Wednesday 21 February 2018

MAG Group backs Sandooq Al Watan initiative

UAE-based property developer MAG Group has provided Dh3.3 million ($723,733) in donations to Sandooq Al Watan, a national initiative launched by prominent Emirati businessmen to support research projects for the post-oil era.   Sandooq Al Watan aims to give back


Balfour Beatty JV completes major UK bridge

Balfour Beatty, a leading international infrastructure group, in partnership with Skanska and Costain, has successfully completed the second of 34 bridges and main structures on the UK’s biggest road project.   The Balfour Beatty-led A14 Integrated Deliver


Dewa, GE to boost co-operation

Dubai Electricity and Water Authority (Dewa) held discussions with technology giant General Electric (GE) to boost co-operation in developing services and projects to enhance its position as one of the best utilities in the world.   The duo met during the recent


Emaar ushers in Chinese New Year with dazzling Light Up show

In a historic first, leading developer Emaar Properties ushered in the Chinese New Year in Dubai with a dazzling dragon-themed ‘Light Up’ show on the iconic Burj Khalifa, joining the over 1.39 billion Chinese nationals across the world, and underpinning the strong UAE-China bilate


Al Mal Capital named lead manager for Emicool IPO

Dubai Investments, a leading diversified investment company, has announced that its subsidiary Al Mal Capital, a prominent financial institution, will be the lead manager for the initial public offering (IPO) of its wholly-owned subsidiary Emirates District Cooling (Emicool) – a leading


RAK Properties 2017 net profit surges 10pc

Leading property development firm RAK Properties said its net profit for the full fiscal year of 2017  surged 10 per cent to Dh192 million ($52.2 million) compared to Dh175 million the previous year. Announcing its financial results, the Ras Al Khaimah-based company said it


Saipem wins $750m Oman refinery deal

Saipem, one of the world leaders in drilling services, said it has secured an onshore engineering and construction contract worth $750 million from Duqm Refinery and Petrochemical Industries Company in Oman. Duqm Refinery is a joint venture between the Oman Oil Company (OOC), the


Iraq emerging as top infrastructure investment hub

Following the end of ISIS conflict, Iraq is just emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power, said a report. Bridged between Asia, Middle East and African economies and strategically placed at the mouth


Saudi cities spearhead MEA hotel construction pipeline

More than 300 hospitality properties are under construction in the Middle East, which, on completion, will add 105,037 rooms to the current supply. Of this Makkah and Riyadh alone will boast nearly 30,000 rooms, according to industry monitor STR. Saudi Arabia’s focus on tou


Union Properties swings to 2017 net loss

Union Properties, a leading real estate developer in the UAE, has reported a net loss of Dh2.3 billion ($626 million) for the 12 months ending December 31, 2017 (equivalent to Dh0.55 loss per share) compared to a net profit of Dh211 million in the corresponding period of last year.  

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