Gulf Coast Development Company will develop an integrated destination spanning around 20 square kilometres, with a 10-kilometre waterfront overlooking the Arabian Gulf.

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Sabah Barakat, a senior executive at Saudi Arabia’s Public Investment Fund (PIF), has been appointed Acting Chief Executive of New Murabba, according to the developer’s website. He replaces Michael Dyke, the British executive who had led the project since January 2024.

Barakat is also the Acting Group Chief Executive of ROSHN Group, another PIF-backed property developer. It was not immediately clear whether Dyke would remain with New Murabba in another capacity.

New Murabba said in a statement that its operations, partnerships and strategic direction remained in place despite the leadership change. The developer did not provide further details on the circumstances surrounding Dyke’s departure.

The management shake-up comes as Saudi Arabia’s sovereign wealth fund tightens spending across its vast portfolio of investments and reviews the timelines of several projects launched under Crown Prince Mohammed bin Salman’s “Vision 2030” economic transformation programme.

New Murabba is among the Kingdom’s most ambitious urban developments. Planned for central Riyadh, the project is designed to create a new downtown district covering around 14 square kilometres, with residential neighbourhoods, offices, cultural and innovation centres, hotels, retail space and green areas.

The development is expected to contain 18 communities eventually and accommodate more than 400,000 people. Its centrepiece is the Mukaab, a proposed 400-metre-high cube-shaped structure designed to house residences, hotels, entertainment venues and commercial facilities.

When New Murabba was announced in 2023, the development was targeted for completion by 2030. That deadline has since been pushed back to 2040, reflecting a broader recalibration of Saudi Arabia’s giga-project ambitions.

Property consultancy Knight Frank estimates the project’s cost at approximately USD 50 billion. Its scale illustrates the extraordinary investment Saudi Arabia has committed to transforming Riyadh and diversifying the economy beyond oil.

But the financial environment has become more challenging. Lower-than-expected oil prices and higher spending pressures have constrained government finances, while the Kingdom has increasingly focused on directing capital towards projects with clearer economic returns.

The PIF’s 2026-2030 strategy, released in April, reflected that shift, with several previously announced projects either omitted, delayed or substantially scaled back.

The sovereign wealth fund has been central to the “Vision 2030” strategy, deploying hundreds of billions of dollars into tourism, property, technology, entertainment, infrastructure and other sectors intended to create new sources of economic growth and employment.

However, the sheer number and scale of projects have raised questions over whether Saudi Arabia can deliver them simultaneously without putting excessive pressure on public finances.

Sources previously told AGBI that PIF had ordered minimum spending reductions of 20% across its portfolio in 2025. The measures affected more than 100 companies and contributed to project delays and job cuts.

New Murabba has already faced signs of a more cautious approach. Reuters reported in January that construction work on the Mukaab had been suspended, although development of the surrounding New Murabba district was continuing.

The change in leadership therefore comes at a critical point for the project. While the broader development remains part of Riyadh’s plans, the altered timeline and questions around the Mukaab underline the shift from the rapid expansion phase of “Vision 2030” to a greater emphasis on execution and capital discipline.

The appointment of Barakat could also strengthen coordination between New Murabba and other PIF-backed property developments. His concurrent role at ROSHN gives him experience across Saudi Arabia’s state-backed real estate sector at a time when the fund is attempting to rationalise its property portfolio.

The Kingdom is nevertheless continuing to develop its property market and attract foreign capital. In June, Saudi Arabia began accepting applications from non-Saudis to purchase property after the cabinet approved new ownership rules. New Murabba was included among the areas where foreign ownership would be permitted.

That policy could create an additional source of demand for projects such as New Murabba as Saudi Arabia seeks to develop a deeper property market and attract international investors.

For Riyadh, the challenge is now to ensure that its flagship developments deliver economic value without the spending overruns and delays that have become increasingly associated with some of the Kingdom’s mega-projects.

New Murabba’s longer timetable suggests that Saudi Arabia is prepared to take more time to achieve that balance.

The appointment of a senior PIF executive at the helm signals that the project remains strategically important, but its next phase is likely to be defined less by speed and spectacle and more by capital discipline, execution and measurable returns.

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A Shenzhen court on Thursday found Hui guilty of eight offences, including fundraising fraud, misuse of corporate funds, illegally taking public deposits, loan-related offences, securities fraud and bribery. His personal assets were confiscated. Evergrande and its main mainland property subsidiary, Hengda Real Estate, were fined a combined 15.82 billion yuan (USD 2.35 billion).

The verdict marks the end of a significant chapter in the rise and fall of a company that epitomised China’s debt-fuelled property boom and the risks associated with a growth model reliant on ever-increasing borrowing.

Hui, 67, pleaded guilty in April during a two-day trial. The charges related to conduct between 2016 and 2021, when the company was rapidly expanding and increasingly dependent on debt and advance payments from homebuyers. The court said Hui and Evergrande had inflated assets, concealed liabilities and engaged in large-scale financial fraud.

Evergrande was founded in 1996 and grew from a property developer in Shenzhen into a sprawling conglomerate with interests ranging from real estate and electric vehicles to football and consumer businesses. At its peak, it had annual property sales of about USD 100 billion, and Hui’s personal fortune reached roughly USD 45.3 billion in 2017, according to Reuters.

The company’s spectacular expansion Borrowing fuelled the company’s spectacular expansion. by borrowing.

Evergrande raised money from banks, bond investors and homebuyers and used the proceeds to finance a constant pipeline of new developments. The model thrived as property prices soared, credit flowed freely, and buyers consistently paid deposits for unfinished homes.

It became increasingly fragile when China’s authorities began tightening controls on developers’ leverage.

The government’s “three red lines” policy, introduced in 2020, sought to curb excessive borrowing by imposing limits on developers’ debt and liquidity. The change exposed weaknesses across the property industry, with Evergrande among the companies most heavily affected.

By 2021, Evergrande had defaulted on its debts. Its liabilities exceeded USD 300 billion, making it one of the largest corporate debt failures in history. The collapse triggered a wider property crisis, leaving unfinished homes, angry homebuyers and losses for suppliers, banks and investors.

The consequences extended well beyond Evergrande.

China’s property industry had been a critical pillar of economic growth, accounting for a substantial share of economic activity through construction, materials, household wealth and related services. The sector’s prolonged downturn has weighed on consumer confidence, local-government finances and investment.

The legal proceedings against Hui therefore carry significance beyond the fate of one businessman.

Chinese authorities have increasingly sought to signal that corporate executives cannot treat aggressive borrowing and financial manipulation as simply another form of entrepreneurial risk.

The court said the fraud caused “extremely severe” social harm, while prosecutors argued that the scale of the misconduct warranted a particularly severe punishment. More than 50 other people connected with Evergrande were also sentenced, with prison terms ranging from less than two years to 18 years.

The case also highlights the distinction between Evergrande’s financial collapse and its continuing liquidation.

A criminal conviction does not resolve the enormous claims against the company. In January 2024, a Hong Kong court ordered Evergrande into liquidation after the company failed to restructure its offshore debt. The process of recovering assets and distributing proceeds to creditors remains complicated and protracted.

Hui’s fall is particularly striking because of how closely his career tracked China’s economic transformation.

He rose from rural Henan, trained as a steel technician and moved into property during the country’s extraordinary urbanisation boom. Evergrande’s low-cost housing strategy helped make him a billionaire and turned the company into a national powerhouse.

At its height, however, the business had become too dependent on leverage.

The company’s collapse demonstrated how quickly an asset-price boom can turn into a balance-sheet crisis when credit conditions change.

For China’s property market, the verdict is unlikely to provide an immediate solution. Analysts said the trial itself was not expected to change market conditions materially, while the sector remains under pressure from weak demand, falling property values and unfinished developments.

But the symbolism is powerful. Hui built an empire on the assumption that China’s property boom could continue indefinitely. His life sentence represents the state’s answer to that era.

The message is that the age of growth at almost any cost, financed by increasingly aggressive borrowing, is over.

For investors, the more important question is whether China can replace that old property-driven model with one based on more sustainable sources of growth.

Evergrande’s collapse may have ended one property empire. The economic consequences of the model that created it are still unfolding.

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As per the bank’s projections, investor credit demand for Australia’s housing sector would fall from 9.1% in 2026 to 4.5% in 2027 and 4.4% in 2028, as higher higher interest rates and policy changes weigh on the industry’s future prospects.

“Total housing credit growth would slide to 4.7% in 2027 from 6.8% in 2026,” Westpac said in ⁠a presentation. It, however, expected a slight improvement from owner-occupied credit demand to push total credit growth to 5.2% in 2028.

The outlook has further reinforced investor fears about Australia’s banks, long buoyed by record property prices and favoured for their reliable dividends, potentially facing an uncertain trading environment , as there is no clear-cut direction about the Trans-Tasman country’s interest rate direction.

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As per the data issued by the Real Estate Registration Department at the Ministry of Justice, Doha, Al Rayyan, and Al Wakrah municipalities were the most active in terms of financial value. Doha Municipality recorded the highest value of real estate transactions at QR640.140 million during the month, accounting for the largest share of the market in financial terms.

“Al Rayyan Municipality followed closely with property deals worth QR418.378 million, while Al Wakrah Municipality ranked third with transactions valued at QR236.184 million. Together, the three municipalities accounted for the overwhelming majority of the month’s total transaction value, highlighting their continued importance as Qatar’s principal real estate markets,” the Department noted.

In terms of sales activity, Doha and Al Rayyan led all municipalities by recording 25% of the total number of properties sold during June. This was followed by Al Wakrah (20%) and then Al Dhaayen (9%).

As per the department’s estimates, the figures indicate sustained demand for residential, commercial and investment properties across the Gulf nation’s fastest-growing urban centres.

The market index also measured activity based on the total area of land traded. Al Rayyan maintained a commanding lead, representing 34% of the overall transaction area during the month. Doha followed with 21%, while Al Wakrah accounted for 20% of the total area traded.

The department’s report also highlighted the concentration of high-value transactions during June. Of the ten most valuable properties sold during the month, five were located in Doha Municipality, three in Al Rayyan and one property in each of the municipalities of Al Dhaayen and Umm Slal.

“Average building prices also varied considerably across municipalities. In Doha the average price reached QR925 per square foot. Al Daayen followed at QR550 per square foot, reflecting increasing demand in the municipality. Al Wakrah recorded an average of QR424 per square foot, while Umm Slal stood at QR453,” the Department said.

“The average price for buildings reached QR442 per square foot in Al Rayyan, QR332 in Al Khor and Dhakira, QR256 in Al Shamal and 262 in Al Sheehaniya during the reporting period,” it added further.

Vacant land prices showed a similar pattern, with Doha leading at an average of QR499 per square foot. Al Rayyan recorded an average of QR367, followed by Al Daayen at QR351. Average land prices reached QR348 in Umm Slal, QR242 in Al Wakrah, QR260 in Al Khor and Dhakira, and QR161 in Al Shamal, reflecting variations in demand, location and development potential across municipalities.

Qatar’s real estate sector has remained a vibrant one, with construction activities rapidly spreading across both established and emerging municipalities. Doha continues to command the highest transaction values, driven by its concentration of commercial developments and premium residential properties.

The post Qatar’s real estate deals touch USD 464 million mark, Doha tops the chart appeared first on International Finance.

The study found that the UAE leads the GCC in confirmed construction demand, supported by a broad pipeline of projects that are either under way or ready for execution. Saudi Arabia follows with 628 confirmed projects valued at USD 168 billion, while Oman ranks a distant third with 85 projects worth USD 19 billion.

In primary construction demand, however, Saudi Arabia remains ahead, with 78 major projects valued at USD 89.5 billion compared with the UAE’s 129 projects worth USD 50.1 billion.

The report highlights a significant transformation in Abu Dhabi’s construction sector, where value creation is increasingly shifting from traditional building activities towards advanced downstream construction systems. These include engineered mechanical, electrical, and plumbing (MEP) solutions, industrialized building methods, and integrated control systems designed to improve efficiency and project delivery.

The transition is being supported by wider adoption of modular and prefabricated construction, low-carbon building materials, artificial intelligence-enabled project management, and fully digital delivery models, reflecting broader global trends in infrastructure and industrial development.

ADCCI Director General Ali Mohamed Al Marzooqi said the emirate’s construction industry is becoming increasingly focused on integration, quality, and delivery certainty rather than simply project size.

He added that stronger private sector participation demonstrates growing confidence in Abu Dhabi’s evolving construction ecosystem and supports the emirate’s ambition to become a global hub for high-value construction and advanced manufacturing.

The sector’s expansion is also reflected in business activity. By February 2026, Abu Dhabi had more than 38,600 active construction licenses, while new business registrations increased by 66% in 2025 compared with the previous year. Active construction memberships also rose by nearly 25%, with new memberships recording a compound annual growth rate of almost 28% between 2019 and 2025.

The report also identifies growing export opportunities across the construction value chain, ranging from raw materials such as clay and limestone to manufactured components including ductwork, valves, switchgear, and power distribution systems.

Supported by improved digital permitting, industrial incentives, and sustainability-focused regulations, Abu Dhabi is positioning itself to compete internationally in high-performance construction systems.

ADCCI said the emirate’s strategic location, logistics network, and expanding industrial base are strengthening its role as a regional center for advanced construction as infrastructure investment across the Middle East and North Africa remains resilient.

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The index was 2.65 higher than a year earlier, driven by increased equipment rental, labour, and energy costs in both the residential and non-residential sectors. Residential construction costs climbed 2.5% annually, while the non-residential sector recorded a stronger 3% increase.

The increase also coincides with Saudi Arabia’s ongoing push for major infrastructure and tourism projects under its “Vision 2030” socio-economic diversification plan. As per the GASTAT, flagship developments such as Neom, Qiddiya, and the Red Sea Project have continued to generate strong demand for contractors, machinery, and building materials.

“CCI for the residential sector recorded an annual increase of 2.5% as a result of a 4.7% rise in the cost of renting equipment and machinery, driven by a 6.3% increase in the rental of equipment and machinery with operators,” said GASTAT.

“In the residential sector, labor costs rose 2.5%, while energy prices increased by 3%. Basic materials costs went up 1.6% year on year, with timber and joinery prices rising 3.6% and other building materials increasing 2.6%. The non-residential sector’s 3% annual increase was driven by a 6.7% rise in equipment and machinery rental costs, propelled by an 8.5% increase in rentals with operators,” the government agency added further.

“Both labor costs and energy prices increased by 3% year on year across the sector in May. Basic materials costs also rose 1.6%, with other building materials increasing 3.7% and timber and joinery products rising 2.3%. This (monthly increase) is mainly attributed to a 0.2% rise in costs for the residential sector and a 0.3% increase in costs for the non-residential sector,” GASTAT noted.

This increase in construction costs comes amid signs of moderation in Saudi Arabia’s real estate market, particularly in the residential sector. The Kingdom’s real estate price index declined 1.6% in Q1 2026, largely due to a 3.6% drop in residential property prices.

The sustained momentum in Saudi Arabia’s construction sector mirrors broader trends across the Gulf Cooperation Council (GCC), where nations are intensifying efforts to diversify their economies away from oil dependence.

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According to the latest indicators released by the Bahrain Survey and Land Registration Bureau (SLRB), the total value of property transactions from the beginning of 2026 through June 11 reached approximately BD597.1 million, validating the sector’s pivotal role in supporting economic growth and driving activities linked to urban development and investment. The number of completed transactions stood at 12,798.

As per the data, April recorded the highest number of real estate transactions for the Gulf nation in 2026, with 2,982 deals completed. While the number of transactions reached 2,364 in May, a minor reduction from the April tally, it still underscored the steady level of activity across the residential, commercial, and investment segments of the market.

Meanwhile, real estate transactions during the first 11 days of June reached BD51.8 million through 1,034 transactions, indicating that market activity remains robust.

“This positive performance comes amid the comprehensive development vision of His Majesty King Hamad and the government strategies led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, which focus on diversifying the national economy, strengthening the investment environment and promoting sustainable growth,” SLRB said.

“The sector’s attractiveness has also been reinforced by Bahrain’s advanced legislative and regulatory framework, including the expansion of electronic services, streamlining registration and documentation procedures and enhancing transparency. These efforts have been complemented by the roles played by SLRB and the Real Estate Regulatory Authority in regulating the market and safeguarding the rights of stakeholders,” the authority noted further.

The latest indicators confirm that the real estate sector remains one of the most dynamic pillars of Bahrain’s economy, benefiting from economic stability, modern legislation and ongoing development projects.

In 2025 too, the Gulf country’s real estate market recorded strong growth in transaction activity, despite a decline in prices and rents across several segments, which, in the opinion of the leading real estate industry expert CBRE, highlighted an uneven performance pattern across the sector.

A total of 29,777 real estate deals were recorded for the year, up 19.8% from 2024. The total transaction value, on the other hand, jumped 51.6% to USD 4.2 billion, with both figures marking their highest levels in a decade.

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“The ownership certificate transactions reached 2,902 transactions, representing 40.8% of the total. These were followed by ownership deed transactions with 2,776 transactions (39%), then mortgage transactions with 718 transactions (10.1%) valued at AED934.7 million,” the data said.

Initial sales contracts accounted for 513 transactions (7.2%), while valuation transactions totalled 210, accounting for 2.95 of the overall transactions.

“Sales transactions were recorded across 115 areas in the emirate, covering residential, commercial and industrial properties. These included 913 land transactions, 683 transactions involving subdivided units and 255 transactions involving developed land,” the Sharjah Real Estate Registration Department remarked.

The highest real estate transaction recorded in Sharjah during May was in “Al Sajaa Industrial”, involving land worth AED 92 million. Meanwhile, “Al Mamzar”, a prominent waterfront neighbourhood located on the northeastern border of Dubai and Sharjah, recorded the highest mortgage transaction involving land valued at AED 80 million.

“Overall, the emirate recorded 1,851 sales transactions during May. Sharjah City accounted for 1,315 sales transactions, with Muwaileh Commercial leading activity at 328 transactions, followed by Al Khan with 218, Rodhat Al Sidr with 158 and Mezairah with 59,” the department observed.

In terms of trading value, “Muwaileh Commercial” ranked first with AED276.6 million, followed by “Al Sajaa Industrial” with AED190.1 million, “Al Menhaz” with AED150 million, and “Tilal” with AED145.3 million.

“In the Central Region, 440 sales transactions were recorded, most of which were concentrated in ‘Al Belaida’ with 133 transactions, while ‘Industrial Area 4’ recorded the highest trading value at AED 77.8 million. In the Eastern Region (Kalba, Khor Fakkan, and Dibba Al Hisn), a total of 96 sales transactions were recorded. ‘Al Mudeifi’ led both in transaction volume, with 29 deals, and trading value, at AED 31.6 million,” the department concluded.

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“However, the drop was sharper when compared with March 2025, with investment in residential real estate construction dropping 2.2%, while the non-residential sector saw a modest 0.6% increase,” Statistics Canada said.

“In the residential sector, investment in construction dropped to USD 15.5 billion in March, decreasing by USD 345.4 million. While multi-unit housing construction saw a 2.3% decline, single-family homes were not untouched by the downturn, seeing investment decline by 2.1% in March,” the national statistical agency noted further.

Investment in multi-unit construction, on the other hand, was down USD 195.5 million to USD 8.4 billion in March, marking the third consecutive monthly decrease. Investment in single-family home construction reduced USD 149.9 million to USD 7.2 billion.

“Ontario led the declines across the board in residential construction, with investment in multi-unit properties in the province dropping by USD 152.2 million, significantly higher than the province with the next highest drop – Alberta, with a USD 59 million decline,” Statistics Canada remarked.

Ontario also led the decrease in single-family home construction, with investment declining by USD 119.5 million.

The report from Statistics Canada also coincides with the Canada Mortgage and Housing Corporation’s (CHMC) “Housing Market Outlook for 2026”, where the agency said new home construction in the North American country will continue to decline until 2028, citing factors like high costs for developers, weaker demand and more unsold homes.

“In 2025, 259,000 homes began construction across Canada. That number is projected to fall to 247,000 this year, 223,000 in 2027 and 216,000 in 2028. Condominium starts will be especially weak,” CMHC said.

Canada’s condo (privately owned individual unit within a larger residential complex or building) market downturn has entered its fifth year, recent data from real estate research firm Urbanation shows.

“In a typical year, based on the 10-year average, there would be 4,046 condos sold in the Greater Toronto Hamilton Area (GTHA) in the first three months of the year. Between January and March of 2026, that number was 246,” the company noted.

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