Wednesday 5 August 2015

Emaar Misr says Alabbar now non-executive chairman

Egyptian property developer Emaar Misr said in a bourse filing on Tuesday that Mohammed Alabbar was now non-executive chairman, after previously being chairman and managing director. The statement also named Mohamed El Dahan as managing director. Emaar Misr said in


ME district cooling expands by 75 million sq ft

The Middle East region recorded the addition of a further 75.5 million sq ft to district cooling systems in 2014, according to the latest International District Energy Association (Idea)’s report on growth in district cooling energy. Emirates Central Cooling Systems Corpora


Qatar construction growth 'to continue regardless of World Cup'

Qatar's construction sector growth will continue regardless of the status of the World Cup as much of the infrastructure pipeline is not directly linked to the event, said a report. Over the next 10 years, annual average growth in the country's construction sector is expe


Kuwait real estate sales edge up in June

Sales across Kuwait’s three main real estate sectors totalled KD270 million ($890 million), up 5.4 per cent from May, while the number of transactions was up 2.9 per cent, a report said. June’s performance improved despite the seasonality effect of the summer break an


Cairo retail rental growth seen staying flat

With over 770,000 sq m of retail floor space scheduled to be completed in Cairo over the next 18 months, vacancy rates are likely to increase from their current levels, limiting the scope for further rental growth in the Egyptian capital, said an industry expert. “All secto


TDIC invites bids for Saadiyat villas project

Abu Dhabi's Tourism Development and Investment Company (TDIC) has invited pre-qualification bids from contractors with corresponding experience for the construction of a residential villas development on Saadiyat Island in the UAE emirate. The project includes the constructio


Dubai launches massive Meydan development

Dubai’s Meydan City Corporation has launched a new 3.67-million-sq-m leisure, residential and hospitality destination featuring world’s tallest residential tower within the heart of the Emirate, a report said. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and


Aldar Q2 profit surges 18pc to $163m

Abu Dhabi-based Aldar Properties, one of the largest developers in the Middle East and North Africa (Mena), has posted a net profit of Dh601 million ($163.5 million) for the second quarter (Q2) of the year, up 18 per cent from Dh509 million ($138.6 million) of Q2 2014. This was a


Stalled $100m Bahrain project to be reviewed

A multi-million-dinar stalled development on the edge of the desert at Sakhir, Bahrain, has been referred to a special ministerial committee for review. Sunset Hills, a $100-million part of the $1-billion Al Areen development, was referred after investors made an official complaint, said a re


Mapna to build major power plant in Iraq

Iranian industrial group Mapna has won the engineering, procurement and installation contract for the $2.5 billion natural gas-fired power plant project in the Rumaila area of Basra, Iraq. Work has started after 18 months of negotiations with the Iraqi government.

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