Wednesday 2 September 2015

Kuwait residential sales fall 28pc in July

Sales in Kuwait’s residential sector totalled KD98 million ($324 million) during July falling below the KD100 million mark for the first time in almost three years, reflecting a decrease of 28 per cent year-on-year (y/y), a report said. Reminiscent of 2010’s performan


18 Turkish workers kidnapped in Baghdad

Eighteen Turkish workers were kidnapped from a sports stadium they were constructing in northeast Baghdad on Wednesday morning, the head of their firm, Nurol Holding, told Reuters. "People dressed in military uniforms broke down the door at 3 am (0000 GMT) and abducted all t


Enec begins work on 4th reactor at Barakah

UAE’s Emirates Nuclear Energy Corporation (Enec) has commenced the construction activity for the country’s fourth nuclear energy reactor at Barakah, a nuclear plant site. With this, Barakah becomes the world’s leading nuclear energy construction site with four identic


Abu Dhabi Ports on track to set up Maqta Gateway

Abu Dhabi Ports (ADP), a top operator of ports, completed the halfway mark of stage I implementation of Maqta Gateway, with which ADP sees full integration of all electronic messaging for transactions processing among port users. The testing of these message flows will continue w


Jabal Omar cancels $426m Makkah contract

Jabal Omar Development Company, the largest listed real estate developer in Saudi Arabia by market capitalisation, said it has canceled a SR1.6 billion ($426 million) contract awarded to Ruwad Civil Construction. Ruwad was awarded the contract in July to build the fifth phase of


British investors on UAE property buying spree

British investors are showing no signs of slowing down after pumping more than Dh4.7 billion ($1.27 billion) into the UAE real estate market in the first half of 2015, said a report. According to the Dubai Land Department, the total sum of foreign investment in Dubai’s prop


Dubai property group partners with Jumeirah

Leading property investment company RP Global has signed up Dubai-based hospitality group Jumeirah to operate a luxury hotel and the residences within its $1 billion tower RP One. The Jumeirah Business Bay will include a 200-room luxury Jumeirah hotel as well as 350 serviced apar


Saudi Khurais oilfield expansion delayed

The expansion of Saudi Arabia's Khurais oilfield is expected to be delayed from the originally planned timeframe of 2017 and the start-up date is now unclear, industry sources said. The sources said authorities had not given reasons for the delay. However, since global oil pr


Damac to hand over Dubai South homes

Luxury real estate developer Damac Properties is to deliver the first homes within its flagship project, Dubai South, over the  next six months. The 145-sq-km city, which includes the Al Maktoum International Airport and the site for the World Expo 2020, has been re-branded


Oman to award $44bn infrastructure contracts

Oman is set to award tenders and contracts worth RO17 billion ($44 billion) for several major infrsatructure projects across the country during a two-day business summit in November. The Business Opportunities Forum 2015, which kicks off on November 16 coinciding with Oman’

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