Tuesday 4 August 2015

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.


Emirates REIT acquires freehold land for $26m

Emirates REIT, a UAE-based regulated shari'a-compliant real estate investment trust incorporated in the Dubai International Financial Centre and listed on Nasdaq Dubai, has acquired a freehold land plot and will fund the development of a new school in the Akoya development in Dubai.


Riyadh office market stable as projects delayed

Riyadh’s office market has remained largely stable over the second quarter of 2015, partially due to further delays in the construction of many of the key projects, a report said. The office market in the Saudi capital has seen little change in occupancies or rentals over t


Taif water pipeline network begins operations

Saudi Arabia’s National Water Company (NWC) has completed a water network project in Taif, which will serve 14 localities, a report said. The network is 121 km long with 2,750 extensions for housing units, the Arab News report quoted Said Al Umari, a senior manager


Four new highways to link Jeddah and Makkah

Saudi Arabia will build four new highways linking Makkah and Jeddah, which will benefit 35 million people, a report said. The new, wider roads will feature warning signs to help reduce traffic accidents along the way, reported Arab News. The projects inclu


Suez Canal ‘add-on’ lane to cut waiting times

Egypt’s Suez Canal, which is set to open on August 6, features an additional lane including 35 km of new channels, which will reduce waiting time for ships, a report said. The new channel also includes a further 37 km of new channels where existing bodies of water were dred


Abu Dhabi residential rents up 3pc in Q2

Abu Dhabi residential rents rose on an average by three per cent during Q2 2015, and are expected to rise further this year as limited new supply enters the UAE capital, according to a new report. The second quarter witnessed only 1,647 units entering the market, taking this year&rsquo


$15bn to flow from Mideast into global real estate

An average of $15 billion per year will flow out of the Middle East into direct real estate investment globally in the near term, according to the latest research from global property advisor CBRE Group. The Middle Eastern investor base has expanded, fuelled by weakening oil pric


Egypt readies infrastructure for 1,000 factories project

Infrastructure works for the 1,000 factories project in New Cairo in Egypt are being completed, a top government official said, adding that obstacles facing small investors in the region have been removed. Facilities equipment is being transferred to another area of the industria


Egyptians ‘can build New Cairo Capital in one year’

Egyptian construction firms will be able to build the New Cairo Capital in one year, said a top official, underlining that the locals have a strong will to achieve their goals. Mohamed Abdel Raouf, a board member of the Egyptian Federation for Construction and Building Contractor

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