A look at the newest projects and most popular areas in the region.
While the UAE’s real estate is usually the focus for the Middle East and North African region, there are a number of notable projects – and even new cities – cropping up in other places. Due to the enormity of Egypt’s population, the government has been working hard to find ways around Cairo’s congestion, which ultimately has led to brand new megacities popping up outside Cairo. Although many of these projects are deemed to be too expensive for the average Egyptian, they are drawing both domestic and international appeal. Looking at the GCC, many are watching Saudi Arabia as the Public Investment Fund (PIF) and external investors are pouring a lot of resources into the creation of innovative projects such as Neom City as well as a number of other reputable developments around the Kingdom. While each country has its own circumstances and unique appeal, investment in the region will continue to propel projects like these.
QATAR
Gewan Island
Already one of the country’s most impressive neighbourhoods, The Pearl Qatar has added over 32 kilometres of extra coastline and just under 19,000 homes for about 45,000 residents.
Gewan Island, the newest project by United Development Company (UDC), will see the addition of a brand new island as an extension of The Pearl. A mixed-use development, Gewan will offer waterfront and beachfront villas, as well as apartment buildings, retail outlets and exclusive private-island villas. You can expect unique experiences at Gewan, with an aquarium-style waterpark, an air-conditioned boardwalk, an eco-friendly park, and a waterfront retail boulevard all planned for this exciting location.
BAHRAIN
Kooheji Golden State
The Bahrain Bay is becoming one of the country’s most vibrant and commercially active areas. The Kooheji Golden Gate, which aims at being the highest residential tower in Bahrain, will consist of two towers, be home to 746 luxury apartments, and is located in the heart of the bay.
The towers, which will be 45 and 53 storeys tall, will offer investors and residents an unparalleled lifestyle and stunning views, as well as access to a number of exclusive amenities. Kooheji Golden Gate is one the county’s most anticipated projects, and will cover more than 140,000 square meters.
LEBANON
Beirut Souks Department Store
Beirut Souks officially opened its doors in 2009, nevertheless, it still has room to grow. A new department store designed by Zaha Hadid & Samir Khairallah & Partners is taking shape at this impressive commercial district with an estimated cost of $40 million.
The new project consists of five storeys covering 26,370 m sq in area. The development features a department store at the northern end, while the southern end will hold retail space at ground and lower-ground levels, with serviced apartments on the upper Levels, as well as a rooftop restaurant.
EGYPT
New Alamein City
New Alamein City Located on the north-western coast of Egypt near the Marsa Matrouh governorate. Spreading over 50,000 feddans (210 million square metres), it is designed to reduce population density and accommodate a booming population of three million residents. It is, also, divided into a historical, tourist, and residential segments.
You will find a tourism center on 20% construction rate, beachfront platforms and 3 towers in the coastal area built upon 39,000 meters with 34 floors and a floor area of 150 thousand meters. Properties there an average price of 170,000 EGP and will be delivered by the end of the first phase.
MOROCCO
The big theatre of Rabat
The big theatre of Rabat The ‘big theatre of Rabat’ project was launched by King Mohammed VI in 2014, and will be ready towards the end of the first quarter of 2019. This future emblem of the Moroccan cultural scene is the last masterpiece of Zaha Hadid, the famous English architect of Iraqi origin, who died in March 2016.
The impressive theatre is characterised by its contemporary architecture and futuristic design. It includes a large auditorium with 1,822 seats, a small auditorium with 127 seats, a restaurant with a panoramic view of the marina, shops, cafes and a bookstore. The ‘big theatre of Rabat’ reinforces the cultural infrastructure of the city and will help develop urban heritage across the country.
SAUDI ARABIA
Al Faisaliah District Redevelopment Project
The Al Faisaliah District Redevelopment Project is the redevelopment of Al Faisaliah Mall and Khozama Hotel near King Fahad Road and Olaya Road in Riyadh, Saudi Arabia.
The project has been undertaken and renovated by Al Khozama Management Company and includes an extension of 16,000 square meters of the Al Faisaliah Mall, a hotel building, retail units, a hypermarket, cafes and restaurants, a fashion zone and parking. The project’s estimated cost is $300 million and it is expected to be completed in 2020.
Top Community Searches Across the Region
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This article was originally published in Trends Report, Vol 5.
