AB Espresso: New Dubai Hills megaproject

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Stay informed with the latest updates from Arabian Business, where our dedicated editorial team brings you a diverse range of stories. From real estate to technology and more, here's a glimpse of what unfolded on Wednesday:

Dubai-based developer Binghatti is launching a new mega real estate development in the Dubai Hills district. The landmark development, Binghatti Hills, is set to be the largest project within Dubai Hills, with 1,666 residential units across a massive land area and 21 retail spaces.

In addition, Dubai’s Danube Properties has announced its latest AED2.4bn real estate project Diamondz at Jumeirah Lake Towers. The 65-storeyed skyscraper aims to promote a healthy lifestyle and fitness regime for its residents, featuring the region’s first ever gym with superstar Salman Khan’s “Being Strong Fitness Equipment” range.

Meanwhile in Saudi Arabia, Chief executive Bander Al Mohanna has confirmed Saudi Arabia’s low-cost airline Flynas‘ plans to come out later this year with an Initial Public Offering this year and list its shares publicly on the Tadawul stock exchange. Speaking at the Airline Economics Growth Frontiers Conference in Riyadh, Al Mohanna also said Flynas is also planning to buy 30 widebody aircraft to expand its network. The company has already put out a request for proposal (RFP) and the winning offer is expected to be announced and signed later this year.

Saudi Arabia also plans to expand its hospitality sector by building 320,000 new hotel rooms to cater to surging tourism demand by 2030, a new report by property consultancy Knight Frank revealed. Currently, 66 percent of existing hotel supply in the kingdom falls into the “luxury, upper upscale, and upscale” categories, the firm said. However, this market segment will expand even further to make up for 72 percent – equivalent to 251,500 hotel rooms.

In other news, social media platform X reportedly plans to soon launch a dedicated television app, as part of the company’s deeper push into video content. The move by the Elon Musk-owned social network, previously known as Twitter, is seen as aimed at taking on rivals such as Google’s YouTube.

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