Thursday 26 May 2016

ACC wins Emaar's Saudi residential project

Leading property developer Emaar Properties said its Saudi subsidiary has signed up UAE-based Arabian Construction Company (ACC) to build three residential towers at its 413,000-sq-m master-planned community Jeddah Gate. Emaar Residences is the third residential project the devel


Al Mal plays key role in Emaar unit acquisition deal

Al Mal Capital, a subsidiary of Dubai Investments, said it played a major role in helping Emaar Industries & Investments (EII) acquire a significant stake in UAE-based construction firm Leaders Fort Contracting (LFC). Al Mal Capital was a sole buy side adviser to EII, a subsi


Dubai awards $489m contract for mega conference centre

Dubai Municipality has awarded a Dh1.8-billion ($489 million) contract for the development of its giant Arena project, which will feature three hotel and office buildings as well as a huge conference hall in the UAE emirate, said a report. The Dubai Conference Centre (Arena) proj


Saudi Arabia to join Islamic infrastructure bank

Saudi Arabia has joined Turkey, Indonesia and the Jeddah-based Islamic Development Bank (IDB) as a prospective founder member of a new Islamic finance infrastructure bank, according to Indonesia's finance minister. Speaking to Reuters on the sidelines of the annual IDB meetin


Saudi construction contract value plunges 51pc in Q1

The total value of construction contracts awarded in Saudi Arabia hit SR27.9 billion ($7.4 billion) during the first quarter, down 51 per cent over SR57.3 billion ($15.2 billion) for the same period last year, said a report by the country's leading bank NCB. The slow pace of


Hempel rolls out new range of paints in Saudi Arabia

Hempel Paints, a major player in the decorative, protective, marine, container and yacht markets and a leader in the coatings industry, has launched a new addition to its Fusions Effects range of paints in Saudi Arabia.   The company held a series of workshops to introduce th


Sur steel plant plans put on hold

Oman’s plans to set up a 2.5-million-tonne per annum steel plant in Sur have been put on hold, due to the sluggish steel prices in global markets and the economic slowdown caused by the slackness in oil prices, said a report. The company’s plan was to use direct reduc


Mumtalakat in US real estate partnership deal

Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the kingdom, has joined hands with Regent Properties, a real estate development and investment firm based in Los Angeles, US, to acquire a major stake in its existing portfolio of commercial real estate assets worth $250 million a


First Bahrain Real Estate profit up

First Bahrain Real Estate Development Company has reported a net profit of $1.1 million for last year, representing 56 per cent growth over the prior year, a report in the Gulf Daily News, our sister newsapaper, said. To read further, please visit


New residential project launched in Seef

A new residential project, named Seef Terraces, has been launched in Bahrain targeting the demand for “affordable high-quality lifestyle homes”, a Gulf Daily News report quoting the promoters said. To read further, please visit

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