< PreviousTOTAL STOCK OF HOUSING UNITS IN THE UAE TO DATE 729,000 NO. OF UNITS EXPECTED TO BE DELIVERED IN 2024 NO. OF HOUSING UNITS IN Q1 2024 10,000 6,000 % INCREASE IN SALES TRANSACTIONS 20% % INCREASE IN SALES TRANSACTION 17% DUBAI ABU DHABI NO. OF UNITS SCHEDULED FOR DELIVERY IN THE NEXT 9 MONTHS 25,000 8 JUNE 2024 | STAT OF THE MONTH | OVER 30,000 RESIDENTIAL UNITS WILL ENTER THE UAE REAL ESTATE MARKET IN 2024 More than 30,000 residential units are projected to enter the UAE real estate market by the end of 2024. According to a market overview of the year’s fi rst quarter by property consultant JLL, approximately 10,000 units were completed in Dubai Q1 2024, raising the total stock to 729,000 units. Over the coming nine months, an additional 25,000 units are scheduled for delivery in the emirate, primarily consisting of apartments located in prominent areas such as MBR City, Business Bay, Jumeirah Village Circle, and Dubai Land. In Abu Dhabi, 1,600 units were delivered with 6,000 units expected to be added by the end of the year, JLL said. Over in Dubai, both sales and rentals saw around a 21% annual increase. Apartment rentals saw an annual increase of 22%, outpacing villa rentals, which increased by 14% compared to the year before. During the fi rst quarter, the residential sector continued to demonstrate strong growth, revealed Faraz Ahmed, Research Director at JLL MENA. “Dubai’s residential sales transactions recorded a 20% increase in volume compared to the same period last year, whereas Abu Dhabi witnessed a 17% increase in volume, with more apartment transactions than villas and townhouses. However, escalating land prices and construction costs are compelling developers to shift their focus towards secondary locations in addition to targeting properties within the $544,000 (AED2 million) price range, enabling buyers to meet the threshold for the Golden Visa eligibility,” Ahmed concluded. According to real estate consultant JLL, this will raise the country’s total stock to 729,000 unitsSHAPING THE FUTURE Million Visitors are targeted to visit Madinah by year 2030. Billion Saudi Riyals GDP Contribution by 2030 Thousand Jobs by 2030 Open Spaces Billion Riyals paid-up capital. Thousand hotel rooms by 2030 /ruaalmadinah| CITY FOCUS | 10 JUNE 2024 When completed, the $17 billion land and rail road project will facilitate an overland route between Europe and the GCC Amonumental step in regional collaboration has been taken as the United Arab Emirates, Iraq, Qatar, and Türkiye solidify their partnership with a quadrilateral Memorandum of Understanding for the Development Road project. Valued at $17 billion, the initiative includes the creation of a comprehensive land and rail network stretching from Iraq to Turkey and its ports, with approximately 1,200 kilometres traversing Iraqi territory. Divided into three distinct phases slated for completion by 2028, 2033, and 2050 respectively, the Development Road project promises to revolutionise connectivity between Europe and the Gulf Cooperation Council nations. Speaking to the overarching vision, the Iraqi prime minister’s offi ce emphasised the project’s role in fostering economic growth, regional integration, and international cooperation. “The outlines for the framework of implementing the Development Road project aim to stimulate economic growth and enhance UAE, IRAQ, TÜRKIYE, AND QATAR’S QUADRILATERAL AGREEMENT areas such as water and energy security, transport and infrastructure, free trade and investment, science and medical research, defence and military training, security cooperation, youth and sports, agriculture, education, tourism, and culture, including archives and religious aff airs. “Various agreements have been signed with the Turkish side regarding water,” said Al-Sudani. “The agreements will modernise irrigation systems for a period of 10 years, and its impact will be clearly felt, especially with regard to Iraq’s water shares.” With an eye toward the future, both parties pledged commitment to realising the shared objectives outlined in the MoUs, signaling a new era of cooperation and prosperity between Iraq and Turkey. In April 2023, Iraq announced a launch date for the multi-billion-dollar rail network project linking its southern Grand Faw Port, then estimated to cost more than $19.7 billion (AED72.3 billion) and completed by 2038, with Turkey’s Port of Mersin. regional and international cooperation through economic integration,” said the Iraqi prime minister’s offi ce in a statement announcing the signing. “It seeks to create a sustainable economy bridging East and West, increase international trade, facilitate movement and commerce, establish a new competitive transport route, and bolster regional economic prosperity,” added the statement. Meanwhile, several accompanying strategic framework agreements between Iraq and Türkiye were also signed on the same day. Echoing this sentiment, Iraqi Prime Minister Muhammed Shia Al-Sudani hailed the MoU during a joint press conference with Turkish President Recep Tayyip Erdogan, underscoring its potential to not only shrink geographical distances but also to serve as a conduit for cultural exchange and geopolitical stability in the region. Alongside the Development Road Project MoU, Iraq and Türkiye signed a total of 26 agreements focusing on collaboration in key Follow us @JacobsConnects | jacobs.com We’re recruiting! Be part of our Jacobs community. jacobs.com/jacobs-ksa We make the world smarter, more connected and more sustainable. Vision 2030 is driving an enormous amount of growth and change in Saudi Arabia and is creating exciting opportunities for Jacobs. There has never been a more exciting time to be working in the projects, we can help transform a nation and create a better future for its nationals, residents and tourists.| NEWS | 12 JUNE 2024 Dubai Grand Hyatt’s waterpark is part of the company’s regional expansion and market pivot in the Middle East Dubai’s Grand Hyatt hotel has revealed plans to open a state-of- the-art water park in early 2025. Following an extensive refurbishment of the hotel’s interior and guest rooms, the announcement was made on 7 May. The hotel has relocated several key existing installations and extended its northeastern lawns to make way for the new waterpark. Spanning an impressive 20,000 square metres, this waterpark will have the capacity to accommodate 2,000 visitors at a time. Civil works on the project are currently ongoing at the site, and the park is expected to open its doors early next year. The addition of the waterpark is part of a broader regional expansion in the Middle East, aiming to attract more leisure travellers. Historically, the property has primarily catered to meetings, events, and exhibitions. However, the shift towards leisure is a strategic pivot prompted by the pandemic, which severely impacted business travel—a sector that was among the fi rst to be hit and the last to recover. In a conversation with Construction Week Middle East on the sidelines of the 2024 edition of the Arabian Travel Market, a spokesperson for the hotel highlighted the resilience of the leisure travel market post-pandemic. “The travel landscape has shifted signifi cantly, revealing leisure as a very resilient market,” the spokesperson commented. Dubai, in particular, has seen a strong resurgence in tourist interest, prompting the hotel to revamp its off erings to better cater to the leisure market, including families. The fully serviced waterpark will feature 20 thrilling rides, including 15 slides, a 2,000m2 lagoon and sandy beach, and a unique fl oating tennis court surrounded by water. For guests seeking a more exclusive experience, private cabanas with their own pools will be available, along with a dedicated soft play area for children. One of the waterpark’s standout attractions will be the trademark Boomerango slide, which off ers views of the nearby Dubai Creek at its highest points, as well as the Dubai Metro running adjacent to the property. The waterpark will also include various dining options that can double as event spaces, enhancing its versatility and NEW WATERPARK SET TO SPLASH INTO GRAND HYATT AFTER RENOVATIONS appeal. This integration of leisure and event spaces refl ects a growing trend in the hospitality industry to create multifunctional environments that cater to a diverse range of needs. The introduction of the waterpark is a signifi cant milestone for Grand Hyatt Dubai, marking a new chapter in its evolution as a premier destination for both business and leisure travellers. The hotel’s commitment to expanding its amenities and adapting to changing market dynamics proves its dedication to providing exceptional experiences for all guests. As the hospitality sector continues to rebound post-pandemic, innovations such as this waterpark will play a crucial role in attracting visitors and sustaining growth in the region. With its grand opening set for early 2025, the new waterpark at Grand Hyatt Dubai promises to be a major attraction, off ering a blend of excitement, relaxation, and unique experiences for tourists and locals alike. This development is set to solidify the hotel’s position as a leading player in the Middle East’s vibrant hospitality landscape. SCENT OF RIYADH 920031100 Thabatred REGISTER| PROJECTS | 14 JUNE 2024 Dubai-based AARK Developers has revealed its latest project, the SORA Beach Residences. The new property will be situated on Al Marjan Island, Ras Al Khaimah, and will be valued at $1.1 billion. Designed by Japanese architecture fi rm, Nikken Sekkei, the property’s design will blend aesthetic beauty with practical functionality, featuring timeless interior design by multi-award winning designer, Shalini Misra. Developed by Divine One Group, the multi- tower Hammock Park project will be located in Wasl Gate, Dubai, and will consist of fully furnished units spread over two acres and 70,000 square feet. Some of the amenities in the community will include an artifi cial lagoon, an outdoor beach cinema, wellness facilities, a co-working space, an olympic-sized pool, and specialised gaming zones. HAMMOCK PARK Construction Week Middle East unveils the latest residential projects in the Middle East in May 2024, ranging from luxury beach resorts to multi-tower residential communities SORA BEACH RESIDENCES PROJECT LAUNCH| SUSTAINABILITY | 16 JUNE 2024 WHAT DOES LIFE- CENTRIC URBAN DESIGN MEAN FOR THE NEXT GENERATION IN THE MIDDLE EAST Tushant Suri, Head of Sustainability - Middle East at Ramboll, explores the importance of integrating life-centric urban design with sustainability, innovation, and technology to create resilient and future-ready cities Designing healthy and resilient communities at the urban scale is more important than ever as cities and populations grow in tandem with a changing climate. The need to decarbonise is a commitment that we must make for the next generation. In fact, I would argue that taking a life-centric urban design approach allows us to not just design for the next generation but to provide a regeneration of what we have taken for granted so that it can be re-defi ned and re- designed to deliver future value for nature, our community, and the economy. Life-centric urban design forces me as a designer to look ahead to what the next generation will want from their cities, neighbourhoods and streets. I investigate the | SUSTAINABILITY | JUNE 2024 17 technology or the next innovation—it’s about marrying our digital future with the regeneration of current ecosystems. As my colleague Ramboll’s Global Design Director Dr Hossein Rezai says, the future and the past do not have to confl ict: “Regenerative thinking sees the two distinctively diff erent natural and built environments as entities that can be fused into one regenerative environment in which the built environment, with all its limitations, is underpinned with systems and wisdom that prevail in nature.” UAE – WHERE PEOPLE AND NATURE ARE FLOURISHING I began working in the Middle East almost ten years ago, and even in that short space of time, there has been a substantial post- COVID acknowledgement shift in why people want to live long-term in the Middle East. We are a region that embraces expats, a region where travel is central to our economy, and a region that thinks big. Combining these future-focused development themes central to a city like Dubai and its way of life, the region is also focused on preserving its rich heritage and natural ecosystems. A story that is not often told is the culture of ecological balance that has been driven by green initiatives across the emirate. Well-enforced biodiversity and sustainability programs have allowed conservation to fl ourish. Dubai’s wildlife reserves have increased from two marine and coastal habitats to eight areas representing the major geological features of the emirate in just a few years. Nature is now ingrained into Dubai’s future. We recognise that to continue to attract talent to the region, to attract people to visit, and to maintain our economic position, we need to take that big approach that we have taken to infrastructure and building over the past 15 years and combine that with a regenerative approach to nature and biodiversity. Nature is becoming central to Dubai’s life- centric approach to urban design. The Dubai 2040 Urban Master Plan—a comprehensive master plan for sustainable development in Dubai—aims to expand green spaces to enhance the population’s well-being. Could I have imagined this ten years ago? At that time, we were designing for a diff erent generation with diff erent priorities. Now, we are designing for the future but learning from the past. latest digital technologies that could make our buildings smarter or our commute easier while enabling a seamless experience for the end user. But more recently, as a leader in the sustainability space, I’ve been compelled by the need to look ahead, enabling an evidence-based and data-driven approach to decision-making through the lifecycle of the asset. What I mean by this is that without addressing the damage we have done to the natural environment, it’s challenging to be life-centric in our next-generation designs. Whether it’s for Gen Alpha—born into the chaos of addressing environmental challenges—or Gen Beta, which we hope will be born into a more sustainable society, being life-centric is not just about the next Tushant Suri, Head of Sustainability - Middle East at RambollNext >