2007
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Landmark invests in Bahrain
Landmark Properties has announced in its recent participation to Bahrain's Property Arabia and the Worldwide Property Show 2007 that it will invest about BD120 million in various real estate projects, reported Bahrain Tribune. The company is currently developing the Marvida Tower and plans to launch another 22-storey property in Juffair with total number 96 units.
National Industries profit up 75%
Kuwaiti conglomerate National Industries Group has reported a 75% rise in third quarter net profit, reported Reuters. Net income in the three months to September 30 was 49.8 million dinars ($179.4m) compared with 28.5 million dinars in the year-earlier period. The firm has diversified away from its core construction materials business by investing in petrochemicals, engineering and metal industries projects.
Doha builds underground stadium
Doha has begun work on the world's first underground stadium, which will be used for matches during the 2011 Asian Cup football tournament and future events, reported The Peninsula. The stadium, which will cost over $20m, will be an all-weather sports facility located about 3kms away from Al Ahli Stadium. No name has yet been given for the stadium.
ADPC signs $1.5bn contract
Abu Dhabi Ports Company has signed a mega dredging and reclamation contract for Phase-1 of the Khalifa Port project at a total cost of $1.5bn. The contract has been awarded to an international consortium comprising Archirodon Construction, Royal Boskalis and Hyundai Engineering and Construction Company Ltd (Consortium ABH). The contract involves more than 47m cubic metres of dredging work and construction of quay walls, breakwaters, and a causeway.
D&S wins $21m Sudan contract
Drake & Scull has been awarded a $21m contract to provide MEP services for a major new building development in Khartoum. The Wahat Al Khartoum Towers project, Drake & Scull's first contract in Sudan, comprises four office towers, a shopping centre with underground parking and a park area.
Aldar profit up 73%
Abu Dhabi-based developer Aldar Properties has reported a net profit of Dhs505.5m (appr. $138m) in the third quarter, an increase of 73% compared to the previous year. Revenue grew to Dhs129.3m and sales rose to Dhs451.0m. Current developments under construction exceed Dhs5.7bn.
Istithmar investments reach $10bn
Istithmar Real Estate has announced that it has built up a worldwide investment portfolio of over $10bn. The firm was established in April 2006 as a business unit under Istithmar, the investment arm of Dubai World. Alan Rogers, Istithmars' CEO, said the firm is actively looking at further acquisitions in the coming weeks and months.
Deyaar launches $817m project
Dubai-based Deyaar Development has announced that it is launching the $817m Deyaar Park project this weekend. Located in the Downtown Jebel Ali master development, the two million square foot development is the company's largest mixed-use project. It will consist of 580 residential units covering 750,000 square feet and 1.3 million square feet of commercial office and retail space.
$300m loan facility for mall
National Bank of Abu Dhabi and Developers LLC have signed an agreement for a term loan facility of $300m to finance one of the largest mall projects in Abu Dhabi, reported Khaleej Times. NBAD has underwritten the financing in full and expects to invite other interested banks to join the deal at a later stage. The Dalma Mall will be located in the Industrial City of Abu Dhabi and is expected to open in April 2009.
Barwa raises $800m Islamic loan
Qatar's Barwa Real Estate is raising an $800m Islamic loan to fund general corporate activities, reported Reuters. The one-year loan, which was structured as a murabaha facility, comes on the heels of a $600m Islamic loan that Barwa took in August to fund real estate projects.
Danlesco launches steel plant
Danlesco Gulf, a UAE-based provider of industrial weighing equipment, has announced the launch of Danlesco Steel in Fujairah. Danlesco Steel will be engaged in steel fabrication and will operate from its newly constructed 100,000 square feet plant in the Al Hayl industrial area of Fujairah. The facility will produce industrial weighing platforms (weighbridges) for trucks and trailers.
UAE faces manpower shortage
The UAE's construction sector faces a manpower shortage that could delay a number of projects, reported Gulf News. Analysts say Indian workers, who make up about 80% of the UAE's construction workforce, are shying away due to high inflation and the decreasing value of dirhams against a strong rupee.
Limitless seeks $1bn loan
Dubai-based property developer Limitless plans to approach Asian lenders for a $1bn loan, reported Bloomberg. Emirates NBD is helping Limitless get its two-year loan, and meetings with potential investors will start in Dubai this week before moving to Asia.
Sacodeco wins Saudi contract
Saudi-based Sacodeco, a member of Construction Products Holding Company group of companies, has won a contract for the construction of a commercial-residential building in Jeddah owned by Al-Rassam Trading Group, reported Gulf News. Dr. Faisal Alaquil, business development manager and spokesman of CPC, said the total value of the project is SR93 million and it will be implemented within 20 months.
$114m labor camp in Abu Dhabi
Al Rayan Investments has begun construction of the biggest labor residential area in Abu Dhabi at a cost of $114m, reported Khaleej Times. The compound, which will be located in the Al Mafraq area, is aimed at providing temporary accommodation to around 32,000 workers, technicians and supervisors.
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