Dubai’s sale of five year dollar notes, the first issue since the Dubai World credit crisis, may be priced to yield about 6.875 percent, according to four people with knowledge of the sale.

The Arabian Gulf financial hub’s 10 year bonds may be priced to yield about 8 percent, the people said, declining to be identified because the information hasn’t been made public.

Dubai’s 6.396 percent Islamic bonds maturing 2014 were trading at a yield of 6.435 percent, up two basis ...

Gold reserves in Saudi Arabia, the Arab world’s biggest economy, increased because of “a difference in accounting,” not new gold purchases, central bank governor Muhammad al Jasser said in Kuwait today.

Speaking to reporters, he said: “We always had that gold. We did not buy any new gold. It was just a difference in accounting. There was some gold in other accounts.”

The gold reserve estimate as part of the foreign reserves of the world’s largest oil supplier ...

Saudi Arabia's index TASI ended lower for a third day in a mixed session for the bluechips.

Al Rajhi Bank fell 0.9 percent and Saudi Telecom Co dropped 0.8 percent.

Defensive stocks were steady. Dairy producer Almarai rose 1.1 percent to claw back some of Tuesday's 2.2 percent drop, its biggest decline since since July, while Etihad Etisalat ended flat (Mobily).

"These stocks have done very well, so people are reducing positions because earnings will have to be good to justify recen...

Dubai real-estate transactions totaled AED9.63bn ($2.62bn) in the first six months of the year, about half the amount for all of 2009, according to government data.

Dubai’s Land Department recorded 1,188 sales in the first half compared with a 2009 total of 2,327, the government said in a bond prospectus published on the London Stock Exchange on Monday. The document didn’t provide figures for the first half of 2009.

The deepest global financial crisis since the 1930s led Dubai proper...

The UAE’s Telecommunications Regulatory Authority (TRA) has lifted its ban on the photo sharing website Flickr, it was reported on Monday.

Launched in 2005, the site contains images uploaded by users and is said to contain more than five billion photos. However the TRA said some of the images were “inconsistent with the religious, cultural, political and moral values of the UAE”.

However, The National newspaper reports that the ban on website has been lifted following discussio...

Developer Nakheel plans to issue a 6 billion dirhams ($1.63 billion) Islamic bond as part of its debt repayment plan, a UAE daily said on Tuesday, citing trade creditors to Nakheel.

Arabic language daily al Ittihad said the bond, or sukuk, would be listed on Nasdaq Dubai, citing executives at contracting companies.

A Nakheel spokeswoman declined to comment on the report. A Nasdaq Dubai spokesman also declined comment.

Under Nakheel's restructuring plan, trade creditors have been offered ...

Ferrari World Abu Dhabi, the world’s largest indoor theme park, will open to the public on Wednesday October 27, a day earlier than planned, it was announced on Monday.

“We are excited to open our doors to the public earlier than previously anticipated, on Wednesday 27th October 2010 and we look forward to welcoming many guests to mark this historic day,” confirmed Claus Frimand, general manager of Ferrari World Abu Dhabi.

“The Inaugural Period will continue throughout No...

Best Western International, the world’s largest hotel chain, is planning to increase the number of properties it operates in Asia and the Middle East by nearly 50 percent by 2011, it announced on Wednesday.

The hotelier currently has more than 160 properties in Asia and the Middle East and confirmed that it is aiming to have 235 Best Western properties in these regions by the end of next year.

David Kong, president and CEO, Best Western, said: "Local hotel developers across Asia, the ...

OPEC will not change its output quota at its next meeting on October 14 in Vienna, Kuwaiti Oil Minister Sheikh Ahmad al Abdullah al Sabah said on Saturday on arriving here for trip expected to last several days.

When asked what the likely outcome of the meeting will be, he told Reuters: "No increase, no change, we will keep the quota as it is."

The Organization of the Petroleum Exporting Countries (OPEC) has had a quiet year so far in 2010, meeting only in March and making no change to...

Once the driving force behind credit growth in the Gulf, Dubai is now underperforming its peers, the chairman of the Union of Arab Banks has said.

The National newspaper reported that lending expansion in Dubai would increase to eight percent next year, behind an average growth of 10 percent across the GCC.

“Dubai cannot grow continually at a fast pace,” Adnan Yousif, who is also CEO of Al Baraka Banking group in Bahrain, told the paper.

“What they achieved in five ye...

A new BD6m ($16m) private hospital in Bahrain is on schedule to open in November, local media reports on Thursday.

The four-storey Royal Bahrain Hospital (RBH) will have 670 beds and employ 70 doctors and 110 nurses, the Gulf Daily News reports.

The hospital, set to open on November 15, affiliated to the Kerala Institute of Medical Science (KIMS) in Trivandrum, Kerala. It will specialise in cosmetic and dental surgery.

Operational management will be undertaken by Sharjah-based healthcare...

Companies in Dubai need to prepare now for a boom that will be coming in the next two years, one of the emirate’s leading business personalities has warned.

“My prediction is that in the next 24 months there is a boom coming that will take everyone by surprise. Those best positioned to take advantage of this boom will be the companies that remain, survive, innovate and improve,” Sheikh Maktoum Hasher Al Maktoum, CEO of Al Fajer Properties, told the audience at the CEO Middle East Awards, hel...

Bahrain’s real estate market will continue to see downward pressure until the end of this year, a leading market analyst told local media.

The kingdom’s freehold market will continue to see very low transaction volumes, with demand shifting away from speculative investors, Martin Cooper, consulting head of DTZ Middle East, told the Gulf Daily News.

"This is likely to continue as lack of finance, investor apathy and oversupply continue to have a negative effect on the market,&rdq...

Dubai’s recent debt crisis appears to have taken its toll on the emirate’s reputation, with the city sliding down the latest rankings of global financial centres.

The emirate is the Gulf’s biggest loser on a list of the world’s up-and-coming cities for business, according to data from the Global Financial Centres Index (GFCI), a ranking of 75 centres compiled by London-based think tank and research house Z/Yen.

The project compares business community sentiment and hard d...

Oman's biggest property project is heading for a recovery after being hit by the global recession, as it benefits from heavy government spending since last year, a senior project official said on Monday.

The project, Wave Muscat, will benefit from increased liquidity due to the government's prudent approach in its 2009 and 2010 fiscal spending, marking a turning point for the property market, Abdulla bin Khamis al-Shidi, deputy chief executive of the company said.

"In March this year, we ha...

Kuwait Projects Co, the country’s biggest privately owned investment company, said it may make a 20 million dinar ($69.8 million) profit from the sale of 39.2 percent of its stake in Gulf Insurance Co. to Fairfax Financial Holdings Ltd.

Kuwait Projects, which sold the stake to Fairfax for $208.6m, will include the profit in its third-quarter financial results, the company, known as Kipco, said in a statement to the Kuwait Stock Exchange today.

Kipco will hold about 43 percent in Gulf Insur...

Saudi Arabia’s benchmark stock index rose to the highest in almost three months, leading gains in Arab Gulf markets, as oil advanced and amid optimism the global economic recovery isn’t faltering.

Saudi Basic Industries Corp., the world’s biggest petrochemical maker known as Sabic, increased 2.3 percent and Al Rajhi Bank, the kingdom’s biggest publicly traded lender by market value, gained for a third day. The Tadawul All Share Index advanced 1 percent to 6,418.8, the highest level sinc...

Abu Dhabi bonds are heading for their best quarter in a year. Union Investment and LCF Edmond de Rothschild CI Ltd say investors are ready to snap up any new issue from the oil-rich Arabian Gulf emirate.

The government’s 6.75 percent dollar-denominated non- Islamic notes due April 2019 have returned 6.6 percent, set for the biggest quarterly gain since September 2009, and more than the 6 percent increase for Qatar’s 5.25 percent debt maturing in January 2020, according to data compiled by Bloomberg...

Salaries among construction sector employees in the UAE have declined by up to a quarter this year due to the slowdown in demand for workers and the delaying of projects, it was reported on Sunday.

As demand for engineers, architects and project managers declines in the UAE, Mark Baxter, Middle East regional director of global recruitment agency FiveTen Group, told Emirates 24/7 that salaries had dropped accordingly.

“The salary package offered to [construction professionals] now is consid...

Dubai work permits will now be processed online by the Ministry of Labour, cutting the response time for applications down from four days to four hours, it has been reported.

Previously, companies had to submit paper documentation to the Ministry of Labour in person or by post, but these can now be processed using new electronic online software, according to a report in The National.

Companies can buy the software required to process work visa applications and the ministry said the new system wo...

The chairman of one of the UAE’s largest conglomerates has blamed inexperienced graduates for their role in the global economic downturn.

Khalaf Al Habtoor, the founder of Al Habtoor Group, told Arabian Business that despite obtaining degrees from some of the best universities in the world, recent graduates were not properly equipped to cope in the wake of the economic crisis.

“I support conventional management rather than the new boardroom management, which pushes out int...

Construction has begun on the AED 700m ($190.5m) Marriott Hotel & Executive Apartments in Dubai Healthcare City Phase II.

Al Rostamani Pegel has been appointed to build the 24 storey tower, which will feature 352 rooms, 128 luxury serviced apartments, various F&B outlets, and health and fitness facilities.

The contract has been awarded by Nilona Holding, a member of the Onyx Group which has business interests in the UAE and Sri Lanka.

“The launch of Marriott Hotel & Mar...

Saudi state owned Saline Water Conversion Corp (SWCC) has awarded a $2.44 billion power plant contract to a group led by Saudi Arabia's Al Arrab Contracting Co, an industry source said on Tuesday.

The group, which includes China's Sepco III Electric Power Construction Corp, will build a 2,700 megawatt (MW) plant that will be integrated with a water desalination facility in Ras Azzour, on Saudi Arabia's Gulf coast.

Sepco III and Al Arrab's bid was the lowest.

A source, who declined to be ...

Dubai World, the state owned holding company seeking to restructure $24.9 billion of debt, owns assets valued at $11 billion, JPMorgan Chase said.

The company’s assets include an 80 percent stake in DP World, the world’s third biggest port operator, valued at about $7.1 billion, JPMorgan Chase analyst Zafar Nazim wrote in a research report today.

Dubai World’s private equity unit Istithmar World’s portfolio was valued at $2.4 billion while JPMorgan assigned no value to D...

A high-speed railway link is being planned between Doha and Bahrain, in a bid to boost enrolment at the educational institutions in the Qatari capital.

According to The Peninsula daily, the one-way journey time between Doha’s Education City and the kingdom of Bahrain would be just 51 minutes.

The idea is to woo Bahraini students to enrol at the various prestigious foreign universities and educational institutions in Education City, the daily added.

The move is part of a QR133bn ($4...

Dubai’s Islamic bonds, which have beaten sukuk from Malaysia this quarter, face limited gains because the restructuring of Dubai World’s $24.9bn in debt requires asset sales over eight years.

“I don’t think there will be a runaway rally here,” Abdul Kadir Hussain, chief executive in Dubai at Mashreq Capital DIFC Ltd, which manages $2bn of mainly Persian Gulf assets, said in an interview on Monday. “Refinancing risk will occur in five and eight years obviously and the market ...

A UAE mining company is currently exploring for gold mines in Yemen, the WAM news agency reported on Monday.

Thani Dubai Mining Company is exploring for the precious metal in mines in the Hadramout and Hajjah provinces in Yemen.

It has already dug over 80 wells in fifteen sites in Madan Valley and collected over 8,718 rock samples from mineralised zones and their environs, the Yemen News Agency (SABA) said, quoting the Geological Survey and Mineral Resources Board (GSMRB) of Yemen.

The r...

Petrochemical stocks rallied on the Saudi bourse's first day of trading since a week-long break to mark Eid Al Fitr, tracking rising oil prices, while banks were in focus after Goldman Sachs gave four lenders buy ratings.

Saudi Basic Industries Corp (SABIC) climbed 2.6 percent, Rabigh Refining and Petrochemical Co added 2.2 percent and Yanbu National Petrochemical Co's (Yansab) gained 1.3 percent.

"Petrochemicals have a psychological connection with oil prices -- it's not real, but that is ...

The UAE will account for nearly 86 percent of tourism-related construction projects in the Gulf over the next eight years, it was reported on Sunday.

A study by industry researcher RNCOS found that approximately AED858bn ($234bn) is set to be invested in tourism-related construction projects over the next eight years, according to a report by Emirates 24/7.

The study added that the UAE will account for 86 percent of the total investment planned in the region by 2018, with Abu Dhabi gove...

Ras Al Khaimah is developing a series of floating solar islands off its coast in a bid to solve its power issues, it was reported on Monday.

According to a report in the National, a prototype is currently being tested with results due in two years time that could lead the way to a full blown solar project.

The solar islands may range in size from 500m to 5km in diameter and hover up to 20m off the ground, the report stated. Small prototypes are being tested in the desert, which can produce up to...

A report by the Economist Intelligence Unit (EIU) has said that the UAE economy will be boosted to a record high of nearly $272.2 billion due to higher oil prices.It is expected that the level will swell further in 2011.

According to a report published by Emirates 24/7, the increase means that the UAE will be able to maintain its position as the second largest Arab economy after Saudi Arabia, and the second in terms of GDP per capita income.

Nominal growth is projected at approximately 9.3 perce...

Dubai Holding's main unit will delay repayment on a $555m loan until Nov. 30, the company said on Tuesday, the second time it has failed to meet a repayment deadline.

DHCOG, a unit of the conglomerate owned by the Gulf Arab emirate's ruler, took a big hit on its exposure to Dubai's property crash.

The company said in June it may resort to asset sales to deal with its debt after posting a $6.2 billion loss for 2009. Its assets include Jumeirah hotel group and business parks.

DHCOG was due...

British Airways and Iberia have shortlisted a dozen airlines, including one in the Middle East, which they are eying as possible candidates for acquisition.

BA CEO Willie Walsh said the British airline and Spanish carrier Iberia aim to conclude merger talks later this year. The merger and joint venture with American Airlines would lead to the creation of International Airlines Group (IAG) and Walsh said in Mumbai recently that he plans to target more carriers for possible consolidation.

"Wi...

DP World is now the world’s third-biggest ports operator, after opening a series of new terminals and out-performing global rivals, the National has reported.

The Dubai World subsidiary pipped APM Terminals to third place after handling 31.5m twenty foot equivalent units (TEUs, or containers) compared to the Hague-based firm, which handled 31.1m TEUs, according to Drewry Shipping Consultants’ annual report.

DP World holds 6.7 percent of the global market share, sitting just behind H...

Tarik Al Toubassi is about to move the company he manages out of a villa on the outskirts of Qatar’s capital, Doha, and into new offices downtown that command three times the rent. It’s either that or close down.

The government is forcing almost all Qatari businesses based in residential areas to move into commercial districts over the next two years after a state-backed construction boom helped turn an office shortage into a glut.

“This issue has cost me lots of losses,”...

The GCC is still the most popular destination for the world’s expats, as the region weathers the financial storm better than more traditional economies, the latest edition of the HSBC International Expat Explorer survey has revealed.

In a league table showing the best places for expats’ finances, Saudi Arabia came second, just behind Russia, with Bahrain in third and the UAE in fourth. Qatar was placed last of the four GCC countries, at a still-creditable seventh.
 
Compared to...

The Al Habtoor Leighton Group (HLG) has confirmed a $191m deal to complete Daman’s “Buildings by Daman” project in Dubai International Financial Centre (DIFC).

Developer Daman originally announced that HLG had been placed as preferred contractor in May, and the agreement was signed last week.

The project features three towers: a 20-storey office block, a 60-storey hotel, and a 60-storey apartment block, with what HLG refers to as “an intricate steel inter-connection bet...

For the first time since the end of September 2009, the number of Bahraini nationals with full-time employment has increased, it was reported on Tuesday.

Official government figures showed that the number of Bahraini nationals in employment in the second quarter of this year rose one percent to 139,347, according to a report by the Gulf Daily News.

The report claimed that this demonstrates a recovery in the Bahraini jobs market. Growth in Bahraini employment peaked at ten percent in March 2009, ...

South Korean firm Doosan Heavy Industries and Construction has won a $1.46bn deal to build the Ras Al Zour water desalination plant, set to be the world’s biggest.

The plant, on Saudi Arabia’s Gulf coast, will provide drinking water to the capital Riyadh via a vast water transmission system, and will produce one million tonnes a day.

The integrated facility – worth an estimated $5.5bn – will also provide 2,400 megawatts of power.

Doosan confirmed that it won the...

Japanese car giant Nissan has high hopes of distributing the world’s first mass-market electric car in the UAE, although it admits it will need government help to do it, the National has reported.

To that end, Nissan’s chief executive is in the UAE wooing the men behind Abu Dhabi’s carbon-neutral venue Masdar City.

“Strong international partnerships are valuable [for Nissan],” he said in a lecture at the diwan of Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi...

Female participation in the Qatari workforce has risen has risen to 36 percent, from a figure of 30 percent six years ago, according to data released by the Qatar Statistics Authority (QSA) on Wednesday.

Gulf Times reported that the gender gap in the country has also narrowed in other areas, with literacy rates among both Qatari young men and women touching 99 percent last year.

Some 92 percent of Qatari boys and between 93-5 percent of Qatari girls had been provided with primary education ove...

The Kuwaiti real estate market saw its largest decline in sales in five months in July, according to a report by National Bank of Kuwait (NBK).

Only 415 property transactions were registered at the Ministry of Justice during the month, the news agency KUNA reports.

This represents a 42 percent, compared to the previous month, and comes after months of solid sales growth, the report said.

"The dip was driven by an unusually large seasonal effect, with activity falling away as the sum...

Dubai World believes it can raise as much as $19.4bn from selling key assets over eight years, or almost double the current price, if creditors back its restructuring, a document obtained by Reuters showed.

The struggling state-owned conglomerate, which needs to get creditors to agree to its proposal by Oct. 1 in order to go forward with the plan and clean up its balance sheet, thinks sales right now would generate a maximum of $10.4 billion, according to the document, which was obtained on Wednesday.
<...

Dubai's Nakheel has $10.9bn of bank debt and will receive key assets from parent company Dubai World for its business plan after separation, a restructuring document showed on Wednesday.

The developer, which overstretched itself building islands in the shape of palms and other ambitious real estate, has $5.1 billion of trade creditor claims and $9.2 billion of customer liablities, the document obtained by Reuters showed.

The government will also pump $7.3 billion of new equity and equitise a fur...

Kuwaiti carrier Jazeera Airways said on Wednesday it was cancelling a premium on a planned rights issue and it expects support from its shareholders and lenders to provide liquidity.

Jazeera said in a statement its board of directors had recommended cancelling the 50 fils premium. The firm was planning to issue 200 million shares at 150 fils each, including the premium, to raise its capital by 91 percent to 42 million dinars ($145.5m).

There are 1,000 fils to the dinar.

The airlin...

Abu Dhabi National Energy Co (TAQA) said on Wednesday it was looking to raise its stake to 60 percent in a Dutch gas storage project being jointly developed with Russia's Gazprom.

TAQA said in a statement it signed an agreement "for the transfer of a 24 percent stake in the Bergermeer Gas Storage project", subject to approval by the Dutch government.

The transfer of the stake - previously held by Dyas, Energie Beheer Nederland (EBN) and Petro-Canada - will raise TAQA's equity to 60 per...

Kuwait and Iraq have reached an initial agreement on sharing border oilfields and to allow an international oil company to develop them, Kuwait's oil minister said on Wednesday.

Sheikh Ahmad Al Abdullah Al Sabah told reporters the agreement called for an international oil company to drill for oil in those fields for both countries, adding no company had been chosen yet.

He said both countries had agreed on the pact in principle. "We have signed it from Kuwait's side. They (Iraqis) will be s...

An estimated $8bn could be spent on a ‘pilgrim city’ just north of the city of Mina, according to Saudi Arabia’s deputy minister for municipal and rural affairs.

Arab News reported that Habib Zain Al Abidine had said that the city would be able to accommodate 1.5m pilgrims during the hajj, and that the Council of Senior Islamic Scholars had been instructed to look into the plans.

“There are two options. Either we construct concrete buildings or set up tents with modern ...

Alliance Medical Ltd, a UK hospital scanner business owned by Dubai International Capital, is likely to be put up for sale on Wednesday, the London-based Times reported, without saying where it got the information.

The company’s lenders wrote to its directors on August 23 asking them to look at a sale and the board will probably approve that request this morning, the newspaper said.

Both Deloitte, which is advising the banks, and Blackstone, Alliance Medical’s adviser, have valued th...

Abu Dhabi Emirates Steel Industries (ESI) has signed a $1.1-bn, seven-year project financing deal with nine banks, the government-owned firm said on Wednesday as it pushes ahead with capacity expansion.

Emirates Steel is a subsidiary of government-owned Abu Dhabi Basic Industries Corporation (ADBIC).

The project finance was raised through a $733-million facility from seven conventional banks and a $367-million loan from two Islamic banks, the company said in a statement.

"Emi...

Dubai Electricity and Water Authority (DEWA) is aiming to complete a AED450m ($122m) water pipeline project by February 2011, it was reported on Wednesday.

"We have completed 48,458km of water pipelines until this date, accounting for 82.21 percent. The work on the project, which aims to increase the capacity of water networks, began on June 15, 2008, and we expect the completion of the works by February 14, 2011," Saeed Mohammed Al Tayer, managing director and CEO of DEWA, told the Khaleej Times.

With under-25s now constituting 60 percent of the Gulf’s population, retail banking analysts are warning that the industry needs to make the most of their interest in shopping, brand awareness and familiarity with remote communications.

"Technology, youth and the onset of mobile-based payments are the three key drivers of the payment sector. Indeed, the technology explosion is feeding the appetite for constant connection, especially among younger consumers,” said Arab Financial Services Compa...

Barneys New York, the luxury goods retailer controlled by a Dubai investment company, said it hired former Gucci Group executive Mark Lee to manage the business.

Lee, 47, will be Barneys’s first chief executive officer since Howard Socol resigned in 2008, after the retailer was bought by Dubai World’s Istithmar World. Lee will start September 1, the New York based retailer said in a statement on Monday.

Lee’s appointment “sends a very big signal that Istithmar is serious ...

The chairman of UK developer Laing O’Rourke has cited a $4bn decline in the firm’s Middle Eastern projects pipeline as being a major factor in turnover sliding by 15 percent throughout the year.

Turnover in the Middle East slipped from $1.4bn to $652m during the course of the 2009-2010 year.

The UK’s third largest contractor also cut 3,500 jobs from its Europe, Middle East and Asia operations, and incurred $25.7m in redundancy charges as a result.

“As a d...

Almost 40 percent of Middle East and North African (MENA) employees said their company was more interested in hiring new university graduates since the global recession, according to the latest poll by Bayt.com.

The survey, which consulted 13,197 respondents from across the region, found that 37.6 percent of people said their employers preferred to hire fresh graduates, while 26.4 percent said they were less inclined to do so. A further 19.2 percent of respondents said things were unchanged.

Mor...

A total of 56.4 percent of people think business travel will not pick up for a few years as companies remain cautious about spending, according to the latest Arabian Business poll.

A further 23 percent of respondents to the poll, which ran online last week, said there might be an increase but it would be seen in economy class not business class as companies continue with cost cutting measures brought in amid the global downturn.

Only 10.3 percent of respondents to the online poll were optimistic...

Bahrain's Gulf Finance House, the investment firm hit hard by a regional property crisis, said on Sunday it plans to increase its capital base by $300m.

In a statement to the Bahrain bourse, the Islamic investment firm said it plans to raise the capital "imminently" but did not elaborate on how it plans the raise.

On Monday, GFH announced its plans to additional capital and asked the bourse to suspend trading in the stock until August 23

The company reported a second-quarter lo...

More than 40,000 construction industry professionals in Abu Dhabi are to be asked for their opinions on the new International Building Codes, due to become law at the beginning of next year.

The survey, which will be completed online or over the telephone by developers, engineering consultancies and contractors, is part of the Department of Municipal Affairs’ (DMA’s) ongoing attempt to ensure the smooth implementation of the new regulations planned for the Emirate.

Part of a major co...

Sana'a-based AqarMap.com is looking to bring the benefits of satellite mapping to real estate sales and letting.

The company has launched its service to help overcome the problems of poor address systems in the Middle East, by introducing property listings which include map location, based on Google Maps. The service is intended to make it easier for those looking for property to browse by location and to meet increasing demand for affordable marketing channels for real estate.

The site is a mix...

Saudi Arabia is planning to spend $27bn on transforming the city of Makkah via a model that will be the development for other urban centres in the country.

Arab News reported that the Holy Makkah Comprehensive Plan is being drafted by the Commission for the Development of Makkah and the Holy Sites and should be ready “by the beginning of next year”.

Four consulting and planning groups are currently working on the draft. The groups include local entities, such as government bodies t...

Raffles Hotels & Resorts has opened its first hotel in Saudi Arabia in the holy city of Makkah.

Raffles Makkah Palace is located in the Abraj Al Bait complex, a seven-tower community directly adjoining the Masjid Al Haram (Grand Mosque) and the Kaaba.

Mohammed Arkobi, vice president and managing director of Fairmont Raffles Hotels International — Makkah, said the location gave Raffles “the opportunity to cater to the guests of the Holy City, making it a unique and one-of-a-kind e...

The UAE's Bank of Sharjah closed a $150m club term-loan, higher than its initial target of $100 million, reflecting growing demand for investment grade assets in the region, the lender said on Sunday.

The loan, which will be used for general corporate purposes, is the first term loan to be closed by a bank based in the Gulf Cooperation Council (GCC) since the financial crisis, Bank of Sharjah said in a statement.

The company added that the facility will carry a margin of 1.5 percent per year and...

European investors in a project located in Dubai Sports City have hired a Dublin-based lawyer to represent them in a dispute over delays in construction of the development.

Over 60 investors from around eight European countries have hired Anthony Joyce from the Dubai-based firm Anthony Joyce and Co, to represent them in discussions with developers Middle East Development LLC (MED) over progress at the Kensington Royale Project in Dubai Sports City.

Joyce told Arabian Business that discu...

Nakheel, the Dubai World property unit, last month repaid AED2.5bn ($680m) of the AED4bn it owed to creditors, chairman Ali Lootah was cited as saying in an interview with Al Khaleej.

Nakheel, the builder of a palm tree-shaped islands off Dubai’s coast, has approval from 80 percent of trade creditors for restructuring, Lootah said, according to the newspaper. The company has no plans to sell assets, he said.

Nakheel and Dubai World, one of the emirate’s three main state-owned holding...

Dubai developer Limitless has let another tranche of staff go, despite announcing in February that it had halved its workforce to about 220 since 2008.

The firm is now sharing its board with fellow Dubai World developer Nakheel as the group seeks to restructure $23.5bn of debt.

It will also shift its headquarters from its current site on Al Khail Road, which was opened in 2008, although it has not disclosed the identity of the new location.

“Limitless continues to review and adju...

Emaar Properties, the developer of the world’s tallest tower in Dubai, incurred a loss of 38.5 million dirhams ($10 million) from the sale of Hamptons Group Ltd.’s operations in Europe, UK and Asia to Countrywide.

Dubai’s largest developer sold the unit with effect from June 1 for 428.1 million dirhams after acquiring Hamptons in August 2006, the company said in a statement. Emaar retains the right to operate Hamptons’ business, a property broker and real- estate services consultant, in...

The UAE's economy is forecast to weigh on GDP growth in the GCC this year and next, according to latest figures published by Bank of America Merrill Lynch.

In its Global Economic Weekly Report, analysts said the UAE's economy would see sluggish growth of just one percent in 2010, with growth forecast at two percent in 2011.

The report said it would be the worst performing economy in the GCC region for both years although better than the 1.4 percent contraction it believes happened in 2009.

Kuwait's real estate market saw a marginal slowdown in June but sales still exceeded the monthly average seen previously, a new report by the National Bank of Kuwait has said.

Despite the slowdown last month, 708 deals were reported compared to the monthly rate of 608 transactions seen in 2003-2008, the report, cited by KUNA News Agency, added.

However, the total value of property sales fell by 30 percent to KD175m in June compared to the previous month.

NBK's report said that the housin...

Drake & Scull International said on Sunday it has established a new company to look after its growing inventory of accommodation for labourers.

In partnership with Buhairan Limited Company, DSI's Abu Dhabi subsidiary has set up CAMPCO Properties, it said in a statement.

The main activities of CAMPCO will include building, servicing and maintaining accommodation facilities for DSI workers.

The company was established "as a result of the rising demand to accommodate the increasing...

Arabtec Construction said on Monday that it had signed a memorandum of understanding for a AED2.5bn ($680m) construction contract to build La Hoya Bay in Ras Al Khaimah.

The construction giant said the work on the luxury project, which has been dogged by controversy, would be completed in phases over the next 54 months.

In a statement posted on the website of Dubai Financial Market, the company said it signed the agreement with developer Khoie Properties on Sunday.

The first phase of the...

Potential investors from Abu Dhabi, Qatar, Ras al Khaimah and India could be ready to replace Emaar Properties to develop a $600m resort in Indonesia.

Media reports in Indonesia said the government was set to reissue a tender for the resort project in Lombok to other foreign investors after Dubai-based giant Emaar had pulled out.

Investment Coordinating Board (BKPM) chairman Gita Wirjawan told the Jakarta Post that at least four other foreign investors had expressed interest in taking over the r...

Bahrain’s Labour Market Regulatory Authority (LMRA) is reported to be taking hundreds of companies to court for failing to pay worker fees.

Firms are also being sued for failing to update their records with the labour authority, the Gulf Daily News reports on Thursday.

Bahrain Chamber of Commerce and Industry has been inundated with complaints from businesses about summonses from the Public Prosecution, the paper reports.

Firms across the kingdom have been involved in a series of p...

A rebound in fortunes in the Middle East construction industry has helped drive overseas orders won by South Korean builders to more than $40bn this year.

South Korean government officials said increased demand from customers in the Middle East amid an economic recovery was the main reason for the rise in orders.

According to data offered by the Ministry of Land, Transport and Maritime Affairs, the nation's overseas construction orders have totalled $41.63bn so far this year, up 138.6 percent fr...

The number of construction workers being recruited to work in Abu Dhabi has risen sharply in the last two months, a Dubai-based company which specialises in hiring workers from India and Pakistan has said.

In February, a spokesperson from the Dhoria International Job Centre said the number of labourers being recruited to the UAE had dropped from up to 400 workers a month in 2009 to around only one a month at the start of 2010.

“It has not changed in Dubai but it has changed in Abu Dhabi. W...

Qatar is on course to lead the region in terms of infrastructure projects in the short term despite a near-22 percent slump in its construction sector last year, a new report has said.

Business Monitor International said in its Q3 Infrastructure Report that it remained optimistic that Qatar would outperform other countries in the region to 2014.

Despite new data which revealed a big drop in its construction industry in 2009 after three years of rapid growth, BMI analysts said Qatar was still one...

Saudi Basic Industries Corp, the world’s biggest petrochemicals maker, said second quarter profit almost tripled on higher prices and as demand for fertilizers and plastics recovered in a strengthening global economy.

Net income surged to $1.34 billion from $482.6 million in the year earlier period, the Riyadh based company said in a statement to the Saudi bourse today. The average estimate of eight analysts was for a profit of $1.51 billion, according to Bloomberg data.

New production and...

Global commercial real estate investment sales hit $66bn in the second quarter of 2010, double the amount a year ago and similar to the first quarter as the market continues to recover, data showed on Thursday.

Global real estate advisor Jones Lang LaSalle said in a report that sales in the first half was $130bn. It forecasts total volumes to reach about $300bn for 2010, for a 50 percent improvement on 2009.

 "This is still less than half the pre-credit crisis levels of 2006 and 2007, ...

Saudi Arabian utility Marafiq has invited international firms to bid to build a $1.5 billion, 850 megawatt (MW) steam power plant in the Red Sea port of Yanbu, industry sources said on Wednesday.

The plant, to be fired with heavy fuel oil or Arab light crude as a backup, one of the sources said, is part of the leading crude exporter's drive to increase power generation to keep pace with rising industrial demand.

Those invited to bid for the main power package include Germany's Siemens, Spain's T...

Troubled Dubai property developer Nakheel asked bank creditors to accept repayment of $10.5 billion over five to seven years at a meeting on Wednesday in one of the lavish developments that brought it low.

Detailed terms of the multi billion dollar restructuring, including the rates of interest and repayment schedules for the syndicated and bilateral loans, were presented to bankers who were asked to respond to the proposals by Aug 31.

The details were not disclosed publicly by Nakheel. Two bank...

Construction work will resume this month on the stalled $800m La Hoya Bay project in Ras Al Khaimah, the developer behind the real estate project has said.

In a statement Frank Khoie, the CEO of Khoie Properties, said he is determined to hand over the waterfront project by December next year and said fresh funding would be in place shortly.

“Commencement of construction will start this month of July as promised, and we are determined to hand over the La Hoya Bay Residence and Business Vill...

Government support unit Musanada announced on Tuesday that it has obtained approval to replace unfit schooling facilities with 15 state of the art schools in Abu Dhabi.

The AED1.5bn ($408m) construction project has been awarded to five separate contractors, news agency WAM reported.

The project is the first phase of a multi-billion dirham plan to build 100 schools in the next 10 years with the aim of raising the level of education in Abu Dhabi.

The project's main objectives include buil...

Property giant Emaar has threatened to publish the names of residents at its projects that fail to pay up the fees on time as concern about the non-payment of service charges grows.

The Dubai developer has posted notices in some of its buildings, including the Greens area of the city, which say that the names of non-payers will be published on public notice boards.

Emaar described the practice as “routine” and said that it had made “concerted initiatives" to strengthen aw...

Egypt plans to build a $1 billion tunnel under the Suez Canal at Port Said and will begin seeking finance as soon as the designs are completed, Al-Akhbar newspaper on Monday quoted the investment minister as saying.

The tunnel, to be built 19 km (12 miles) south of the Canal's northern entrance, will have 3 passageways, one for rail and two for cars, the newspaper quoted Mahmoud Mohieldin as telling a conference in Dahab in the eastern Sinai Peninsula.

The conference was called to discuss invest...

Dubai Electricity and Water Authority (DEWA) said on Monday that it has awarded AED522m ($142m) in contracts to expand its facilities.

It said in a statement that it has signed a long term agreement with Ansaldo Energia to supply spare parts and services for the Jebel Ali Power Station.

The deal is for a period of 10 years and the contract is worth at AED450m.

DEWA also inked two contracts with ABB Industries and Areva T&D ME for transmission system upgrades involving various substat...

Dubai developer Damac Properties has awarded the enabling works contract for its real estate project in Beirut to Zetas Apex Foundation Technologies.

This phase of construction is expected to take nine months due to the rocky terraine, and will involve piling and excavation to a depth of 24m, Damac said in a statement on Sunday.

The 28-storey luxury tower, in the downtown area of the Lebanese capital, is being built in collaboration with the Italian fashion giant Versace.

The buil...

Emaar Pakistan, the subsidiary of Dubai-based Emaar Properties, has signed a Pr1.5bn ($17.5m) contract with Paragon Constructors to compete work in its Crescent Bay development in Karachi.

Paragon Constructors will complete MEP, masonry and plaster works for the high rise towers in Emaar’s 108-acre Crescent Bay project.

The mixed-used development with residential, commercial and retail areas will feature a series of high-rise towers set along three crescent shaped man-made bays.

...

Gulf states should introduce a UK-style planning permission system in a bid to curb oversupply and control future development in the region, a leading Dubai-based real estate consultant told Arabian Business.

“I think the closest to a planning [system] is what is being proposed by the Crown Prince in Abu Dhabi, in that there is a central authority that looks at all schemes and proposed developers to ensure that they are developed for the benefit of the country a whole,” said Nick MacLean, managing ...

Dubai-based Drake & Scull International (DSI) has been awarded a AED460m ($125.2m) contract to complete the MEP works for the Information Technology and Communications Centre (ITCC) project in Riyadh.

The contract, awarded by the Rayadah Investment Company, will be a joint venture with the Saudi-based conglomerate Al Zamil Group, according to a statement from DSI.

In a bid to grow its operations in the kingdom, DSI recently established Drake & Scull Construction KSA. On Sunday the firm...

Dubai's Nakheel will complete paying out the cash portion of overdue debt to contractors by the end of July, a source told Reuters, in a sign the deeply indebted developer is clearing a logjam of obligations.

The July end-date puts a timeline for the first time on the long-awaited payout and should offer some relief to the trade creditors left awaiting the $1.09 billion in cash.
Palm-builder Nakheel has become the poster child for Dubai's debt dilemma.

It also opens the door to the secon...

Drake & Scull edged higher after winning a $120m contract in Jeddah, but Dubai's index declined as Emaar Properties gave up initial gains.

Drake climbed 0.4 percent and accounted for more than half of all shares changing hands on the index, but Emaar slipped 0.3 percent.

The index dropped 0.1 percent to 1,467 points, taking its losses to 19 percent year-to-date.

E K Holding fell 4.3 percent in thin trade, weighing on Kuwait's index, which dropped 0.1 percent to 6,314 points.
<...

Saudi Arabia said two groups submitted bids for the second phase of a railway project to link the Red Sea city of Jeddah with Makkah and Madinah, Islam’s two holy cities, after three other consortiums declined to bid.

A Saudi-Spanish group led by the local Al-Shoula Holding Group and a partnership of France’s Alstom SA and the Riyadh-based Al-Rajhi Group submitted bids on Saturday for the estimated $12.5 billion contract, the Saudi Railways Organisation said in a statement issued by the Saudi Press...

Drake & Scull International Centre for Contracting has been awarded a SR450m ($120m) contract to build the Al Jawharah project in Jeddah.

Work on the 42-storey residential building, which is being developed by Damac Properties, will take around 28 months, according to a statement from the Dubai-based developer.

“We are working with Drake & Scull on a number of our projects in Dubai and this project in Saudi Arabia will further strengthen our working relationship,” said Ziad El Chaar, general...

A committee overseeing state-owned conglomerate Dubai World, which is in a deal with core lenders to restructure $23.5bn in debt, has handed responsibility of property unit Limitless to Nakheel, Dubai said on Saturday.

"The Higher Committee to oversee Dubai World and its units decided to entrust the board of Nakheel with handling responsibilities of Limitless in a step aimed at setting united strategies and programmes to deal with the real estate sector," the Dubai Media Office said in a statement.

Bloom Properties, the development and lifestyle arm of Abu Dhabi-based National Holding, announced on Wednesday it had commissioned a contractor for its flagship project Bloom Central.

It said in a statement that Middle East Foundation Group had been appointed to complete the enabling works and foundation for the mixed-use development which were likely to be completed in Q1 2011.

Abu Dhabi Commercial Bank is financing the construction of Bloom Central which includes a 25-storey tower that will h...

Dubai: Property developer Nakheel is paying Dh4 billion to its trade creditors over the next two weeks as it plans to restart stalled projects within two months and revisit projects on the drawing board.

"We've started delivering the second stage of the 40 per cent cash payments as per the restructuring plan to our trade creditors. A lot of work has gone into this," Ali Lootah, Chairman, said.

Trade creditors include about 1,000 contractors, suppliers, designers and all other related consultants involving more than ...

Owners of 348 dilapidated buildings in Jeddah have been given official warnings about the state of the buildings, Arab News reports on Wednesday.

Municipality officials have urged the buildings’ occupants to move out immediately and told owners they need to attend a committee meeting to determine the future of the buildings, the paper reports.

Khalid Zaini, coordinator for the committee overseeing uninhabitable buildings, told the paper officials would determine whether each property would...

Power technology group ABB has won an order to supply two new substations in Qatar, including one to power two new shopping malls in Doha.

The contract was awarded by the Ezdan Real Estate Company, one of Qatar’s biggest property developers, ABB said in a statement.
 
One 132/11kV substation will supply power to two new shopping centres, the Al Gharaffa and Gulf malls, being built in the Qatar capital, to serve the Gulf state’s fast-growing retail market.

The seco...

Masdar, the Abu Dhabi government-backed renewable-energy company, is not scaling back its plans, Dr Sultan Ahmed Al Jaber, the project's CEO has said.

Al Jaber made his remarks at a joint press briefing in Abu Dhabi with David Sandalow assistant secretary for Policy and International Affairs at the conclusion of a two-day Preparatory Meeting for the world's first Clean Energy Ministerial, in Abu Dhabi, news agency WAM reported.

He said the UAE would continue to play an "increasingly promine...

Construction has begun on the first villas on Germany on the manmade island development of The World, the developers behind the project confirmed on Monday.

Kleindienst Group has appointed Dubai-based City Diamond Contracting to start construction of villas on Germany, one of the six manmade islands that make up The Heart of Europe development on The World.

City Diamond Contracting, which previously built the villas in Emirates Hills, will build twenty villas on Germany, following the a four-mon...

Dubai is forecast to see another 20-30 million square foot of office space being added to the already cluttered market in the emirate, according to the head of a Dubai-based real estate consultancy.

“The problem is that the delivery schedule by 2012 I think there is another 20 to 30 million square feet of offices coming into the market,” said Nick MacLean, managing director of CB Richard Ellis said on Monday at the Second Arabian Business Conference in Dubai.

“We have a problem...

Work on Nakheel’s suspended 4,000-home Al Furjan project is expected to resume soon, according to a top official from Arabtec, the firm building it.

Chief financial officer Ziad Makhzoumi said he saw the community project being "reinstated soon", adding that he was confident it would be completed. Al Furjan was one of many projects put on hold in light of Nakheel’s parent company Dubai World’s debt announcement late last year.

In an TV interview with Emirates Business 24/7 on Dubai One, Makhzoumi said: "As y...

Privately owned Canadian consortium Transglobim International (Globim) has been awarded a $600m contract to build Iraq’s first monorail system in Najaf city.

Najaf is Iraq’s second largest city and lies 160kms to the south of capital Bagdad. With a population of 1.2 million (estimate, 2008), Najaf is one of the holiest cities of Shia Islam as it is the home to the shrine of Imam Ali, Prophet Muhammad’s martyred son-in-law. Hundreds of thousands of pilgrims jam the city�s medieval streets every year to receive rites,...

The value of residential property transactions in Dubai rose 50 percent during the second quarter of 2010, compared to the previous quarter, Jones Lang Lasalle has said.

While the number of residential transactions also increased by 49 percent, this was still a 35 percent slump compared to the year earlier, the company said in a new report.

The total value also saw a fall by seven percent compared to the second quarter of 2009, the report added.

Dubai developer Damac Properties on Friday announced the launch of Damac Tower in Lebanon, a project in collaboration with Italian fashion giant Versace.

The 28-storey luxury tower is slated for completion in 2013 and will be built in downtown Beirut. Apartments in the tower will start from $700,000.

It is the second collaboration between the developer and Versace after it opened the Versace Home retail outlet in The Dubai Mall last year.

Saudi Arabia’s General Authority of Civil Aviation, the industry regulator, shortlisted eight groups for the contract to develop the first phase of an airport at Medina, Islam’s second holy city.

Khalid Al Khaibary, the authority’s spokesman, said in a phone interview on Saturday that the winner of the tender will develop, own and operate the airport, the cost of which is estimated at 6 billion riyals ($1.6 billion), for 25 years before transferring it to the government.

The authority designed the airport, w...

Construction works in most stations of the Dubai Metro Green Line have been completed, while the completion of stations' interior finishing works varies from 10 to 100%, the Roads & Transport Authority (RTA) announced on Saturday.

Mattar Al Tayer, Chairman of the Board and Executive Director of RTA revealed in a press statement that completion rate of Al Qusais Park-and-Ride facility has hit 75%, and confirmed that the project is progressing on schedule towards the planned project opening in August 2011.

Al Tayer made the sta...

Nakheel said on Sunday that it has started paying its contractors, which are owed AED500,000 ($136,240) or less.

"All trade creditors have been or are in the process of being paid AED500,000, which means that those owed AED500,000 or less are paid in full," a spokesperson for the company said in comments published by newswire Zawya Dow Jones.

The company told the newswire that that talks with Nakheel’s partners were progressing, adding: "We are confident that an agreement will be reached shortly."

Falls in the Dubai and Saudi indices yesterday were met with a lag for construction stocks, along with sobering new quarterly results for material providers.

The Dubai Financial Markets index closed down marginally to 1,744, though the biggest construction companies fell further for the week which has been dominated by news from the Cityscape conference in Abu Dhabi.

EMAAR Properties and Drake & Scull International both closed up yesterday 1.58% and 1.77% respectively, though this was still an overall decline of 7% and 3% for...

The chairman of the $2.7bn Meydan City project said on Monday that some plans for the development have been deferred.

The full Meydan City masterplan consists of the world’s largest racecourse, together with a grandstand, hotel and training area, the ‘Metropolis’ business district, the ‘Horizons’ residential component and the Godolphin Parks district, also largely residential.

“We are happy where we are,” Saeed Humaid Al Tayer, chairman of Meydan Group and chairman of the Emirates Rac...

Abu Dhabi Department of Transport has released tender documents for a road improvement project in Musaffah industrial region.

The contract covers study, design consultancy services and construction supervision.

Tender documents can be collected before February 18 from the Procurement & Contracts Division of the Department of Transport at Al Bateen Towers. A non-refundable fee of AED 2000 is payable on collection.

Bidders must be registered with the Department of Transport

Arabtec Holding, the biggest construction company in the UAE, said on Sunday it had won a building contract valued at AED710 million ($193 million) to build the first stage of an 80-storey tower comprising a five-star hotel.

The Dubai-based company’s Arabtec Construction unit received a “letter of award” from Tasameem Real Estate Co, of Abu Dhabi to build “P17 Tower” on Sheikh Zayed Road, Dubai, according to an company statement posted on the Dubai Financial Market website.

It said the project wo...

Robotic cleaning systems for windows and façades on high-rise buildings have been launched in Dubai by Swiss company Serbot AG.

“We are bringing this new technology to the UAE, where we have seen a lot of potential, especially with all the skyscrapers and the various architectural designs, which are very hard to clean using conventional methods,” said Serbot business development manager Bas Schmit Phiferons.

Gekko and CleanAnt from Serbot are cleaning robots for high-rise buildings combining robotic enginee...

Tourism Development & Investment Company has invited prequalification bids for two contracts: ‘Marina District Area A Earthworks Grading Infrastructure Works’ and ‘Cultural District Phase 1 Infrastructure Works’ on Saadiyat Island.

The projects involve earthwork grading, road construction, bridgeworks, barrier erection and signal construction as well as infrastructure works comprising sanitation networks, irrigation and drainage systems, and natural gas/fibre optic networks.

The length of each cont...

Dubai's transport department will spend up to AED7.5bn ($2.04bn) in 2010 on projects although it expects less than half this amount in revenues for the year, it said on Saturday.

The department expects revenues in 2010 to reach AED3.3bn, Mattar Al Tayer, chairman of Dubai's Roads and Transport Authority said in a statement. It did not give a comparative figure for revenues in 2009.

The spending will benefit some 120 projects, 13 of which are new and the remainder under completion, Tayer said.

On Wednesday, Tayer said ...

Dubai World investment arm Istithmar World confirmed on Tuesday it had abandoned a plan to send the Queen Elizabeth 2 (QE2) to South Africa, saying it looking at the best option to maximise the value of the liner.

"Cape Town was one of a number of options. It is no longer being considered," the company said in an e-mailed statement, without specifying a reason for the decision.

It added there were a number of options being considered for the liner and the company is studying which will "best maximise the value ...

Dubai developer Nakheel announced on Wednesday that work will begin on various islands at its The World project in the next few months.

The news comes as European developer Major Trade confirmed that it has begun soil testing and reclamation work on an island in the Greenland section, prior to carrying out vibro-compaction next month.
 
"The World continues to be recognised by developers as a very attractive project given its differentiated offering and its close proximity and accessibility to emerging markets...

Two new terminals are to be opened within four years as part of a BD1.8bn ($4.7bn) expansion of Bahrain International Airport, it was reported on Thursday.

The expansion, planned over the next 30 years, will triple the passenger capacity to 27 million a year, Gulf Daily News reported.

Terminal Two will be commissioned by 2012 and Terminal 1A will become operational a year later, Bahrain Airport Company (BAC) chief executive officer Dr Osama Alali told the paper.

"The two new terminals will make the BIA one of the...

A UAE-wide railway system could cost around US$8.2 billion (AED30 billion) to construct, according to a local newspaper.

Union Railways chairman Hussain al Nowais estimated the project could be built over the next five to eight years, according to The National.

“The development we are envisaging in the UAE will be accelerated through this logistical network,” said al Nowais. “It will be faster and safer, less polluting and more efficient.”

He said that Union Railways would be awarding a consult...

The US $26.5 million (BHD 10 million) Bahrain Map flyover near Tubli Bay will officially open to traffic tomorrow after a construction period of just over one year, says the Ministry of Works.

The project was designed by Parsons Global Services and constructed by Bahrain’s Nass Contracting.

The contract included construction of seven span bridges with a three lane carriageway in each direction as well as associated slip roads, a dual post tensioned bridge and landscaping works.

The Bahrain Map forms part of a wi...

The exterior cladding for the world’s tallest tower, the Burj Dubai, has been completed by Arabian Aluminium Company and Far East Aluminium, 18 months after the vast project began.

The final panel – numbered 24,348 and weighing 750 kg –was placed at a height of over 662 metres, setting a record for the highest installation of aluminium and glass façade.

“Burj Dubai’s construction and engineering techniques are unprecedented, and they are our contribution to the science of high-rise develop...

Construction projects worth an estimated US $340 billion (AED 1.25 trillion) are currently taking place across the UAE, according to Collaboration, Management and Control Solutions (CMCS).

The figure – which represents 81% of the country’s total project value – points to a growing need for project management, as project failures and delays are costing developers heavily.

“The real estate sector in the region and especially the UAE has no doubt been considerably affected by the global financial crisis, ...

The Port of Sohar in Oman has signed three contracts for the financing, dredging and constructing the 1380-metre long and 25-metre deep jetty.

The jetty is a vital part of an ongoing project from Brazilian mining corporation Vale, which is investing U$1.4 billion and started the construction of a pelletising plant in the beginning of 2009 that will supply the region with steel pellets. In addition, Sohar will also function as the distribution centre for iron ore to be exported to the Middle East, India and Africa.

The deep-wa...

Drake and Scull International (DSI) has been awarded a US $35.4 million (AED130 million) MEP contract for The River development in Thailand.

The scope of work to be carried out by DSI includes the supply, installation, testing and commissioning of complete MEP works including air conditioning, plumbing and drainage for the building located in Bangkok.

“As we continue to grow and diversify our operations, DSI validates the faith investors are continuing to show in the company and its future,” said DSI vice chairman...

Construction of the Park Hyatt Saadiyat Island Hotel and Resort in Abu Dhabi has commenced, design and architecture firm Perkins Eastman has announced.

The five-star hotel is expected to be complete within 18 months, and will be open to the public in the first quarter of 2011.

"The Park Hyatt Saadiyat Beach will be one of the most luxurious and exciting new resort properties in the UAE," said Perkins Eastman principal Shawn Basler.

The 45,000m2 project will include 314 guestrooms, a private beach, swimming p...

Burj Dubai builders Arabtec have signed the first contract for foundation testing work on Europe’s tallest skyscraper project.

The deal, worth US$13.6 million (AED50 million) will see the UAE construction group test five deep foundation barrettes, extending to 70m into the soft ground, to establish their build ability in the site subsoil and their bearing capacity to support the main 400m high tower at the Okhta Centre development in St. Petersburg. The contract was awarded by oil refiner Gazprom Neft

"The award of...

A real estate boss in Dubai has been sentenced for a lengthy jail term over fraud and bounced cheques, according to a local newspaper.

Hampstead & Mayfair chief executive Peter Margetts has already been sentenced to 20 years by the Dubai Courts and if found guilty on other outstanding charges could be sentenced to a further 118, reported The National.

The property chief was indicted on four counts of fraud and 42 bounced cheques. Thirty-three of the counts have yet to be judged in the ongoing hearings.
Margetts is ...

The Saudi city of Jeddah will invest more than $1.3bn in the construction of bridges, tunnels, roads and parks, according to Mayor Adel Fakeih.

Lying on the crossroads between the two holy cities of Makkah and Madinah, Fakeih claims that Jeddah feels an enormous responsibility to the Muslim world.

“It remains the focal point for pilgrims and visitors to Islam’s two most sacred mosques,” Fakeih told Arab News.

“Jeddah has a diversified economic base and deep-rooted trade traditions that ...

There are currently 468 hotels – 126,464 rooms – in the development pipeline, according to the latest figures from industry researcher STR Global.

And the United Arab Emirates leads the way with 59,543 rooms now in the active pipeline – its closest rival, Saudi Arabia, had just 11,110 rooms under development.

“In the Middle East, the United Arab Emirates is exploding on the scene with four times the projects in the In Construction phase compared with its closest competitor, Saudi Arabia,” said ST...

Qatar’s Public Works Authority (Ashghal) is said to have cancelled contracts of at least two developers working on the QR8bn ($2.19bn) Doha Expressway, it has been reported.

Sources told the Gulf Times that one of the firms was the Germany-based Bilfinger-Berger, the main contractor of the Doha Expressway/22 February Street, but this was not confirmed by the company.

Previous reports in the Arabic press said that work on this part of the ambitious road project had been suspended after a disagreement over payment between...

The UAE denied on Tuesday that it was days away from awarding the largest ever energy contract in the Middle East for the development of a nuclear power plant.

The denial was issued after industry sources told Reuters that the UAE was on the verge of naming a winner for the contract to build at least four reactors, which consultancy Eurasia Group estimates may cost as much as $40 billion.

A government official familiar with the negotiations said "the UAE is not days away from awarding this contract. The process is still ...

Saudi-based Emaar Economic City said on Monday it had agreed to set up a firm with Saudi Binladin Group (SBG) to finance, develop and operate a major port on the Red Sea coast.

Emaar Economic City, spearheading the development of King Abdullah Economic City (KAEC) on the Saudi Red Sea coast, said its board approved on Sunday a preliminary accord with SBG over the joint venture, which this month will start works to build the port, it said in a statement posted on the bourse's website.

The first phase of the port will cost 4 bi...

Lebanon's Arabian Construction Co (ACC) has won an AED1.46 billion ($397 million) contract in Dubai to build one of the world's tallest towers, the biggest skyscraper deal to be awarded in the emirate since the start of the global downturn.

The Pentominium in Dubai Marina will be 124 floors high and the second-tallest building in the world after Emaar Properties' Burj Dubai, the construction firm said in a statement on Sunday. It did not disclose an estimated height for the tower.

Dubai-based contractors have been eyeing cont...

Saudi Railway Company (SAR) has awarded a 2.7 billion riyal ($720m) contract to a consortium that includes China Civil Engineering Construction Corp to build a rail link, a senior executive said on Saturday.

The group includes Al-Ayuni Trading and Contracting Co and Al-Abdulaziz al-Omer Establishment for Trading and Contracting, said Abdulrahman Al Hoari, finance manager at Al-Ayuni.

The contract involves civil works for the 500 km (300 mile) rail section linking the capital Riyadh to Al-Qassim, part of the mega North-South r...

Qatar is preparing to tender construction work on one of five rail networks it plans to build over the next 10 years, it was reported on Thursday.

The New Doha International Airport Steering Committee has invited firms to pre-qualify for a contract to build a train station at the $11bn airport that is under construction.

The project involves building a railway station terminal for an express airport rail line that will connect to rail and metro stations in downtown Doha and other rail networks, reported Gulf Times, citing a M...

Construction giant Carillion is in talks about moving into the Qatar market as it looks to build on its Middle East success, it was reported on Thursday.

The contractor’s half-year turnover from the Middle East increased by 78 percent to £321.6 million ($525m), largely down to a huge shift in workload from Dubai to Abu Dhabi, reported Construction News website.

Now company chiefs are eyeing further opportunities in Qatar, possibly by early 2010.

“It will be Carillion’s first move into Qatar. We...

Rakeen, the government-owned real estate company in Ras Al Khaimah, has been named judicial custodian of Khoie Properties, troubled developer of the emirate’s $800m La Hoya Bay project.

"The Ras Al Khaimah court's decision to appoint Rakeen as custodian of Khoie Properties is a significant step that promotes and protects the welfare of investors and property buyers,” said Ras Al Khaimah Investment Authority (RAKIA) chief executive Khater Massaad.

Khoie Properties had become insolvent and defaulted on land pay...

A new $400m manufacturing complex being built in Dubai to serve the oil and gas and petrochemicals sectors will eventually create 500 new jobs, company chiefs have announced.

Proclad, a global precision engineering, manufacturing and service provider for the oil & gas and petrochemical industries, has sad that production is underway at its new manufacturing base in Dubai's Technopark.

Phase one of the facility - which is set to triple the company's annual capacity worldwide - has seen a $400 million investment in four man...

Dubai's battered real estate sector will start to emerge from the impact of the global economic crisis in the first quarter of 2010, the boss of the company behind the $4bn Dubai Pearl project said on Monday.

Santhosh Joseph, president and CEO of Pearl Dubai, added that the mixed-use luxury development was on track for completion in 2011, despite the downturn.

He said: “We are pleased to announce that the project is progressing well. We are forging ahead despite the current economic climate and are well poised to shape ...

A SR6.5 billion ($1.7bn) monorail project linking Makkah with the holy sites of Mina, Arafat and Muzdalifah will be ready for use by some pilgrims for the hajj next year, it was reported on Monday.

A report issued by the Supreme Hajj Committee said it "will be ready for use to 35 percent of its capacity" for the 2010 pilgrimage.

King Abdullah approved the project to ease the transportation of more than three million pilgrims between the holy sites, and work started last year, Arab News reported.

The project,...

Construction work on the $3 billion Qatar-Bahrain Friendship Causeway, which was scheduled to begin by the end of this year, is now expected to start in 2010.

The construction of the causeway was originally supposed to begin in May 2008.

“Work on the project will start in 2010 and it is expected to take four-and-a-half years to complete,” Bahrain's Works Minister Fahmi al-Jowder said in comments published by Gulf Daily News.

“Negotiations are still underway regarding the cost and are expected to be f...

Saudi Arabia’s Rayadah Investment Company is in the early stages of developing two new mega projects located in Jeddah and Al Khobar, it was reported on Sunday.

According its head of real estate investments Saud Al Malag, a master plan for the “Jeddah Project” was currently with the Jeddah Municipality for approval, after which they will go to tender for the infrastructure, Construction Week Online reported.

The mixed use project will cover 2.6 million square metres and include 10,000 housing units and a bus...

KEO International Consultants announced on Wednesday it had won a six-month programme management contract from Abu Dhabi-based real estate developer Al Maabar to work on its $10bn project in Aqaba, Jordan.

Scheduled for groundbreaking in early 2010, the Marsa Zayed development includes high-rise residential towers, retail, recreational and entertainment facilities, hotels and business and financial districts, in addition to marinas and a cruise ship terminal.

As well as provi...

Abu Dhabi will host the headquarters of the International Renewable Energy Agency (IRENA), participants said on Monday, despite criticism of its high carbon footprint.

"Abu Dhabi has won the seat of the headquarters of the International Renewable Energy Agency after voting took place today on Monday in (Egypt's Red Sea resort of) Sharm el-Sheikh," the Egyptian official MENA agency said.

The European cities of Bonn and Vienna withdrew their candidacy shortly before Abu Dhabi...

Dubai Airports is planning to spend a further $10bn for expansion to keep up with growing international passenger volumes, chairman Sheikh Ahmed Bin Saeed Al Maktoum announced on Tuesday.

The company, which owns Dubai International Airport, recorded passenger traffic growth of 7.1 percent in May, he said at the Paris Air Show.

$10bn had been allocated for the construction of Dubai World Central, a new aviation hub surrounding Al Maktoum International Airport, which will be th...

Dubai will invest up to $20bn in desalination over the next eight years as it moves to meet soaring demand for fresh water, it was announced on Monday.

The emirate, which has six desalination plants with a further five either under construction or in planning phase, aims to boost its capacity by 500m gallons of water a day, according to Leon Awerbuch, a board member of the lnternational Desalination Association (IDA).

"You are talking significant investment," said ...

A total of 460 projects with a budget of close to $289bn were already under construction across Saudi Arabia’s real estate, leisure and entertainment and infrastructure sectors, said the report by Dubai research firm Proleads.

Most of the remainder of the 812 projects studied by Proleads were either in active planning, study, design or bidding stage, according to the firm.

A further 30 projects – or one percent by value – had been cancelled and only 25 &nd...

Arabtec Construction is bidding for construction projects worth AED22 billion ($6bn) in Abu Dhabi, Qatar and Saudi Arabia, company CFO Ziad Makhzoumi told Arabian Business on Tuesday.

The company has also been invited to undertake building work in northern Iraq, while other work was being considered across Pakistan, Syria, Jordan, Egypt and Libya, he said, adding he expected the company to deliver eight to AED8.5 billion worth of work this year.

Makhzoumi said: "...

More than $140bn of new hotel projects should be complete in the Gulf within two years in anticipation of an accelerated surge in demand for hotel space from 2013 onwards, according to new research released on Sunday.

But even more hotels will have to be built in the region from next year to be ready in time to meet the expected sudden uptake in demand, said the study by Dubai-based research house Proleads.

Based on an average completion schedule of two to three years, a tota...

Officials from Kuwait will travel to China soon to review locations for a $9bn mega refinery and petrochemical complex project.

The development in south China's Guangdong Province is expected to win approval for construction later this year, a Kuwaiti diplomat has announced.

"The province's southwestern cities of Zhanjiang, Maoming and Taishan in the Jiangmen municipality, as well as Daya Bay of Huizhou in the southeast part are on the list," Kuwaiti Consul General ...

Water shortages which have troubled the Saudi Arabian city of Taif will come to an end with the opening of a new pipeline, a government official has said.

Abdullah Al-Hussayen, Minister of Water and Electricity, speaking during the second week of water shortages in the city, said the new pipe will increase the supply to 280,000 cubic metres per day.

Currently, the city relies on its water supply being delivered by a 30-year-old pipeline, the Saudi Gazette reported.

Lu...

The UAE is embarking on a pilot project to improve conditions of contracted foreign workers from India and the Philippines, it emerged on Monday.

The country has signed agreements with both countries to launch the project, which aims to provide more transparency in the way in which expat labourers are treated once they arrive in the UAE.

The move was announced by Obaid Salem Al Zaabi, the UAE's Permanent Representative to the UN European Headquarters before the Human Rights C...

Aviation chiefs in Saudi Arabia have announced plans to develop 13 domestic airports in an effort to meet the growing traffic demand.

The kingdom's General Authority of Civil Aviation has assigned an international company to work out an integrated action plan for the developments.

The move is part of the GACA strategy to have the most modern technology installed at all airports, Saudi Gazette reported on Sunday.

Abdullah Rehaimy, president of GACA, said work had alre...

Saudi property developer Jenan Properties said on Saturday it would spend 5 billion riyals ($1.33 billion) on two projects which would be ready by the time the domestic property market recovers from a slowdown.

Jenan, which was founded a year ago by several Gulf Arab shareholders that include Kuwait Finance House and Aayan Leasing and Investment Co, expects to sell its first units by 2013, chief executive Bassam Boodai said.

"We are in the downside of the real estate mar...

Dubai contractor Arabtec has won a joint construction deal worth AED1.6bn ($435.6m) for projects in Abu Dhabi, it announced on Sunday.

Arabtec CEO Riad Kamal revealed last week that the firm was close to securing three new projects in the UAE capital, worth a total of more than AED4.5bn.

On Sunday Arabtec, the UAE's largest contractor by market value, said in a regulatory filing that it had won a joint deal with National Projects for Construction to build two high-rise towers
Construction firms are increasingly turning...

The master developer behind Jumeirah Golf Estates is offering contractors accelerated payments of money owed in return for a discount believed to be 30 percent.

In an emailed statement to Arabian Business, a Leisurecorp spokesman, which is part of government owned conglomerate Dubai World, said: "In response to the current global economic climate, Leisurecorp is having discussions with long-term suppliers to realign contracts to these new market conditions.”

Leisurecorp’s offer joins similar proposals made to...

Oman's Ministry of National Economy said on Tuesday it awarded construction contracts worth OR598m ($1.55bn).

The new projects include civil engineering work at Muscat International Airport, road construction as part of the Al Duqm Master Plan and the first phase of construction of Sohar Airport, the ministry said on its website.

The statement did not say which companies were awarded the projects.

Oman plans to diversify its economy away from oil income dependency, which makes up about 75 percent of state revenue, and...

Damac Properties confirmed on Sunday it plans to award construction contracts worth 2 billion dirhams this year and aims to deliver an additional 7,100 units by the end of 2010.
 
The company also said it has completed almost 500 floors across all of its projects in Dubai.

''To succeed in these times of market uncertainty, it is important to demonstrate commitment to customers and maintain their confidence.

''Completion of projects and delivery is a key industry concern and our aim is to reassure our custom...

Tameer Holding on Sunday said it was in the process of re-evaluating some of its projects in the light of the real estate slowdown.

Ghassan Sakhnini, President and CEO of Tameer, which has projects worth about AED10 billion ($2.7bn) across the UAE, said investors would be notified of changes to contracts once decisions had been made.

"Based on market dynamics, we are in the process of re-evaluating some of our projects. Once decisions have been made, we will notify our investors about the changes to their agreements and ...

Dubai Metro kicks-off a three stage marketing campaign this week to prepare passengers for the September 9 launch date, the Road and Transport Authority (RTA) said on Sunday.

The year-long campaign will be transmitted via television, radio, print media and on billboards across the Emirates.

It will be delivered in several languages and target different parts of the community and age groups, the RTA said.

The key theme for the campaign will be the “My Metro” brand that aims to foster pride among passengers ...

UAE contractor ALEC has been awarded a AED4.3bn ($1.17bn) contract to build a concourse at Dubai International Airport, the Dubai Aviation City Corporation said on Tuesday.

The Dubai Department of Civil Aviation initially awarded the contract to the Al Habtoor Murray & Roberts Takenaka Joint Venture last December.

But earlier this month, the consortium - which included Al Habtoor Leighton, an affiliate of Australia's Leighton Holdings, and South Africa's biggest construction firm Murray & Roberts - withdrew from the p...

Dubai has topped a list to find the city with the best quality of living in the Middle East and North Africa region.

The emirate was ranked 77th overall, an improvement of six places on its 2008 listing, in the Mercer 2009 Quality of Living Survey.

Globally, Vienna passed Zurich to take the top spot as European cities continued to dominate the top locations while Baghdad propped up the table of 215 cities.

Visas will be extended by between three and six months, depending on the worker’s job, but all nationalities will be included, the minister said on the sidelines of a seminar on labour and human rights in Dubai on Monday.

Expats currently have just one month to leave the country after their employment is terminated.

The minister said the global financial crisis had created a need for more regulatory flexibility.

The draft law also stipulates that the Ministry of Labour should be consulted over the construction o...

House prices in Dubai plunged 41 percent in the first quarter of 2009, property consultant Colliers International said on Tuesday.

The huge fall in values came as cash and mortgage-backed transactions dropped sharply, with prices registering a negative year-on-year decline for the first time of 34 percent, Colliers said in its latest quarterly House Price Index. 

The consultant blamed the fall in prices on lack of mortgage availability, poor investor sentiment, job losses among expatriates, and delayed projects, which ha...

Abu Dhabi’s Urban Planning Council unveiled plans for the capital city at the Cityscape Abu Dhabi exhibition on Sunday. Project costs were not revealed.

Quoted in The National newspaper Falah al Ahbabi, general manager of the Urban Planning Council described the initiative as the single most important project in the whole of the UAE.

''We felt that we needed to relate people to their federal identity. We wanted to gather all the federal governmental offices in one area to achieve that target,'' he added.

Of the ...

Arabtec Holding achieved consolidated profits of AED161 million ($43.8m) and consolidated revenues of AED1.8 billion ($480m) for the first quarter of 2009.

Commenting on the results, Riad Kamal, CEO of Arabtec Holding, said the results were in line with its forecast for 2009 but were down from AED231.4 million in the same period the previous year.

"The revenues and profits for the first quarter of 2009 are very satisfactory considering the difficult times that the real estate and construction sectors are experiencing in ...

Plans have been revealed for a SR21 billion ($5.6bn) monorail project in Jeddah as part of a comprehensive transport shake-up in the city.

Transport Minister Jabara Al-Seraisry presented plans to develop public transport in Jeddah to Makkah Governor Prince Khaled Al-Faisal.

The new public transport system, which includes monorails, buses and trams linking Jeddah’s residential districts, would bring about a revolution in the city’s traffic system, Arab News reported on Wednesday citing a Saudi Press Agency story.

Arabtec Construction, the UAE’s largest contractor by market value, has started groundwork on its first building project in Saudi Arabia, according to chairman Riad Kamal.

Excavations started last week on a development in Riyadh, while the company was already eyeing further opportunities for contracts in the country, Kamal said in an interview.

“The potential is excellent for us in Saudi,” said Kamal, without specifying the details of the Riyadh project.

Its first few contracts were already in place ...

A joint venture company on Thursday confirmed it has withdrawn from a $2 billion project to build Dubai’s Airport Concourse 3.

In a statement on the company's website, the Al Habtoor - Murray & Roberts - Takenaka joint venture (HMRT) announced it was pulling out due to its "inability to conclude an acceptable contract".

The group won the award in December 2008 and had been working with airport chiefs to finalise the contract terms but an agreement has not been possible.

David Savage, managing direc...

RENTS DECLINE: Dubai apartments and villas have seen rental values plummet in the first quarter of 2009. Apartment rents in Dubai have fallen by 22 percent with villa rents dropping by 34 percent during the first quarter of 2009, according to a latest industry report.

According to figures published by property management company Asteco, the average rent for a studio is now AED61,500, for a one-bed apartment AED93,000, for a two-bed apartment AED132,500 and AED185,000 for a four-bed apartment.

The biggest rental d...

Developer Limitless confirmed on Tuesday that it had cut seven percent of staff, and delayed the award of contracts for the second excavation phase of the Arabian Canal, in response to the global downturn.

Limitless, the property arm of investment giant Dubai World, said the 38 redundancies were made at its headquarters in Dubai and in other offices around the world.

“We have made a difficult but necessary decision in response to current market conditions. Unfortunately, this means taking the painful step of laying off ...

Individuals whose work visas have been cancelled, following redundancy, may soon be able to stay in the UAE for a longer period of time to find work, according to a report in Emirates Business.

At present, UAE labour and immigration laws require expats who have lost their jobs, to find work within one month - or leave.

The newspaper quoted Hani Rashid Al Hamli, Dubai Economic Council (DEC) Secretary-General, who said Dubai, along with the federal government, is "working on" stretching the grace period for holders of...

Abu Dhabi Motorsports Management Company (ADMM), which will run the city's first ever Formula One race, aims to break even in three years, benefiting from a rising number of motor sport events in the region.

The Abu Dhabi government holds a 60 percent stake in ADMM, which was founded last year and is managing the inaugural F1 Abu Dhabi Grand Prix in November.

That race, the first of seven world championship races in the oil-rich capital of the UAE, will be an important earner for the group, its general manager Richard Cregan ...

Three labourers were killed and others injured after the wall of a warehouse under construction at Dubai Industrial City collapsed during strong winds.

The single-storey glass and aluminium factory, owned by an unnamed investor based at the site, fell down at 6.55am on Thursday, it has been reported.

The building was under construction and was 50% complete, a spokesman for Dubai International City said.

Dubai Police and Civil Defence and emergency medical teams attended the scene and transferred those with serious inj...

Ras Al Khaimah Minerals and Metals Investments (RMMI) has been awarded a licence to build a $600m railway network in Indonesia, enabling it to transport coal extracted from mining operations in the Asian country.

RMMI will next month begin looking for a technical partner in the contracting and railway operating business to build and operate the 125km railway track in East Kalimantan province, Madhu Koneru, managing director of the firm said in an interview.

The Regency of East Kutai in Indonesia formally issued the licence fo...

Expatriates living in Bahrain and the UAE have said they still plan to invest in the property market, despite a real estate crisis engulfing the region, according to a new survey.

Findings from the study by offshore insurance firm Zurich International Life show that three quarters (72 percent) of  expatriates living in Bahrain would spend any extra income they had on property.

Meanwhile, the figure for the UAE was still high at 48 percent – up 20 percent from 2008 – even though the country has been hardest hi...

http://www.constructionweekonline.com/article-4680-new_dubai_construction_consultancy_promises_results/

CONSTRUCTION WEEK ONLINE

Story by Jeffrey roberts

Despite the well-documented credit crunch, Connect Consult, a newly-launched Dubai-based construction consultancy, is promising “real solutions and real returns” to clients ...

The emirate of Dubai remained in a good position to move forward through the global financial crisis, thanks largely to its construction and real estate industries, experts were reported as saying on Saturday.

A number of fundamentals were in place that would pull the emirate through the worst of the ensuing credit crunch, experts from the property sector told Construction Week.

These included visionary governement-led construction projects such as the Dubai Metro and Emaar's Burj Dubai, which were seen as vital to the future...

Transport links, not cheap fares, will be the factor that encourages people to use the $4.2bn Dubai Metro, the company responsible for managing the system has claimed.

Paul Anderson, Serco’s managing director for Dubai Metro, told Arabian Business that, “the success of the system will be determined by the first and last mile and if people can’t get to the system or access it easily they will be less inclined to use it.”

He added: “Even if it’s a good system with competitive pricing, if you ...

Shares of contractor Drake & Scull International may face heavy selling on their debut on the Dubai bourse on Monday, traders said on Sunday.

Drake - which specialises in mechanical, engineering and plumbing businesses - will list eight months after it raised around $322 million in its flotation.

"We're expecting heavy selling. People have been holding the stock for a long time," said Ayman el-Saheb, Darahem Financial Brokerage director of operations.

"We're expecting heavy selling. People have been...

Three master development plans slated to help transform Abu Dhabi into a major international hub have been given the green light by members of the Urban Planning Council.

The details of the mega projects, which include the Capital District Concept Plan, Khalifa B Master Plan and Shahama and Bahia Revitalisation Plan, will be officially unveiled at the upcoming 2009 edition of Cityscape Abu Dhabi.

Falah Mohammed Al Hababi, general manager, Abu Dhabi Urban Planning Council (UPC), said the approval of the three plans was a major...

The firms bidding for the new airport contract in Oman include India's Larsen & Toubro, South Korea's Hanjin Heavy Industries  and Korea's Daewoo Engineering & Construction, an official said on Wednesday.

The tender board official said other companies bidding for the Duqm airport project, which is expected to be worth up to $200 million, include France's Thales, India's Dodsal, Athens-based Consolidated Contractors Co and Turkey's Makyol.

"We received the bids for the approximately $200 million dollar contra...

The owner of the island of Ireland on Dubai’s The World project has taken his own life amid rumours of financial worries as a result of the global economic crisis, it has been reported.

John O’Dolan, one of Ireland's leading building developers, was one of four business partners from his home country who brought the “Ireland in the Sun” development in March 2007 for AED142m ($38.6m).

The four had plans to build a resort with a collection of homes, apartments, restaurants and retail amidst...

The UAE government should take more liquidity measures to encourage banks to start lending again, Standard Chartered said in a report on Tuesday.

The bank has said that although the $20bn bond issued last week by the Dubai government would be “sufficient” to meet the emirate’s refinancing needs for this year, the loan deposit ratio was still too high.

At the end of January 2009 data showed that there was a need for more than AED100bn ($27.2bn) to bring advance-to-deposit ratios down, so banks c...

The much-awaited opening of Dubai Mall, set to be the biggest mall in the Middle East, has been delayed until Nov. 4,

The 12.1 million-square foot mall was set to open its doors to the public on Thursday, but has been pushed back at the last minute because the mall, road access and telephone network are not ready, shop owners said.

Nabil Daud, regional CEO of toy store Hamleys, which will open its first store outside of the UK at Dubai Mall, confirmed the opening date had been pushed back until Nov. 4.

"I am happ...

Plans have been revealed for a new 300-bed women and children’s hospital at a cost of $205 million.

The ‘Danat Al Emarat’ hospital will be built by United Eastern Medical Services (UEM) and designed by US-based HKS.

The hospital will offer “unrivalled levels of care, comfort and luxury”, according to UEM CEO Mohammed Ali Al Shorafa.

The first phase of the project is scheduled to complete by 2011 and will be the first all-digital hospital in the capital.

Danat Al Emarat will have u...

A whale shark being kept at the Atlantis Hotel aquarium - despite protests from animal rights campaigners - will be freed, a top UAE government official has said.

The minister for the environment, Dr Rashid Ahmed bin Fahad, said the shark would be released as soon as aquarium staff have finished treating it.

The shark, which is four metres long, was caught off Jebel Ali on August 27 but the circumstances of the animal’s capture were unclear, UAE daily The National reported on Sunday.

GCC transport ministers have approved a $11 billion railway project that will link the six Gulf states.

Results of a feasibility study for the 1,500km network will now be submitted to the Gulf leaders’ summit due to be held in Muscat in December.

The proposed GCC rail network will begin from Kuwait and go to Muscat via Saudi Arabia, Bahrain, Qatar and the UAE.

A study to connect it with Yemen also is underway.

The Minister of Business and Trade, ...

Rampant inflation and a booming economy saw house prices in Dubai rocket by 76 percent in the year to June, a new report from real estate broker Colliers International showed on Wednesday.

While recording massive annual increase in property values, Colliers’ eagerly anticipated House Price Index for Dubai claimed house price growth slowed from 42 percent in first quarter of 2008 to 16 percent in the second quarter of the year, fuelling fears the market is heading for a slowdown.

Ian Albe...

A Dubai government firm on Monday announced it will build a "new city" in the booming Gulf emirate at a projected cost of $95 billion, shrugging off the global financial turmoil.

The mixed-use Jumeirah Gardens development will be "an integrated city within a city," to be built over 12 years, Meraas Development said at the opening of Cityscape 2008, a four-day international real estate exhibition.

Jumeirah Gardens will stretch north of Sheikh Zayed Road, Dubai's main thoroughf...

Abu Dhabi is considering tightening an annual cap on rent increases for properties in the emirate to three percent from five percent.

The Abu Dhabi Executive Council is studying the proposal submitted by the Abu Dhabi Council for Economic Development (ADCED) and supported by the Abu Dhabi Department of Planning and Economy, Emirates Business reported on Wednesday, citing a senior official.

"ADCED has submitted a detailed study to the (executive council) on the harmful effects of high rents,...

Connect Middle East is set to launch a new product into the construction market; SnagTrak, the online Defect Management System. Please visit  www.snagtrak.com

"SnagTRAK is the most efficient and effective tool to control the costs and time involved in end to end defect identification, management and resolution. It provides the facility to upload photographic images along with text, simplifying the whole communication process while providing an executive, up to the minute snapshot o...

The government of Tunisia has approved the master plan for a $25 billion real estate project being developed in partnership with Sama Dubai, the developer said on Monday. 

The 873-hectare Mediterranean Gate project, located in the country’s capital Tunis, is aimed at turning the North African country into an attractive destination for African and European investors and tourists, as well as a regional hub for technology, finance and business.
It is hoped the development, which will take 15 years to complete, will hou...

Real estate tycoon Donald Trump is keen to add a golf course to his Dubai property portfolio, the billionaire has revealed in an interview with magazine Time Out.

Trump said he had informed Dubai developer Nakheel he would “love” to invest in a golf course in the emirate.

”I have the number-one rated course in the state of California. I have the number-one rated course in the state of Florida. My course in New Jersey may be the best of all of t...

Marwan Bin Galita, chief executive of RERA, told UAE daily Gulf News the agency had submitted proposals to the government to review visas for property buyers.

Bin Galita said there was no link between property ownership and residence visas, and developers shouldn’t attract investors to buy into property with a promise of a residence visa.

However, his comments appear to contradict the government’s earlier stand.

As the government opened Dubai’s property sector to f...

Hotel tycoon Sol Kerzner, CEO of Bahamas-based Kerzner International, said on Wednesday that the expansion would incorporate the company's luxury brand The Cove.

The exclusive accommodation, which operates at Kerzner's Atlantis in the Bahamas, includes a penthouse suite which can cost $15,000 a night.

Kerzner also revealed that his company would hold back on progressing plans for a multi-billion dollar resort in Las Vegas.

Under an agreement last year, Kerzner, MGM and Dubai World investment unit Istithm...