Indian engineering and construction conglomerate Larsen & Toubro (L&T) said one of its key subsidiaries has secured a major EPC contract - in the range of Rs50 billion to Rs100 billion ($519 million to $1.03 billion) - from Kuwait Oil Company for its key Jurassic Light Oil (JLO) export facilities.
Dubai-based investment firm Shamal Holding has announced the unveiling of "The Grand", a retail and lifestyle destination at its Nad Al Sheba Gardens development, with the project fully leased ahead of its phased opening from August 19.
The Gulf's wave of investment in new cities and mixed-use developments presents a major opportunity to expand on-site renewable energy, with large-scale projects able to meet up to 35% of their electricity demand through solar power, an industry expert said.
Metal Park, a plug-and-play ecosystem for the metal sector based in Kezad, Abu Dhabi, has announced that China Energy Engineering Corporation (Energy China) has become its latest occupant, with the company setting up the project office to support the delivery of Taweelah C Independent Power Project.
Leading Abu Dhabi developer Aldar has reported solid results for the first half with a 18% jump in its net profit to hit AED4.9 billion ($1.3 billion), driven by continued momentum in its development business and the growth of its regional and international operations.
Emirates Stallions Group (ESG), a leading UAE-based diversified conglomerate operating across construction and real estate sectors, and subsidiary of IHC, today reported an 8% year-on-year increase in revenue to AED766.69 million ($208.77 million) for the first half, while net profit rose 44% to AED166.30 million.
Knowledge Economic City has announced that one of its key subsidiaries Algharraa International Real Estate has awarded an infrastructure works contract to Salco Saudi Contracting for the Southeastern District project coming up within its premises in Madinah.
Emaar Development has announced a collaboration with Abu Dhabi Commercial Bank (ADCB) to boost the home-buying experience across its portfolio of residential communities in Dubai. Under this, customers will able to secure pre-approval for financing of up to 50% of a property's value.
Saudi-based Red Sea International Company said its key subsidiary, The Fundamental Installation for Electric Work Company, had doubled its banking facilities with Saudi National Bank to SAR430.8 million ($113 million) from SAR200 million ($52.4 million) earlier.
Saudi Energy has secured a shariah-compliant Murabaha financing facility with a total committed amount of SAR15.8 billion ($4 billion) from a consortium of seven leading Saudi banks to support its general corporate purposes.
