Friday 27 March 2015

Saudi real estate shares tumble on new tax plan

Saudi Arabian real estate shares tumbled on Tuesday after the cabinet approved a proposal to tax undeveloped land in urban areas - a policy that could shake up investment incentives in the kingdom and help to resolve a housing shortage. The sell-off in the property sector slowed


GreenParking wins Dewa EV chargers supply deal

GreenParking, the first one-stop-shop parking company in the Middle East that provides environmental-friendly products and solutions, said it has been selected by Dubai Electricity and Water Authority (Dewa) to supply electro vehicle (EV) chargers at all its stations across the UAE.


Arabtec wins $283m Saudi Aramco villas project

Dubai's Arabtec has been awarded a Dh1.04 billion ($283.16 million) contract from Saudi Aramco to build 380 villas in Saudi Arabia, the contractor said on Tuesday. Arabtec, which this week put four of its five Saudi subsidiaries up for sale, said it would complete the project


Bahrain experts to help restore ruined historical sites

Ruined historical and cultures sites across the Middle East are being restored by a team of Bahrain-based experts. The Arab Regional Centre for World Heritage (ARC-WH) has signed an agreement with the Yemeni Culture Ministry to help preserve Zabid, a historic city that has been l


Saudi cabinet approves tax on undeveloped land

Saudi Arabia's cabinet has approved a proposal to tax undeveloped land in urban areas, a policy that could help to end a shortage of affordable homes and spur economic growth. The cabinet told a council of top economic officials to prepare a mechanism for the tax, saying the


Egypt, Ethiopia, Sudan sign historic Nile dam deal

Leaders from Egypt, Ethiopia and Sudan signed a co-operation deal on Monday over a giant Ethiopian hydroelectric dam on a tributary of the river Nile, in a bid to ease tensions over regional water supplies. The leaders said the "declaration of principles" would pave the


33 in race for top GCC construction awards

Thirty three of the Gulf’s most important projects of recent years have scooped major national awards for their achievements and are now in the running for regional recognition. The GCC winners of the annual Meed Quality Awards for Projects 2015 will be awarded on May 27 at


Acwa, Mitsui win $630m Oman power plant deal

Saudi Arabia's Acwa Power and Japan's Mitsui & Co said on Monday they had won a contract from Oman's government to build and operate a $630-million, 445 megawatt (MW) natural gas-fired power plant at the city of Raysut. The contract was won along with Dhofar Inter


Aldar in Abu Dhabi land sale success

Aldar Properties, a leading developer based in Abu Dhabi, UAE, said it has successfully completed the sale in just one week of all 281 land plots at Al Merief, a master-planned residential community for UAE nationals located in the fast growing Khalifa City near Al Raha Beach.


Gulf Extrusions launches e-library for builders

Gulf Extrusions (Gulfex), a leading global manufacturer of extruded aluminium products, has launched its first-ever e-library aimed at helping architects and developers in coming up with designs for windows or façade systems for their projects. The new e-library, which is

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