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    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

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Aramco, DHL to build procurement and logistics hub for the energy sector

      Aramco, DHL to build procurement and logistics hub for the energy sector

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      Second runway of Muscat airport to be ready this year

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      UAE-Oman rail network expected to bring about new era of collaboration and growth

      Saudi Arabia issues 124 licenses to industrial units in different sectors in January

      Saudi Arabia issues 124 licenses to industrial units in different sectors in January

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      Qatar’s economic growth is strong: ICAEW

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

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      Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

      Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

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      Construction works of Egypt’s first eco-sustainable industrial complex kick off

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      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

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      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

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        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

        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

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

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

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          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

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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        • Agrofood
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          • Agriculture
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          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

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics
            Aramco, DHL to build procurement and logistics hub for the energy sector

            Aramco, DHL to build procurement and logistics hub for the energy sector

            Second runway of Muscat airport to be ready this year

            Second runway of Muscat airport to be ready this year

            UAE-Oman rail network expected to bring about new era of collaboration and growth

            UAE-Oman rail network expected to bring about new era of collaboration and growth

            Saudi Arabia issues 124 licenses to industrial units in different sectors in January

            Saudi Arabia issues 124 licenses to industrial units in different sectors in January

            Qatar’s economic growth is strong: ICAEW

            Qatar’s economic growth is strong: ICAEW

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

            Saudi Arabia real estate: PIF-backed firm signs largest deal valued at $1.5bn

            Construction works of Egypt’s first eco-sustainable industrial complex kick off

            Construction works of Egypt’s first eco-sustainable industrial complex kick off

            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

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            • Energy
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              • Power & Electricity
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              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

              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

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              • Hospitality
                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

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Jordan’s residential property market set to rebound

              OBG

              November 4, 2016
              in Real Estate
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              Although recently faced with lower activity, increased economic growth and new projects coming on-line could see demand rise in Jordan’s property market.

              State of the market
              Jordan’s real estate sector saw a 6% year-on-year (y-o-y) decline in trading values to JD3.2bn ($4.5bn) in the first half of the year, according to data issued by the Department of Lands and Survey (DLS) cited in local media.

              This comes on the back of a 2% y-o-y contraction in real estate sales last year, which saw a total annual turnover of JD7.61bn ($10.7bn).

              In June, in a bid to simulate the country’s real estate market, the government cut the fees collected on property sales from 5% to 2.5% and reduced the sales tax on real estate transactions by half to 2%. This followed on a halving of fees from 10% to 5% in the previous year.

              However, in late July Omar Malhas, minister of finance, announced that the reductions implemented the previous month had been cancelled after the measures failed to increase sales, with real estate activity falling 9% y-o-y in the month in which the tax cuts were in place.

              Cautionary factor
              Despite this, Jordanians continue to purchase property; however, many families are investing in smaller residential units of 100 sq meters or less, primarily due to cost concerns.

              In Amman the cost of residential real estate is approximately $1500 per sq meter. Rental rates are also high in the capital, in part due to the influx of refugees into the country, according to industry media reports.

              “Jordanians are extremely price sensitive,” Nasser Al Khaldi, CEO for Samarah Dead Sea Resort, told OBG. “In the current environment, they aren’t looking for size, but rather from the point of view of what provides the best value.”

              The increase in demand for smaller units is not only due to more competitive pricing, but also recent tax incentives.

              Last July the government announced it would waive registration fees on the first 150 sq meters of any home less than 180 sq meters. The incentive package also included the halving of the registration fees on any size of property to 5%.

              As a result, the DLS reported that government revenue from real estate sales declined 11% to JD377m ($531m) last year, with the value of exemptions increasing by 47% to JD120m ($12.3m).

              In the first half of 2016, revenues were down by 10% y-o-y to JD164.3m ($230m), suggesting that state levies may fall short of the amount generated last year.

              Breakout tipped for next year
              Though sales may be down this year, a rebound in the market could be fueled by an expected rise in economic activity.

              The IMF has predicted Jordan’s economy will start to gradually gain pace over the next three years, with GDP growth predicted to reach 2.8% this year and increasing to 4% by 2019, momentum that could boost property sales.

              Demand in the Amman market – where 42% of the country’s population of 9.5m reside, and 72% of the country’s real estate trade takes place – could also stimulate growth.

              There should be a gradual unlocking of the residential market next year, according to Omar Zghayer, CEO of real estate developer Akoya Properties, who predicts an increase in investment in the coming year.

              “The market will perform better in 2017 because several real estate projects will be done by then,” he told OBG. “There is more demand than supply for residential units in Amman.”

              Part of this demand will be met by projects like Tanamee Real Estate Development Company’s 204,000-sq-metre Jenan Amman, an integrated suburb located near the airport road. Upon completion of the three scheduled phases, the JD100m ($140.6m) development will contain some 500 villas, as well as student dormitories, apartments and approximately 65 stores.

              Meanwhile, Al Seraje Real Estate Development, a subsidiary of the Audeh Group, will be launching its residences in the first quarter of next year as part of its Campbell Gray Living development project, which will also include a 5-star hotel, offices, and cafes and restaurants upon completion in 2018.
              Oxford Business Group
              4 November
               

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