Saturday 1 August 2015

Global Sphere signs $204m hospitality deal in Egypt

UAE investment company Global Sphere has signed a Dh750 million ($204.1 million) contract for a new luxury hotel on the northern coast of Egypt. Located in Egypt’s El Alamein area, the 500-room GS International Hotel will be the Gulf’s firm’s first hospitality p


Abu Dhabi real estate market stable in Q2

Abu Dhabi’s real estate market remained stable during the second quarter (Q2) of this year, with performance of most sectors remaining flat, and a slight increase in hospitality performance, said an industry expert. “Following a two year bull-run we are currently goin


Drake & Scull wins $59m MEP job in Kuwait

Drake & Scull International (DSI), a leader in construction, has announced that its subsidiary Drake & Scull Engineering Kuwait, has secured an MEP contract worth Dh218 million ($59.3 million) for an education institution. The Dh218 million contract also brings up DSI&rsq


Depa signs contracts worth $195m in H1

Depa, a leading global interior contracting company, signed new contracts worth over Dh719 million ($195.6 million) in the first half of 2015 winning landmark deals in Dubai while expanding into new international territories. Depa’s Asian-based subsidiary Design Studio Grou


Italy ceramics firm to launch tile range

Italy-based NovaBell will launch  a series of new collections of fine porcelain and white body tiles at the Cersaie Trade fair 2015 running from September 18 to October 2 in Bologna, Italy. NovaBell will present District, imitating natural stone in numerous formats, and Time


Nakheel H1 profit soars 53pc to $770m

Nakheel, a leading Dubai-based developer, today announced a net profit of Dh2.83 billion ($770 million) for the first six months of 2015, an increase of 53 per cent on the H1 2014 profit of Dh1.85 billion ($503 million). The sharp increase is mainly due to continued strong perfor


Subsea EPC ‘shifting to value added tech’

Recent years have seen a shift in focus in the subsea EPC (engineering, procurement and construction) sector from mechanical tree designs towards value added instrumentation, monitoring and processing technologies, a report said. The joint venture between Cameron and Schlumberger


New home ‘top priority for UAE investors’

Buying a new home is number one priority for 25 per cent of investors in the UAE, followed by starting or investing in a new business venture (21 per cent) and retirement (13 per cent), a report said. The Franklin Templeton Global Investor Sentiment Survey which polled over 11,50


Shurooq to develop major tourist attraction in Sharjah

The Sharjah Investment and Development Authority (Shurooq) plans to develop a major tourist attraction in the Dibba Al Hisn region of the emirate. Overlooking the Indian Ocean, Al Hisn Island will feature a water canal, a string of restaurants and cafes as well as a movie theatre , kid


Lulu in deal to build $170m hotel in London

Abu Dhabi-based Lulu Group International has partnered with London developer Galliard Homes in a £110 million ($170.5 million) agreement to create a 92,000-sq-ft five-star hotel at Great Scotland Yard in the UK capital. The hotel refurbished Edwardian building was the locat

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