Saturday 20 December 2014

Alstom to sell power business to GE for $15bn

Alstom shareholders on Friday backed with 99.2 per cent of votes the French engineering group's plan to sell most of its power equipment business to General Electric and refocus on its smaller rail arm. Alstom had said last month it could return up to  €4 billion ($


Omaniyat's new seafront project 81pc sold out

Leading UAE developer Omniyat Group said its newly-launched iconic project "Anwa" in Dubai Maritime City has sold 81 per cent of units in less than a week of opening the sales. The development group said they registered Dh432 million ($118 million) in sales for this amb


Ethiopia plans $475m metro completion in January

Ethiopia expects to complete the Chinese-backed construction of a $475 million metro rail system in the capital Addis Ababa next month, the head of the project said. The project, built by China Railway Engineering Corporation (CREC) and mostly financed through a loan from China&#


Nakheel to restart $550m project in Vietnam

Dubai property developer Nakheel said it would propose a plan to restart a delayed $550 million project in Vietnam's northern province of Quang Ninh in January, the Dau Tu (Investment) newspaper reported. The Ha Long Star urban and tourism project will feature a 250-room f


Saudi Rail to showcase latest rail industry developments

International exhibitors are set to showcase the latest developments in the railway industry and highlight opportunities in the region, according to a report. The rail projects in the region has been estimated to reach SR45 billion ($11.9 billion), said the Arab News report.


Qatar’s tourism-related project investment to hit $45bn

About $45 billion in investments have been projected for tourism-related project in Qatar up to 2030, according to a report. The projected investment in the tourism sector alone is $11.5 billion up to 2030, Issa bin Mohamed Al-Mohannadi, chairman of Qatar Tourism Authority (QTA)


Lifestyle Developers honoured at Arabian Property Awards

Lifestyle Developers, a Saudi Arabia-based real estate developer, has received a ‘Highly Commended’ ranking in the developer category at the Arabian Property Awards, in association with Ernst and Young.   The Arabian Property Awards are part of the long establishe


Limitless hosts Vietnamese delegation in Dubai

Dubai developer Limitless hosted Vietnam’s Deputy Prime Minister as part of the Vietnam Days in the UAE event, at which the two countries agreed to boost trade, investment and labour co-operation. Nguyen Xuan Phuc and his delegation – including Vietnamese Ambassador P


Orpic Logistics inks deals for $320m Oman pipeline project

Orpic Logistics Company (OLC) has awarded an engineering, procurement and construction (EPC) contract and a financing deal for a major pipeline project worth $320 million in Oman. OLC is a joint venture between Oman Oil Refineries and Petroleum Industries (Orpic) and  and the Span


Action to build three-star hotel in Dubai Healthcare City

Action Hotels Company, a leading owner, developer and asset manager of branded three- and four-star hotels in the Middle East and Australia, has acquired a prime freehold plot of land in Dubai Healthcare City (DHCC) to develop a 240-room three-star branded hotel. DHCC is a free z

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