Friday 11 July 2014
 
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Builder's shaky foundations dent UAE's credibility

The shaky foundations of the most prominent builder in the UAE have dented the country's credibility. Shares in Dubai-based Arabtec, which helped erect the world's tallest tower in the emirate, have more than halved since May 15, wiping

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Al Marakeb posts 45pc sales rise

Sharjah-based boat builder Al Marakeb has posted a 45 per cent increase in sales last year against its figures in 2012. The company, which specialises in manufacturing ocean-going vessels, has also reported a 71 per cent increase

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Arabtec extends $650m share offer period

Dubai builder Arabtec, part-owned by Abu Dhabi state fund Aabar, has extended the subscription period for its $650 million rights share issue, the company said in a statement on Sunday.  

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Arabtec reports Q2 loss as costs jump

  Dubai builder Arabtec, which secured one of its largest contracts to build part of Abu Dhabi's main airport in June, on Wednesday reported a loss in the second quarter as costs and expenses increased. The largest bui

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Arabtec Q3 profit surges, beats forecasts

Dubai builder Arabtec's  third quarter net profit surged more-than-fivefold beating analysts' forecasts, while revenues dipped slightly from the same period last year. The largest builder in the UAE by market value made a net profit o

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Arabtec appoints new chairman

Dubai builder Arabtec  has appointed Ibrahim Belselah as its chairman, the company said on Tuesday. Belselah replaces Sheikh Butti bin Maktoum bin Juma Al Maktoum who resigned, Arabtec said in a statement on Dubai's bourse website. -

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Arabtec to double Saudi workforce to 25,000

Dubai builder Arabtec is looking to more than double its workforce to 25,000 in Saudi Arabia as it continues to shift its focus to other markets, its chief financial officer said. The company will not reverse provisions in 2011 and has no

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OCI net profit soars 77pc in Q1

Orascom Construction Industries (OCI) said on Wednesday its first-quarter net profit soared 77 percent year-on-year to $206.1 million. The firm, Egypt's biggest listed builder and fertiliser maker, made net profit of $116.6 million in the

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ACS and Qatar raise stakes in Hochtief

Hochtief's key shareholders ACS and Qatar strengthened their hold over Germany's largest builder, which rewarded them with forecast-beating profit and a bigger-than-expected dividend. ACS now controls more than 39 per cent in Hocht

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Emaar plans benchmark dollar bond

Emaar Properties, builder of the world's tallest building, plans to issue a benchmark dollar-denominated bond as part its $2 billion Islamic bond program, according to a source familiar with the matter. The pricing of the five-and-a-ha

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