Latest News

• Saudi Arabia may hand over stalled projects to competent contractors

  28, January 2013
  The Saudi transport minister has said contractors were behind stalled road projects in the kingdom and threatened to withdraw contracts of delayed projects and transfer them to competent contractors, Arab News has reported. “The stalled and delayed projects are worrying us,” minister Jabara Al-Seraisry said. “We are constantly looking for the reasons behind the delay and how to treat it, including the ... Read more

• Red Sea Housing awarded SR226m deal for Petro Rabigh project

  28, January 2013
  Saudi-based Red Sea Housing Services Co has been awarded a SR226m contract by GS Engineering Co for a key project in the kingdom, Saudi Gazette has reported. According to the terms of the deal, Red Sea Housing will build housing compounds to accommodate almost 9,000 employees of the South Korean firm that will be involved in the construction of the second phase ... Read more

• Kuwait allocates KD95m to support construction loan beneficiaries

  28, January 2013
  Kuwaiti commerce and industry ministry has allocated KD95m to support construction materials for construction loan beneficiaries, including rebar, cement, bricks and limestone bricks, Kuna has reported. The sum is "enough to cover the demands of more than 7,000 lands of construction materials," minister Anas Al-Saleh told the news service. Read more

• Abu Dhabi's Bawabat Al Sharq villas to be completed next June

  27, January 2013
  Baniyas Investment and Development Co (BIDC), the investment arm of Baniyas Sports Club, has said that construction of the villas forming Phase II of Abu Dhabi’s Bawabat Al Sharq development is 64% complete and the villas are to be delivered in June, Gulf News has reported. “Technically speaking, we have already completed the concrete works in all 129 villas and we are ... Read more

• Contractors, consultants briefed on Qatar's 50-year drainage plans

  27, January 2013
  Contractors and consultants have been briefed by QatarÂ’s public works authority (Ashghal) about its resewerage plans for the capital, Doha, the Construction Index has reported. The Inner Doha Resewerage Implementation Strategy (Idris) is part of a strategy for world-class buildings and infrastructure in accordance with the Qatar National Vision 2030. The programme includes a major tunnelled interceptor sewer and an advanced sewage ... Read more

• Abu Dhabi investment firm acquires UK developer

  27, January 2013
  UAE-based alternative investment firm Abu Dhabi Capital Management (ADCM) has agreed to takeover UK-based luxury residential developer Northacre, Property Mall has reported. ADCM, through its special purpose Spadille corporation, has made a cash offer of 96 pence per Northacre share. The ADCM offer saw off competition from an internal management buy-out vehicle led by the Northcare's CEO, Ken MacRae. Northacre has designed, ... Read more

• Nakheel reports 91% surge in 2012 revenue

  26, January 2013
  DubaiÂ’s property developer Nakheel has announced its full-year profit rose 57% to Dhs2.02bn ($550m), on 91% increase in revenue to Dhs7.8bn, Reuters has reported. "It is proof that investor confidence is back," chairman Ali Rashid Lootah said. "Nakheel's strong financial performance ... is a clear sign of a recovery in Dubai's real estate sector," he added. Nakheel said it has cut its ... Read more

• Omani contractors hurt by unfair competition

  23, January 2013
  The Oman Society of Contractors (OSC) has said intense competition for contracts and increased manpower and material costs are negatively affecting serious players in the sultanate's construction industry, Muscat Daily has reported. “Unfair competition in the market has affected the returns of serious players and damaged the quality of work as companies are forced to compromise on quality while reducing price,” Salim ... Read more

• Emiratis were Dubai's leading property investors last year

  23, January 2013
  According to figures released by the Dubai Land Department (DLD), the emirate has seen 41,767 property transactions worth over Dhs154bn in 2012, Gulf News has reported. The number of transactions, including sale, mortgage, ijarah, mortgage portfolios and deferred sales, rose 8% year-on-year, which made it a record year, Sultan Butti Bin Mejren, director general of DLD, said. Emiratis were the leading investors ... Read more

• Italy's ME Studio awarded Sohar University expansion deal

  23, January 2013
  OmanÂ’s Sohar University has signed an agreement with Italy-based ME Studio Engineering Consultancy for the design and architectural work of the second phase of its expansion, Muscat Daily has reported. The deal includes construction of phase two of the university for nearly 10,000 students. Set for completion within the next 18 months, the construction of the new facility is expected to start ... Read more

• New real estate services firm launched by Qatar's Regency Group

  22, January 2013
  Qatar-based Regency Group Holding has announced the launch of a new firm to provide the local market with real estate services, Gulf Times has reported. The new company, called Escrow International, will be overseen by Al Asmakh Real Estate Development Co, the realty arm of the Regency Holding Group. It will “provide safe and secured real estate transactions, thereby facilitating the transfer ... Read more

• 64% of Dubai is built, under construction

  22, January 2013
  The municipality of Dubai has said more than 60% of the city is either covered by buildings or used for projects under construction, Gulf News has reported. According to a survey that was carried out by the buildings inspection department at the civic body, 64% of the city is occupied by buildings, while the share of buildings in rural areas adds up ... Read more