Friday 19 September 2014

Egypt raises $8.5bn for Suez Canal expansion

Egypt has raised the $8.5 billion it needs to fund a project to expand the Suez Canal in just eight days, the central bank governor said. Hisham Ramez said in a telephone interview with Reuters that EGP61 billion had been raised after banks issued investment certificates to finan


Arabtec unaware of stake sale by ex-CEO

Dubai contractor Arabtec Holding said on Tuesday it was unaware of any stake sale agreement between its largest shareholders following reports that the company's former chief executive was about to sell at least part of his stake. Arabtec "does not have the information&q


Mega Dubai resort work on track

Dubai Parks & Resorts, a Meraas Holding company, said the work on the first phase of the multi-billion-dollar entertainment and leisure destination in Dubai, UAE, is progressing well with 30 per cent of the infrastructure development already completed. Taking shape at Jebel A


Atkins names new chief for power business

Atkins, one of the world's leading design, engineering and project management consultancies, has appointed Phil Malem as the new managing director to develop its power business, with a particular focus on the Middle East.   Malem will be based in Abu Dhabi and play a key


80 mega-projects coming up in Saudi Arabia

More than 80 mega-projects, each worth at least $1 billion, are under way or planned for completion by 2030 in Saudi Arabia, according to a new report. This makes the kingdom the Middle East’s largest mega-project market by a wide margin, said the Meed report released during the


Modern Abrasives launches new facility in Bahrain

Modern Abrasives Middle East, a Bahrain-based company established in collaboration with Ekamant of Sweden, said it has launched its new facility in Hidd industrial area of the kingdom.    The new industrial unit has been fitted out with abrasives conversion machinery fr


Omniyat to showcase $952m projects

Omniyat, a leading developer in the Middle East, is set to launch three mega-projects worth Dh3.5 billion ($952 million) at the 'Cityscape Global 2014' expo, which will be held from September 21 to 23 in Dubai, UAE. These projects are all strategically located and designe


UAE to build two more nuclear power reactors

The UAE has approved the construction of two additional nuclear power reactors at the Barakah site in the Western Region of the Abu Dhabi emirate by the Emirates Nuclear Energy Corporation (Enec). The licence for the construction of Unit Three and Four of the Barakah nuclear faci


Emaar sees good demand for malls IPO

Emaar Properties said institutional investors have committed to buying all the shares offered to them in the flotation of its shopping malls business only a day after the initial public offering (IPO) was launched. Dubai's largest real estate developer is aiming to raise as m


Dubai house prices fastest growing in the world

Dubai topped the global annual rankings for growth in house prices for the fifth consecutive quarter ending June, recording annual price growth of 24 per cent, though this is down from 27.7 per cent in the year to March, a report said. “The emirate’s mainstream market

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