Friday 10 April 2020

Renewables account for 70pc capacity expansion in 2019

The renewable energy sector accounted for at least 70 per cent of total capacity expansion in almost all regions last year, other than Africa and the Middle East, where they represented 52 per cent and 26 per cent of net additions, respectively, according to an expert.  &nbs


Seven Tides' Dubai Palm project on track for Q4 completion

UAE-based upscale residential, hospitality and commercial property developer Seven Tides said more than 27 per cent of the work on its prime property, Seven Palm, located on Palm Jumeirah in Dubai, has been completed and is scheduled for handover in the fourth quarter of 2020.


GCC banks face earnings shock from low oil, real estate pricing

The GCC conventional and Islamic banks will see significantly reduced revenue and credit growth in 2020 mainly due to the sharp decline in oil prices, accelerated real-estate price corrections in some markets and drop in vital nonoil economic sectors, said a report.  


Asyad group floats tenders for key Oman mixed-use project

Oman Global Logistics Group (Asyad Group) has invited bids from top firms for development of a prime land owned by Mwasalat, the sultanate's public transport services company, in Azaiba region of capital Muscat.   A key Omani asset, Asyad manages a diverse p


Madayn unit in deal to manage Barkha road freight application

Oman-based Public Establishment for Industrial Estates (Madayn) said one of its units, Shumookh Investment and Services, has signed a partnership agreement with Ibn Al Muallem United Trading to manage and operate the Barkha Application.    Shumookh Investme


Oman allows firms to hire expats in construction sector

Oman's Ministry of Manpower (MoM), in a major move, has permitted some companies to hire expatriate workers provided they meet a set of criteria outlined for the sector.   Sheikh Abdullah bin Nasser al Bakri, Minister of Manpower, yesterday issued decision 1


Ecolog, Dutch group in deal for game-changing solution

Ecolog International has signed an agreement with Desolenator BV, a Netherlands-based solar desalination technology company, to scale and deliver a game-changing solution that harnesses the world's two most abundant resources - sunshine and sea water - and purify even the toughest water t


Tabreed buys 80pc stake in Emaar cooling unit for $675m

UAE-based National Central Cooling Company (Tabreed) said it has reached an agreement with leading Dubai developer Emaar Properties for the acquisition of a 80 per cent stake in its Downtown Dubai district cooling business for Dh2.48 billion ($675 million).   


Emaar donates $27m to fund fighting Covid-19

Emaar Properties has announced a donation of Dh100 million ($27.2 million) to support the ‘Social Solidarity Fund against Covid-19’ launched by the  Islamic Affairs and Charitable Activities Department in Dubai to alleviate the impact of the pandemic. Chairman of


Dewa commissions 8 new substations worth $231m

Dubai Electricity and Water Authority (Dewa) is continuing with its development projects, having commissioned eight new 132/11 kilovolt (kV) substations with a total cost of Dh850 million ($231 million) since the start of the year. These have a conversion capacity of 150 megavolt

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