ACUD plans incentive program for developers as costs and interest rates climb

Here are the stories driving the day, both at home and abroad. Administrative Capital for Urban Development (ACUD) is drafting an incentive program for real estate developers as construction costs, development expenses, and interest rates climb, a senior government source tells EnterpriseAM.

The program could include deadline extensions for serious developers that have completed a large share of construction works. Financing and the completion of construction and fit-out remain difficult given supply chain disruptions and elevated costs, the source says. The extra time would give developers room to speed up completion, rather than having the land reclaimed and re-tendered to investors, a process that would take longer and could harm unit holders’ rights. The company is also preparing to re-offer land and projects reclaimed from defaulting investors, according to our source.

^^We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- The first few days of November are looking warmer in C-town, with temperatures tomorrow expected to hit a hot and sunny 34°C before dipping to 20°C overnight, according to our favorite weather app.

MAKING HEADLINES ABROAD-

It’s a relatively calm afternoon on the global news front, but in Europe, unrest seems to be increasing as protests spread across Germany.

Tens of thousands of protesters took to the streets across major German cities on Saturday, as youth-led protests organized by the movement “Gen Z regelt” raged against the cost of living, underfunded schools and universities, public spending cuts, environmental concerns, and plans to reintroduce mandatory military service. The demonstrations took place in Berlin, Frankfurt, Cologne, and Munich, with organizers estimating turnout at 120k nationwide.

While many demonstrations remained peaceful, clashes broke out in several cities. Police deployed water cannons and riot officers in Cologne and Hamburg after emergency workers were targeted with fireworks and other objects, while Frankfurt saw looting, smashed shop windows, and Molotov cocktails thrown at emergency personnel. Authorities reported multiple arrests and temporarily closed part of Frankfurt’s main shopping street.