the country’s largest source of GDP within 15 years, according to some industry experts.

FAST TRACKED CITY PLANNING

There is a growing sense of optimism in the country’s real estate market, buoyed by both increased demand and government investment. Indeed, urban development is a key pillar in the government’s Vision 2030 project, which has seen the robust fast-tracked planning and development across many of the country’s key hubs. As a result, urban areas in the country are expected to nearly double in the next 30 years, from 7% to 12% by 2040.

NEW REAL ESTATE LAWS

Several industry experts have pointed to the country’s New Investment Law, as a key boon for growth in the industry. The law - which was first introduced in 2019 - removed much of the red tape that previously limited foreign investment in the country’s real estate market. Growth is expected to increase further, with the Federation of Real Estate Developers Law currently being discussed by Egypt’s government. The new law will focus on market regulation, which will no doubt help to further build confidence in the country’s market.

 

 

EXPAND YOUR REAL ESTATE KNOWLEDGE ON THE EGYPTIAN MARKET by attending The Cityscape Egypt 2021 virtual conference. Under the theme: Reset, Recovery & Rebound: A Plan for the Next Decade; local and international real estate experts will provide insights into Egypt’s future economy, the challenges and opportunities with Egypt’s New Cities, technology’s disruption of the real estate sector, role of co-working spaces in Egypt, the future metropolitan experience, architecture and built environment... To know more and register click here

 

FEATURED REPORTS 

• What you need to know about Egypt's tourism market > 
• Egypt’s future cities: How the need for expansion is creating investment opportunities > 

Imagine a city that included all urban necessities in a 15- minute radius?

That’s the new concept of the 15-minute city based on the idea from Professor Carlos Moreno at the Sorbonne in Paris, in which all urban necessities are within a 15-minute reach on foot or bicycle.

Moreno believes that humanity needs to move away from its dependence on roads and cars and aim to live in a carbon-neutral city.

It’s a concept rapidly gaining traction after the COVID-19 pandemic as urban planners and architects look to alleviate densification of cities.

“The idea is that cities should be designed or rather re-designed so that they are within the distance of a 15-minute walk. People should be able to live the essence of what constitutes the urban experience to access work, house, food, health, education culture and leisure,” he said in his TED Talk about the concept.

“We need to rethink cities around the building blocks that form 15-minute cities. First ecology for a green and sustainable city, second proximity: to live with reduced distances to other activities, third solidarity: to create links between other people. Finally, participation should involve citizens in the transformation of their neighbourhood. Cities are places of economic dynamism and innovation, but we need to make urban life more pleasant healthy and flexible,” he says.

The idea is already taking shape among policy makers and urban planners; Paris is aiming to be the world’s first 15-minute city by 2030, while Melbourne is looking at 20-minute neighbourhoods by 2050. Buenos Aires, Amsterdam, Madrid, and Glasgow are also focusing on this concept in their bid to reduce emissions and waste in the drive towards carbon neutrality.

WHAT FACTORS MUST A 15-MINUTE CITY HAVE?

• Proximity: Things must be close, no more than 15-minutes via bicycle or foot
• Diversity: Different urban amenities including a green environment
• Density: There must be enough people to support a diversity of businesses in a compact land area.
• Ubiquity: These neighbourhoods must be so common that they are available and affordable to anyone who wants to live in one.

NEOM-SAUDI ARABIA'S 15-MINUTE CITY

NEOM, The Line, launched earlier this year aims to test out the 15-minute city in the MENA region. The vehicle-free city is expected to offer zero-carbon, high-speed autonomous transport, in addition to offering a green environment with all urban necessities no more than 15-minutes away.

 

EXPAND YOUR REAL ESTATE KNOWLEDGE
Subscribe to the Cityscape Intelligence newsletter here

As part of its rapid investment outreach in Europe, Dubai-based Shariah-compliant financial services firm, Gulf Islamic Investments (GII) has acquired its largest-ever real estate deal after it purchased Altaïs Towers in Paris for USD 301 million.

The commercial building, comprising two tower blocks in the French capital, is the company’s first real estate acquisition in France and brings GII’s totally investments in Europe to almost USD 800 million.

GULF ISLAMIC INVESTMENTS ON COURSE TOWARDS USD 3 BILLION

According to Mohammed Alhassan, Founding Partner and Co-CEO of Gulf Islamic Investments, the acquisition marks the company’s growth trajectory to USD 3billion by the end of 2021.

“This acquisition highlights our deep and diversified global experience as we expand into new geographies and execute transactions of this scale and complexity, especially amidst the challenges presented by the Covid-19 pandemic.”

GII LOOKS TO INVEST IN EUROPE

The acquisition is in line with the company’s long-term investment strategy as it looks at acquiring high-quality assets in major cities.

“The acquisition of Altaïs Towers is a landmark transaction that reflects GII’s vigilant and visionary approach in sourcing and developing outstanding investment opportunities in some of the world’s most attractive and liquid realty markets. We are delighted to have capitalised on this compelling opportunity to expand our European real estate portfolio and continue to build on the GII success story,” said Mohammed Rashed Alnasri, Chairman of GII.

Altaïs Towers is currently 99% leased on an average lease term of 12 years to several government as well as Air France’s commercial Head Office for domestic operations. L'Etoile Properties has been appointed as local property manager through its global real estate team.

_{Photo Credit: www.reichen-robert.fr/en/project/tour-altais}

 

KEEP UP WITH THE REAL ESTATE INDUSTRY
Subscribe to the Cityscape Intelligence newsletter here

Abu Dhabi’s Department of Economic Development (ADDED) announced that the total value of investments in the industrial sector in 2020 was AED 4 billion, contributing to nearly 11% to the capital’s non-oil GDP and 6% to overall GDP in 2020.

According to the Industrial Activity Index Report 2020, published by ADDED, in 2020, 51 industrial facilities began production in the emirate.

Last year, the Industrial Development Bureau (IDB) of the Abu Dhabi Department of Economic Development (ADDED) revealed that the number of industrial licenses with a converted status to ‘production’ reached 29, with a total investment value of USD 707.8m (AED2.6bn) in their H1 2020 report.

 

EXPAND YOUR REAL ESTATE KNOWLEDGE
Subscribe to the Cityscape Intelligence newsletter here

Saudi Arabian investment bank, Jadwa Investment has revealed that despite uncertainty in the year ahead due to the COVID-19 pandemic, broad-based recovery is expected.

Its latest forecast reveals that there will be quarter-on-quarter improvement in the Saudi non-oil economy, with recovery being more vigorous in the second half of 2021.

GROWTH IN SAUDI ARABIA'S RETAIL, HOSPITALITY & TOURISM

“More specifically, we see an expansion in the wholesale & retail, restaurants & hotels sector, especially as restrictions around social distancing are gradually relaxed and there is a steady pick-up in entertainment and domestic tourism activities. At the same time, we also see the construction and transport, storage and communication sectors contributing to growth,” the report reads.

PIF MEGA-PROJECTS

Construction is expected to benefit from work on a number of Public Investment Fund’s (PIF) mega projects, while in transport, the economic benefits from the completion of SR87 billion worth of projects during the year will help push sectorial GDP up, according to the report.

According to Jadwa Investment, non-oil revenue to be effectively flat on a year-on-year basis, at around SR360 billion, taking total government revenue to SR851 billion in 2021.

 

LOOKING TO ENHANCE YOUR REAL ESTATE KNOWLEDGE? 
Sign up now to the Cityscape Intelligence newsletter here

As Terra, Expo’s new Sustainability Pavilion, shines light on the need for more net-zero sustainable building design, the focus on addressing climate change and driving sustainable efforts within the MENA real estate industry is now more important than ever.

With real estate professionals pushing sustainability and climate change to the top of their agenda, Cityscape Intelligence believes it is essential to recognise those individuals driving change in the real estate industry.

 

Nominations are now open for you to submit your bid for Most Influential Sustainable MENA Real Estate Professionals.

You can nominate a peer, colleague, line report, or a key figure in real estate who is making a significant strides towards the MENA region’s green transition. 

The top 20 Most Influential Sustainable MENA Real Estate Professionals will be profiled on Cityscape Intelligence on 26 April 2021

 

SUBMIT YOUR NOMINEE > click here

-Only one nomination per person

-Please enter the form to nominate the real estate professional that you think is most influential when it comes to driving a green agenda in the real estate industry

-All entries will be carefully assessed based on the reasons outlined in the Nomination Form

-Make sure to complete the 100-word submission on how that individual is making a commitment towards sustainability efforts

-Deadline: 12 April 2021

Have someone in mind already? Nominate the most influential Sustainable MENA Real Estate Professional here