Latest News

• Omani contractors hurt by minimum wage increase

  06, February 2013
  The Oman Society of Contractors (OSC) has called the government to reimburse additional cost arising from a recent mandatory rise in minimum wage of Omani workers with effect from July, Times of Oman has reported. "The contractors are asking to protect them from any financial damage,” said OSC chairman, Dr P Mohammed Ali. The demand is for meeting the cost escalation of ... Read more

• Galfar plans expansion in Saudi Arabia, Iraq

  05, February 2013
  Oman-headquartered construction firm Galfar Engineering and Contracting has said that 15% of its business is subcontracted to local contractors, contributing to the local economy and benefitting local communities, Muscat Daily has reported. “Presently, we procure nearly OR200m of services from the local market, hiring equipment worth OR20,000 every day,” said vice chairman and managing director Dr P Mohammed Ali. The company currently ... Read more

• Omani developer, Bank Muscat ink financing deal for Salam Residence

  05, February 2013
  Omani developer Salam Properties has signed a memorandum of understanding with Bank Muscat to provide ‘baituna’ housing finance for Salam Residence units in Baushar, Muscat Daily has reported. The financing programme is available for Omani nationals, GCC nationals and expatriates. Read more

• MMG narrows losses in Q4 2012

  04, February 2013
  Saudi construction company Mohammed Al-Mojil Group (MMG) has reported a fourth-quarter net loss of SR526m, bringing its cumulative net loss currently to SR2.01bn ($536m), Reuters has reported. Although its quarterly loss was less than half that of the last quarter of 2011, it remained considerably higher than its third-quarter 2012 loss of SR33.8m. MMGÂ’s net loss over the year was SR1.2bn, compared ... Read more

• Oman to spend $555.8m on development projects

  04, February 2013
  Oman has approved a number of projects worth around OR214m ($555.8m) for the governorates of Dakhiliyah and Al Wusta, Times of Oman has reported. The projects include the construction of new roads in the two governorates, 150 social houses, equally distributed in the wilayats of Al Jazir, Mahout and Haima, in addition to 150 houses, which have been approved in the Wilayat ... Read more

• Qatar wants full compliance with safety standards

  03, February 2013
  Qatar's labour ministry has said nearly one third of the companies operating in the Gulf country do not fully comply with set safety standards, Gulf Times has reported. Inspection teams had visited last year 46,624 sites and found that “around 30% of the companies working in Qatar had violated to some degree the safety standards,” said head of labour inspection department at ... Read more

• Saudi Easter Province to spend SR1.1bn on infrastructure projects

  02, February 2013
  The municipality of Saudi Arabia’s Eastern Province has allocated SR1.1bn in its budget for this year for various new infrastructure projects designed to modernise the Dammam metropolitan area and branch municipalities, Arab News has reported. “The projects involve the construction of sidewalks, the development of residential neighbourhoods, the improvement of streets, the construction of pedestrian bridges and more utility services,” said the ... Read more

• More consolidation seen in Abu Dhabi after Aldar, Sorouh merger

  31, January 2013
  Analysts have said the state-backed merger of Abu Dhabi's two largest property developers is likely just the first step in a wider consolidation that will see projects and state entities merged in a bid to stabilise the real estate market, Reuters has reported. "The government took this bold step to consolidate supply" of new real estate projects, said David Dudley, head of ... Read more

• Kuwait bought Canary Wharf scheme

  31, January 2013
  The Kuwaiti government, through its real estate arm St Martins Property, has bought 5 Canada Square at Canary Wharf in London from private equity group Evans Randall for around £385m (€448m), Property EU has reported, citing market sources. The 14-storey building is located in the heart of London's Canary Wharf, adjacent to the London Underground, Dockland Light Railway and future Crossrail stations. ... Read more

• Township for 100,000 people to come up in Oman's Duqm Port in 2014

  30, January 2013
  Oman’s Port of Duqm has said construction of a township with a capacity for 100,000 inhabitants is to be completed by the end of 2014, Muscat Daily has reported. The township is part of phase one of the port’s development project, said Reggy Vermeulen, commercial director of Port of Duqm. “A total of 177,000 hectares have been allotted for the entire zone, ... Read more

• Bahrain to spend BD1bn on infrastructure projects

  30, January 2013
  Bahrain's works minister Essam Khalaf has announced plans to spend about BD1bn ($2.5bn) on infrastructure projects over the next 10 years, Kuna has reported. To be funded under the $10bn GCC support programme, the projects are aimed at developing the sanitation networks, building schools, health centres, sports and social development projects, Khalaf said. Read more

• Lebanon saw decline in construction activity last year

  30, January 2013
  The number of construction permits issued by the LebanonÂ’s Orders of Engineers in Beirut and Tripoli has dropped for the second consecutive year in 2012 at 11.7%, compared with 2011 when they also declined 6.8%, The Daily Star has reported. Mount Lebanon projects accounted for the majority of newly issued construction permits in 2012 with 49.2%. All regions, except the Bekaa, saw ... Read more

• Qatari Diar freezes London project

  29, January 2013
  Qatari Diar has put on hold its biggest single investment in London, citing concerns about the UK economy, the Guardian has reported, citing a source close to the project. The £3bn Chelsea Barracks housing development is now under review and the source said that while it could still go ahead, one option was to sell the site without building the 450 luxurious ... Read more

• Bahrain to raze unsafe buildings

  29, January 2013
  The Bahraini cabinet is setting up a legal committee to finalise legislation to regulate the leasing of private premises as labour camps, as well as an emergency task force to enforce building safety, Gulf Daily News has reported. The task force will coordinate with concerned authorities to speed up the execution of court rulings on razing illegal and dilapidated buildings, the report ... Read more

• Qatar makes thermal insulators mandatory for building licences

  29, January 2013
  The Qatar General Electricity and Water Corp (Kahramaa) has made it mandatory for all new buildings in the country to install thermal insulators for walls and electronic timers to control lighting to make them more energy-efficient, the Peninsula has reported. Buildings that fail to fulfil these requirements in their designs will not be issued a licence, said Kahramaa. ... Read more

• Aldar, Sorouh's shareholders to vote on merger on Feb 21

  29, January 2013
  Abu DhabiÂ’s Aldar Properties and Sorouh Real Estate have said their shareholders are set to vote next month on the proposed merger and the deal is expected to be completed by end-June, Reuters has reported. Both the companies will hold an extraordinary general meeting of shareholders to vote on the proposed merger on February 21, Aldar said. Under the merger proposal, the ... Read more

• Emaar's new launch sold out in one day

  28, January 2013
  DubaiÂ’s Emaar Properties has reported that its latest Downtown Dubai launch sold out on the day of their public launch. Potential customers were given the option to pre-register their interest online for the 280 off-plan serviced residences at The Address Residence Fountain Views in Downtown Dubai and all units were sold out when they were released to the public on a first ... Read more

• UAE approves more construction loans, grants

  28, January 2013
  The UAEÂ’s Zayed Housing Programme has approved the names of 208 beneficiaries for January, Wam has reported. The programme has given loans to beneficiaries whose salary exceeds Dhs10,000 and are capable of settling the debt, while grants were distributed to beneficiaries that earn less than Dhs10,000. Read more