7 Real Estate Development Projects Underway in the Middle

East

by Ehsan Bayat

Across the Middle East, a number of major real estate development projects are underway in response to economic growth and rising demand. Many of these will be mixed-use complexes that will integrate residential, retail, office, and entertainment space in a luxurious atmosphere. Among the various real estate development projects that are under construction throughout the Middle East, many of the largest and most iconic ones are in countries with thriving business centers, such as Qatar and Saudi Arabia. Learn more about seven of the latest real estate development projects in the Middle East:

1. Lusail CityA $45 billion development in northern Qatar, Lusail City is an integrated community with commercial towers, leisure areas, residential buildings, and public marinas. The development, which spans almost 15 miles, is one of the largest developments in the Middle East and features 19 multi-purpose districts, as well as four exclusive islands.

Scheduled for completion in 2020, Lusail City will eventually be able to house 200,000 people and accommodate another 80,000 visitors and 170,000 employees. The city also includes 22 hotels, a mall, and two golf courses. As the host city for the 2022 World Cup, Lusail City will additionally have an 80,000-seat stadium called Lusail Iconic Stadium. Lusail City under construction - Image

courtesy user arwcheek on Flickr

2. Jebel SifahLocated near the capital of Oman, Jebel Sifah is an expansive new community that will offer six hotels, a wide range of luxurious freehold villas and apartments, and an 18-hole golf course. Jebel Sifah is surrounded by the majestic Hajjar Mountains and situated along the clear waters and sandy beaches of the Gulf of Oman.

In this environment, residents and visitors can enjoy a variety of outdoor activities, including biking, hiking, snorkeling, and boating. Jebel Sifah features a bustling marina that can accommodate 84 boats, and it’s ringed by a marina town with cafes, restaurants, and retail spaces. The Sifawy Boutique Hotel, which opened in 2011 along the marina front, will be joined by other world-class hotels, including the Four Seasons and Angsana.

3. Doha Festival City MallWith almost 270,000 square feet of leasable space, Doha Festival City Mall in Qatar will be among the largest entertainment and leisure destinations in the Middle East. The mall will feature more than 85 dining options and at least 550 stores, with local and international brands. To complement the dining and shopping opportunities, Doha Festival City Mall will also include a 5-star hotel, an indoor-outdoor entertainment park, and one of Qatar’s largest conference centers.

Construction started on the mall in 2011, and developers expect to finish it in 2016. In 2013, the adjoining IKEA store opened its doors for business.

4. Mohammed Bin Rashid Al Maktoum City - District OneNamed for Dubai’s leader, Mohammed Bin Rashid Al Maktoum City - District One is an ambitious project that will feature extravagant mansions and villas, 100 new hotels, and a public park larger than Hyde Park. The development will also include a Universal Studios complex and a golf course.

Located just 4 minutes outside of Downtown Dubai, Mohammed Bin Rashid Al Maktoum City will provide residents with a tranquil and luxurious lifestyle in close proximity to the exciting city center. Villas will be available in a number of different styles, including contemporary, modern Arabic, and Mediterranean.

Downtown Dubai - Image courtesy user jbdodane on Flickr

5. King Abdullah Financial DistrictAn $11.6 billion project, the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia, is designed to be a financial center that can rival financial hubs around the world. KAFD is comprised of more than 110 buildings, with more in progress, that house financial institutions and other businesses. As an integrated development, KAFD will offer residential buildings, several five-star hotels, and numerous restaurants and shops.

Residents and visitors can travel through the spacious complex on a suspended monorail, or leisurely wander through the center’s abundant greenspace on foot. To further entice visitors, KAFD features various entertainment options, such as an amusement park and science museum.

6. Mall of EgyptIn the western region of Cairo, the sprawling Mall of Egypt was developed to resemble the Mall of the Emirates in Dubai. The supermall will offer more than 400 retail shops with international fashion brands and at least 50 dining outlets.

With construction expected to wrap up in 2015, the mall is expected to be a main attraction in the greater Cairo metropolis. The mall will also attract people of all ages and interests with a 17-screen movie complex, a ski park, and a family entertainment facility.

7. Kingdom TowerOne of the most exciting new developments in the Middle East is the Kingdom Tower in Jeddah, Saudi Arabia. Kingdom Tower will be the tallest skyscraper in the world, overtaking the Burj Khalifa in Dubai, when it’s completed in 2019. Expected to stand at around 3,280 feet high, Kingdom Tower is designed to symbolize the country’s prosperity and growth.

The building will contain offices on the lower floors, followed by hotel space, serviced apartments, and more than 400 residential units of various sizes. According to the design renderings, Kingdom Tower will narrow from the bottom to the top, and balconies will be staggered across the building’s exterior. The balconies will allow residents and visitors to enjoy a cool outdoor space, while shielding the tower’s surface and reducing direct solar radiation.