Thursday 18 September 2014

628 hotel projects under contract in MEA

As many as 628 hotel projects are currently under contract in the Middle East and Africa (MEA) region and together they will add 147,454 rooms into the booming hospitality sector, said a report. The 'under contract' data includes projects in the "construction, final


Asteco launches licensing services unit

Leading property services company Asteco is set to enter the franchise arena with the launch of a new licensing services division, at the upcoming Cityscape Global exhibition in Dubai, UAE. The company will franchise its 30-year-old brand and successful business model to independ


Delta Faucet opens showroom in Abu Dhabi

Delta Faucet Company, a leader in sustainable and innovative water solutions for residential and commercial buildings, has opened its first showroom in Abu Dhabi, as it expands its partnership with UAE building and construction group Mac Al Gurg. The partnership has won key proje


UAE property market stability keeps rents in check

The UAE’s property market experienced improved stability during the first six months (H1) of 2014, with the rate of expansion steadying and the slowing down of growth in residential rents and values in Abu Dhabi, Dubai and Sharjah, a report said. However, backed by a robust


Dubai to develop new $1.5bn luxury hotel on Palm Jumeirah

Investment Corp of Dubai (ICD), the UAE emirate's sovereign wealth fund, will be developing a 800-room luxury hotel on Palm Jumeirah at a cost of $1.5 billion in partnership with Kerzner International Holdings. The 46-storeyed Royal Atlantis Resort will boast 250 luxurious ho


IPark to launch new parking system in the UAE

Oman-based IPark has partnered with Simmatec Korea, one of the world’s leading manufacturers of automation parking system, to launch its new parking system in the UAE. The automated multilayer parking system is a new-age technology that enables automated parking and retriev


Ajman gives $571m airport green light

The UAE’s smallest emirate Ajman is set to develop a new international airport at an investment of Dh2.1 billion ($571 million) to help support its future plans to boost the economy and tourism, said a report. The new Ajman International Airport is expected to handle around one m


Saudi Arabian fund to buy Posco unit stake

South Korean steelmaker Posco is considering selling part of a stake in its construction unit Posco Engineering & Construction (Posco E&C) to an unidentified Saudi Arabian fund in a deal worth nearly 1 trillion won ($966.28 million), said a senior official. "The fund


Bahrain mulls new laws to boost property market

Bahrain government aims to introduce new laws to encourage real estate expansion and possibly revive stalled projects across the kingdom, said a report. The cabinet discussed ways to boost Bahrain's real estate sector and also improve the investment environment, reported the


Nikken Sekkei to unveil $12bn projects at Cityscape

Leading Japanese architect Nikken Sekkei will showcase $12 billion worth of projects, to be developed in the UAE, Saudi Arabia, Russia and Mongolia, at the upcoming Cityscape Global exhibition. The event will run from September 21 to 23 at the Dubai World Trade Centre in Dubai, U

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