Gulf construction remains resilient despite the Middle East conflict, but real estate developers are beginning to feel the impact as weaker investor sentiment and slowing sales weigh on the sector, S&P Global Ratings said.
UAE-based MOMA International has been appointed as the interior design consultant for office space within AHS Tower in Dubai. Set for completion this year, the 38,427 sq ft property is being designed as a luxury workspace inspired by elements from high-end hotels and residential interiors.
Dubai South Properties has entered into a strategic partnership with leading regional bank Emirates NBD to offer tailored off-plan mortgage solutions to its customers looking to buy freehold real estate projects within the mega urban master development Dubai South.
US-based Fluor Corporation has announced that it has been awarded a major front-end engineering and design (FEED) contract by Gulf Petrochemical Industries Company (GPIC) for a new aromatics facility located in the Kingdom of Bahrain as part of an expansion of its existing petrochemical complex.
The UAE's construction sector is moving beyond rapid expansion, with developers increasingly focused on project execution, sustainability and regulatory compliance, as construction output is forecast to reach $130.8 billion within the next three years, according to a report.
The Federal Tax Authority (FTA) has announced a significant increase in the number of beneficiaries of VAT Refund Scheme for Emirati nationals building new residences during the first half. A total of 4,000 refund applications were approved in H1 over 3,100 the same period last year.
A&O Shearman, a leading law firm, has advised Abu Dhabi Future Energy Company (Masdar) on a combined $6.1 billion financing package for a landmark solar-plus-storage project in Abu Dhabi.
Kuwait International Bank (KIB), through its Islamic investment arm KIB Invest, participated as a Joint Lead Manager in the pricing of the third issuance of international sukuk for the Saudi Real Estate Refinance Company (SRC), with a total value of $2.75 billion.
Dubai’s Roads and Transport Authority (RTA) has begun work on a project to upgrade the lighting of pedestrian bridges at 30 key locations across Dubai. The first phase covers upgrades on 21 pedestrian bridges, with the full project likely to be completed in the fourth quarter.
A consortium of Petrojet and leading Egyptian contractor Enppi has sealed a long-term engineering, procurement and construction (EPC) framework agreement with Petroleum Development Oman, covering a portfolio of projects worth more than $6 billion.
