Sunday 14 February 2016

Bahrain mall developer wins $94m KFH funding

Kuwait Finance House (KFH) said its Bahraini unit has signed a deal with King Faisal Corniche Development Company to provide $94 million finance for its upcoming Bahrain Avenues Mall. The project, a major retail and tourism destination, is being developed by King Faisal Corniche


RTA to spend $1bn on Dubai infrastructure projects

Dubai’s Roads and Transport Authority (RTA) has been allocated a Dh7.6 billion ($2.07 billion) budget for this year with the lion’s share set aside for rail development. While an amount of Dh3.913 billion ($1.06 billion) has been earmarked for operational expenditures


Drake & Scull Q4 net profit jumps

Drake & Scull International, a regional market leader in general contracting and mechanical, electrical and plumbing (MEP) sector has posted a substantial jump in its fourth-quarter net profit, with the contractor's earnings aided by higher revenue despite a slowdown in the regional con


UAE builder Arkan posts 26pc jump in net profit

Arkan Building Materials Company, a leading construction and building materials company in the UAE, has registered a 26 per cent jump in its net profit for 2015 which soared to Dh101.1 million ($27.5 million) from Dh80 million ($22 million) the year before. Announcing a strong in


Bahrain developers alerted over corrosion threat

Developers behind stalled real-estate projects in Bahrain could be forced to “rebuild the developments” if gas and water pipes buried beneath the structures are found to be corroded. There are several unfinished developments in Bahrain, many of which have been delayed


Hundreds ‘living in dangerous homes’ in Bahrain

Hundreds of Bahraini families are living in fear of their homes collapsing on top of them as no renovation work was carried out by the government last year, a report said. Councillors in the Southern Governorate have raised concerns that the houses, which they described as danger


Aldar's Kazakh tower project hit by blaze

A fire broke out on Saturday at a construction site where Central Asia's tallest tower is being built in the Kazakh capital Astana, the Kazakh interior ministry said. The blaze at the Abu Dhabi Plaza, being built by UAE developer Aldar Properties and contractor Arabtec, start


Bahrain's central market to undergo major facelift

A market branded a health and environmental hazard has received a new lifeline with plans to turn it into a tourist attraction being given the go-ahead, said a report. The 27-year-old East Riffa Central Market will undergo a major facelift that will involve revamping the building


Sharjah fit-out group GDS eyes 25pc growth

UAE-based Gulf Dynamic Services (GDS) is aiming to achieve a 25 per cent growth in its turnover for 2016 as growing demand for quality fit-out solutions continues to increase with hectic construction activity in the UAE and GCC countries. A subsidiary of Masharie, the private equ


DP World plans over $1bn India investment

Dubai-based global marine operator DP World said it plans to invest more than $1 billion in India over the next few years mainly in infrastructure development at its port operations in the country. The group has already invested capital of $1.2 billion and is currently the only f

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