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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

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      • CES 2017
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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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        • Hospitality

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Sharjah real estate targets affordable luxury

              OBG

              October 4, 2016
              in Real Estate
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              While falling property prices in Dubai have reduced Sharjah’s real estate competitiveness over the last year, a spate of large-scale, mixed-use developments and improvements to transport infrastructure are spurring a more positive market outlook.

              As its closest neighbor, Sharjah has historically benefitted from growth in the Dubai property market, presenting itself as an affordable alternative for those living and working in the region.

              Starting last year, however, Sharjah experienced the flipside of this, as falling prices in Dubai caused demand to weaken and rental prices to ease. Rents in Sharjah declined by an annualized 8.3% in the first quarter of 2016, according to the latest report from property consultancy Cluttons.

              Given the weaker short-term outlook for Dubai, Cluttons predicts rents in Sharjah will ease by a combined 3-5% this year, though a turnaround is expected in mid-2017, when jobs linked to Dubai’s Expo 2020 will begin to have an impact on demand.

              Emirate remains competitive on price
              Sharjah continues to be attractive though, with rental rates for mid-market properties typically half the cost of those in Dubai.

              In the third quarter of last year, for example, studio rental prices averaged Dh26,000 ($7080) per annum in Sharjah, compared to Dh52,000 ($14,160) in Dubai, according to real estate services company Asteco.
              In addition, rental prices in Sharjah are historically less volatile thanks to government regulations that lock in rates for three years at a time.

              “Sharjah is not a freehold market like Dubai, and therefore does not see as sharp of swings in prices,” Saeed Al Suwaidi, managing director of Al Ghanem Real Estate, told OBG. “This also protects the market from property flippers and unnecessary speculation, attracting renters that are more likely to feel a long-term commitment to the market.”

              Even against the more subdued market backdrop, Cluttons noted that demand for high-end suburban-style properties and gated communities remains strong in Sharjah.

              “Demand for suburban-style living continues to rise in the emirate, predominantly because of the relative affordability when compared to Dubai,” the report said.

              The long-term hope – and one that is being backed by developers – is that Sharjah begins to complement its affordability with a competitive lifestyle offering. The recent completion of an Dh11.4m ($3.1m) city-center roadwork project, as well as a series of large-scale developments in the pipeline, is encouraging investors to examine Sharjah’s potential as an alternative to Dubai.

              New developments draw international attention
              Sharjah is already the third-most-attractive property investment destination in the GCC, according to a recent survey by Cluttons. Of the high-net-worth investors surveyed, 8% identified Sharjah as one of their top-three destinations, behind Abu Dhabi (21%) and Dubai (27%).

              Continued investment in real estate bodes well for Sharjah’s long-term economic prospects. The sector forms a vital part of the emirate’s economy, with real estate and business services accounting for a combined 21% of economic activity.

              Tilal City, Sharjah Waterfront City and Al Zahia are among the highest profile of a swathe of major residential developments seeking to capitalize on market demand for affordable luxury.

              The Dh2.4bn ($653.3m) Tilal City development spans 25m sq ft and comprises 1855 land plots. According to developer Tilal Properties, the project has attracted investors from more than 25 countries to date.

              “Tilal City is unique in that it is being developed as a public-private partnership, which have not typically been utilized in the real estate sector in Sharjah,” Khalifa Shaibani, director-general of Tilal Properties, told OBG. “If the project is ultimately successful, I see opportunities for many similarly structured projects in the future.”

              Such a geographically diverse investor profile has been made possible by recent changes to the emirate’s property investment regulations. While freehold ownership remains restricted to citizens of GCC countries, a law passed in late 2014 allows investors of any nationality to purchase leaseholds for terms of 100 years in designated developments outside the city centre.

              Another major project open to foreign investors is Sharjah Waterfront City, which is being developed by Sharjah Oasis Real Estate Development.

              Listed as the third-largest mixed-use development in the GCC, the project will accommodate 200,000 people upon the completion of 10 islands, which are to be connected by bridges and canals along 36 km of coastal land on the north-east side of the emirate. According to local media reports, the project is being built at a cost of between Dh18.5m ($5m) and Dh20m ($5.4m).

              Lastly, Al Zahia, a joint venture between Majid Al Futtaim and the Sharjah government, is being developed as the emirate’s first gated community. Spanning more than 1m sq meters, the community is expected to have capacity for 12,000 residents when it opens in 2018.

              Located near Sharjah University City and Sharjah International Airport, and near strategic road links to Dubai, the development offers a range of three-, four- and five-bedroom townhouses, villas and apartments, with the first 51 homeowners taking possession of their homes last year.

              Further investment could be directed to the area following the announcement that Majid Al Futtaim is planning to build a super-regional shopping mall within the community. The new mall, City Centre Al Zahia, will have a gross leasable area (GLA) of 130,000 sq meters.

              Meanwhile, construction on Tilal Mall, which is expected to have 94,121 sq meters of GLA and will be located at Tilal City, is set to begin next year with opening scheduled for 2019, according to press reports.
              Oxford Business Group
              4 October

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