MENA Opportunities

Dev Mitra, CEO of Indigo Properties, shares 7 tips to help you make sure you’re dealing with the right developer. 1. Visit the company’s website. Gain insights into the company you are about to sign with. It is important that you know what its history is, who the owners, partners and associates are, how long the company has been around, its ongoing projects and so on. 2. Visit completed projects. Make a visit to the developer’s completed projects to see the styles, finishings and layouts. Seeing is believing, as the saying goes. 3. Talk to existing owners. There is nothing better than a recommendation or unbiased insights from someone who has already been in your situation. A small chat with an existing property owner can reveal a host of pros and cons. 4. Visit social media platforms/other online research. The internet is a great source of information: be sure to have a look at what feedback others have had when working with the developer. Take a look at the develo...

10. Al Harbi Trading & Contracting: The Riyadh-based company was awarded a deal for developing an area of 500 hectares in Mardooma Quarter last November, which was one of two contracts worth $80 million handed out by the Royal Commission for Jubail and Yanbu. The scope of the works includes roads, water drainage and waste water, drinking water and wastewater treatment, as well as the construction of a communications building. The company has carried out a large number of government projects since its establishment in 1965. Apart from being involved in massive infrastructure jobs such as King Abdullah Economic City, Al Harbi Trading and Contracting has worked on major civils projects, including a $19.1 million job to upgrade runways at Kuwait’s airport, a $53 million sewage tunnels project in North Jeddah and a $104 million contract to build nine 50-bed and 100-bed hospitals across the Kingdom. It is part of Al Harbi Group, which also has an mechanical, electrical and plumbing (M...

Masood Al Awar has an interesting analogy for an initial public offering (IPO): he describes it as being like a wedding night. As the CEO of Tasweek Real Estate Development and Marketing, which is set to launch a AED1bn ($272m) IPO in the fourth quarter later this year, does that then make him the nervous groom? Is he satisfied that everything is in place and it all doesn’t go horribly wrong before the honeymoon period is over? “The IPO is called the wedding night and the listing is the life after, so we have to take care of the listing even more. We are trying to build up the equity story and what Tasweek is all about and where we are going from here,” he says, laying out his proposal. As much as he likes his analogies and catchy metaphors, Al Awar also likes his data and he has certainly done his number crunching ahead of the big day later this year. “We analysed that 60 percent of the IPO requirement — why people want to invest in a company — they base their decision on the fina...

The first time ever, on 13 July 2006, the Emaar chairman Mohamed Alabbar was in fighting mode. His company was the biggest property developer on the planet, worth $36bn. He had just delivered a 21 percent rise in half year profits to $1.38bn, and announced $21bn worth of new projects in the previous six months. He told us then: “You know what separates the men from the boys? Do you know what? It’s when you have to run a very large publicly listed company, and every 90 days you have to report the figures. You have to explain exactly what you’ve been doing. No excuses, just results. That’s what separates the men from the boys.” Nearly eight years on, and actually not very much has changed. Sure, there was a mega recession, and yes the numbers today sound better in dirhams than dollars. But you want growth? You want relentless energy? You want determination? And most of all, do you want to see the 2006 numbers replicated possibly within just two years from now? Then Mohamed Alabbar is ...

Stepping into the spacious offices of AltCity on Beirut’s bustling Hamra Street, the sense of keen minds working away, most likely at something they hope to be great someday, is palpable. It’s been three years now since the co-working space opened its doors; the space’s progression from a few rooms where people could rent desks, to a cafe, event venue, and a second floor due to open in the fall, is impressive. Overcoming obstacles such as sporadic bombings and heightened security issues, AltCity’s team has managed to keep the objective of becoming a key player in the Lebanese startup scene firmly at the forefront of their minds. Rather than specialize in one sector, the incubator initially accepted all kinds of startups so as to serve the broadest base. “When we started we were more diverse when it came to the projects we took on,” says co-founder and current CEO Munir David Nabti. “This was very helpful for us to mobilize different funding in order to help us survive.” Not having ...

Despite its size, the 416-room Maksoud Plaza has a cozy feel, like a comforting but well worn bar. While the interior is sharp and clean, it maintains a rustic charm that points toward its former glories. This partly comes from a strong sense of its history — the 35 year old hotel is the oldest five-star venue in São Paulo. In 1981 Frank Sinatra played one of his last ever Latin American concerts there, while other Western stars to have frequented the place in its musical heyday include Mick Jagger and Ozzy Osbourne. These kind of extravagances were the work of the then-owner Henry Maksoud. A self-made businessman, the engineer and entrepreneur became one of Brazil’s most prominent and powerful businessmen in the second half of the 20th century. His Hidroservice company designed major engineering projects across the world, while he also established a powerful computing company. In the late 1970s he decided to put some of his profits into establishing the hotel. Despite his empire, ...

In January 2014, Selim El Zyr, co-founder of Rotana, made what he described as “the most difficult speech in my life” as he handed over the reins of the company — which he established 21 years ago — to his close colleague, former Rotana executive vice president and chief operating officer, Omer Kaddouri. “I strongly believe that Omer is a dreamer and a doer,” El Zyr asserted on stage at his leaving ceremony at Beach Rotana Abu Dhabi — the company’s original property — in January as he welcomed his successor to the role of president and CEO. “I believe [he] can drive the company to new levels — Omer has everything it takes for success — drive, vision, passion, loyalty, charisma and modesty — which is a major plus for someone in this position.” El Zyr, who along with life-long friend Nasser Al Nowais, the company chairman, built Abu-Dhabi based Rotana Hotel Management Corporation PJSC “the tough way, brick by brick” — as he explained to Hotelier Middle East in an interview in Decembe...

Capital from MENA accounted for 13 per cent of the total cross border investment coming into Europe, a new report says. MENA investment in Europe rose by 25 per cent year-on-year during the first half of this year to reach $7.9 billion, according to a report by Colliers International. Total cross border investment in Europe rose by 32 per cent to top €44 billion, while capital from the MENA accounted for 13 per cent of investment coming from outside Europe. The report also highlighted a growing interest among investors for alternative products in continental Europe. “MENA buyers are increasingly prepared to venture outside Central London, looking at alternative asset classes such as hotels and serviced apartments in other tier 1 cities,” said John D. Davis, chief executive officer, Middle East & North Africa at Colliers International.“ Recent examples include Qatar Investment Authority’s acquisition of five more properties to its hotel portfolio, located in Cannes, Madrid, Fran...

Good news for middle income house seekers searching for affordable apartments: Sayfco Holding, the Lebanon-based high-end real estate developer is going back to its roots, said Chahe Yerevanian, Sayfco’s chairman. After having abandoned the middle income market for many years, the company is planning to launch a new housing project in Jdeideh (Metn) this month for mid-range budgets. ‘Abraj Jdeideh’ will feature five 15-storey towers and will include apartments ranging from 122 square meters, which will be priced at $140,000, to 166 square meters — priced at $180,000. Sayfco is not planning to stop developing luxurious housing projects, but is now entering a new market, which is projected to be healthier in the forthcoming years. “Luxury [demand] will stop for a while because of the economic crisis. The prices [of high-end apartments] will never go down, but I think luxury will stop having a quick turnover,” said Yerevanian. Sayfco has finalized the plans and is waiting for the per...

Ernesto Zarzur likes to think of himself as the patriarch of his family — one that he considers to be 4,000 strong. The chairman of Eztec, one of Brazil’s largest construction firms with annual post-tax profits of over $200 million, he is unashamedly unconventional in his management style. Wearing his trademark sunglasses, the 80 year old conducts a full tour of his 400-strong head office to check all is running smoothly — a practice he carries out at least twice a day. With the informality common of Lebanese leaders, he stops regularly to kiss employees on the cheek or the head. And when he says his company is his family, he also means it literally — eight of his 16 grandchildren work there, while the company’s chief executive title is rotated between his four sons. He admits it is a highly unusual and potentially controversial structure, but one that he says is inspired by his Lebanese roots. “In this market there are around 20 [major] companies … The way I run this company is di...

The city’s political stability and rising demand from a burgeoning workforce have been instrumental in attracting international investment to its property market, a new report says. MENA buyers are increasingly investing in Central London’s residential property market as they are encouraged by the city’s transparency and its credentials as a finance centre, according to a report by real estate consultancy JLL. Although international investors control only nine of the largest 50 development sites in the city, these sites have the capacity to accommodate up to 28,000 new homes. This figure already represents 20 per cent of the total planning pipeline in Central London and is expected to grow significantly over the next few years, JLL said. “London’s position as a capital city and financial centre, alongside its stable political system and transparent legal framework, continues to attract interest from across MENA,” said Adam Challis, head of residential research at JLL. “Whilst quest...

When telling the story of Manuel “Matty” Moroun, it’s nearly impossible not to tell a story about Detroit and some of its history. And like Detroit, Moroun might be a little old-fashioned, but certainly never dull. He is the owner of the Ambassador Bridge, and a man who rarely speaks to the press. While he’s viewed as an adversary by some and an example of the American dream come true by others, in reality Moroun’s early years were not unlike those of many growing up in Detroit in the 1920s and ’30s. A Detroit-Windsor landmark (and one of the busiest crossings between Canada and the U.S.), the Ambassador Bridge is also one of the only privately owned international border points. “My grandfather came from Lebanon and my dad was born in Buenos Aires,” says Moroun, sitting in a wood-paneled conference room at his spacious company headquarters in Warren, Mich. “My mom was also from Lebanon, but we think she was born in Cuba. The U.S. was always the magnet and that’s why they wanted to ...

Dubai needs to introduce further measures to shield its real estate market from an increase in speculative demand that could cloud the United Arab Emirates’ buoyant economic outlook, the International Monetary Fund said after a consultation visit to the country. Selected U.A.E. Macroeconomic Indicators: 2010–15 IMF: The emirate’s fast-rising property sector and the country’s continued dependence on oil-related income are the major concerns for the U.A.E., where economic growth is nevertheless expected at 4.8% in 2014 and 4.5% in the coming years as tourism continues to flourish and new large-scale construction projects are being launched, the IMF said. Despite the U.A.E.’s solid economic outlook, the IMF identified “potential risks from rapidly rising residential real estate prices and, more broadly, from the economy’s dependence on the global oil market, despite some recent progress in economic diversification.” The U.A.E. does possess “sizeable buffers” should it need to absorb a...

Plans to turn Great Scotland Yard, Whitehall, into a luxury hotel have attracted MENA buyers. Sovereign wealth funds from Kuwait and Qatar are in talks with a London developer over the acquisition of the original Scotland Yard headquarters, which is being transformed into a £10,000-a-night luxury hotel. The Galliard Group confirmed to The Telegraph that its chief executive, Stephen Conway, has met individuals from the MENA over the last few months, who have shown interest in buying the historic building once construction has been completed in 2016, thought to be worth £200m. “We are currently in discussions with representatives of sovereign wealth funds and ultra high net worth, private investors from the Gulf states, including Qatar and Kuwait. The Gulf investors see Whitehall buildings such as great Scotland Yard as AAA investments that will grow in value over the long term and are a good diversification away from their traditional oil and gas sector holdings,” said Mr Conway. “W...

MENA investors will deploy US$180 billion in commercial property markets outside the region over the next decade, with the majority of that stemming from sovereign wealth funds, according to research by CBRE, the property adviser. Several billion dollars of foreign capital is also sitting on the sidelines eager to invest in the MENA, mainly the UAE, but a lack of buying opportunities and other restrictions are holding back the flows. “The ‘buy and hold’ strategy adopted by many MENA investors within their home region and the resultant lack of deal flow opportunities leaves much unsatisfied demand here,” said Nick Maclean, the managing director at CBRE Middle East. “Coupled with increased confidence in global markets and the need for diversification, overseas investment has grown strongly. This trend is set to continue and with new sources of MENA capital, particularly from Saudi [Arabia], set to enter the market over the next couple of years, the demand for real estate is increasin...

Middle Eastern investors are expected to spend $180 billion on buying commercial property outside their own region over the next 10 years, according to new research from property advisor CBRE. A significant chunk of that investment – roughly $130-$140 billion – is expected to come from regional sovereign wealth funds, while investors, property companies and developers will account for the remaining amount, said CBRE. Europe is the preferred target and is expected to receive 80 per cent of the $180 billion (around $145 billion) as it offers “diversification, cultural acceptance, high liquidity and market transparency,” said the report. While close to $85 billion will flow into the UK, $60 billion will be invested in continental Europe, with France, Germany, Italy and Spain among the key target markets. Iryna Pylypchuk, EMEA Research and Consulting, CBRE, said: “Culture, openness and favorable taxation laws are significant push factors for Middle Eastern buyers towards Europe, and th...

Arabian Construction Company (ACC) is a dynamic and progressive organization that has grown to become a leader in its industry. ACC has been operating since 1967, through a comprehensive regional network throughout the Middle East. From power generation and desalination plants, to factories, hotels, hospitals, and intricately sophisticated smart buildings, ACC's track record is a prestigious list of efficiently delivered projects. Established contacts in the region, a dedicated workforce and an exacting standard for completion have gained the company a competitive edge well recognized in the industry. ACC benefits from a working network in many areas in the Middle East which allows it to mobilize rapidly throughout the region. ACC's advantage also lies in its ability to bring solutions to the client's requirements in all phases of project planning and execution. ACC offers full contracting services and has the flexibility to assist the client by securing additional expe...

At the International Hotel Investment Forum in Berlin, the First Qatar Real Estate Development Company (“First Qatar”) signed a management agreement for its property on the Pearl Island with Hilton Worldwide. In the next few years, First Qatar will be investing up to $ 390 million in the new hotel, which will be located on the artificial island “The Pearl“ Qatar. “This is the most significant investment to date in Qatar for our group,” says Ala Ramdan, Vice President of First Qatar, emphasizing the importance of the project. “With its successful track record in attracting tourism and Major Sports events, Qatar remains a very attractive market for us. The recent increase in commitment at The Pearl, driven by the new management of the UDC, has been a decisive factor that has encouraged us to increase our investment at The Pearl Qatar“, says Ala Ramdan. With a share of 65 percent, business travelers shape the structure of tourism in Qatar. The MICE industry (Meetings, Incentives, Confer...

MENA Social ® is the leading online content aggregation platform focused on the Middle East and North Africa (MENA) region. It allows users to follow the most talked about MENA online content all through one single user-friendly aggregation platform updated in real-time! Checking out many separate websites frequently can take a long time and rapidly become cumbersome. Aggregation technologies such as the one used by MENA Social help to consolidate many websites into one page that can show real-time information from many sites. MENA Social covers 30 MENA topics (Breaking News, Business, Communication, Computers, Economy, Education, Entertainment, Entrepreneurship, Fashion, Finance, Food, Funding, Gaming, Health, Humor, Investments, Lifestyle, Luxury, Management, Media, Money, Politics, Real Estate, Science, Social Media, Sports, Startups, Technology, Transportation and Travel) in over 50 languages from over 1,000 global leading media outlets. The platform also offers efficient and c...

RAMCO is a full line real estate agency and consultancy based in Lebanon. Whether you are looking to buy, sell or rent an apartment in Lebanon, invest in an office or shop in Beirut or trying to market bigger real estate projects, their team of consultants stand ready to provide you with all the help and support required. The company's real estate services also include land acquisition & disposal, project marketing and placement, property valuation, as well as real estate advisory. It covers all of Lebanon for lands, but for apartments, offices and shops, its focus is Beirut. The company publishes periodic market reports on the real estate sector in Lebanon thus enabling our clients and partners to stay informed and up to date with the latest property news and developments in Lebanon and the region. RAMCO is a founding member of R.E.A.L. the Real Estate Association of Lebanon, an organization geared toward elevating the standards within the industry. RAMCO was founded 40 ye...