Saturday 2 August 2014

Arabtec Q2 net up 11pc, misses estimates

Arabtec, the construction company at the centre of Dubai's stock market turmoil, reported an 11 percent rise in second-quarter profit on Sunday, missing analysts' estimates. Net profit climbed to 103 million dirhams ($28.1 million) in the three months to June 30 from 92 m


New safety warning in Bahrain as site deaths rise

An increase in worksite fatalities has prompted Bahrain officials to issue fresh warnings to construction companies to abide by regulations or face legal action.   The number of worksite deaths this year has already reached


Jordan's Housing Bank reports 16pc rise in profit

Jordan's Housing Bank for Trade and Finance, the country's second largest lender, posted a 16.4 percent increase in first-half net profit to $86.2 million due to better utilisation of funding in core activities, it said in a statement on Saturday. Assets stood at $10.7 bi


Jumeirah Beach Hotel plans major expansion

UAE Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has endorsed the fifth phase of the Jumeirah Beach Hotel expansion plan, which is set for completion in 2018. The masterplan vision and concept for the expansion was delivered by global


Arabtec ex-CEO trims stake in firm

Dubai construction company Arabtec's former boss has sold about $4 million worth of shares in the group this week, cutting his stake slightly, stock exchange data showed. Arabtec's shares have swung around wildly this year on apparent tensions between chief executive Hasa


US firm wins key $35m reclamation deal in Bahrain

Great Lakes Dredge & Dock Corporation, a US-based dredging services provider listed on Nasdaq, has been awarded a Works Ministry contract valued at approximately $35 million.   The contract encompasses phases one and two


Foundation laid for massive Madinah city

Work on the massive King Abdullah City for Pilgrims was launched in Madinah recently with the laying of the foundation for the project. Attending the ceremony were Minister of Finance Dr Ibrahim Al-Assaf and Minister of Haj Dr Bandar Al-Hajjar. The foundation stone


Seef Properties registers $9.1m net profit

Seef Properties has reported a 3.4 per cent increase in net profit at BD3.42 million ($9.06 million) for the first half of the year when compared with BD3.31 million for the same period last year.   The gross rental income f


Work on Bahrain homes project begins

Bahrain's Housing Ministry has started work on the East Hidd housing project.   A multi-million agreement has been signed to construct the first phase of the project, which includes 483 units, said a report in the Gulf D


Saudi state fund plans housing firms

Saudi Arabia's Public Investment Fund (PIF) aims to establish companies in areas including housing, petrochemicals and technology as it expands its investments locally and overseas, Finance Minister Ibrahim Al-Assaf said. His statement, quoted on Wednesday by the Al-Sharq Al-

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