Thursday 25 July 2024

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4 LUXURY HOTELS PART OF THE DEAL
Diriyah inks $2.1bn construction contract for Wadi Safar projects

Diriyah Company, a leading dynamic Saudi mixed-use developer, has awarded a contract worth SAR8 billion ($2.13 billion) for the construction of four luxury hotels and the Royal Diriyah Equestrian & Polo Club as part of its ambitious Wadi Safar masterplan.

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1

SMALLER 'MORE PROFITABLE'
10,500 sub-150 seat aircraft orders seen by 2043

More than 10,500 orders for commercial aircraft deliveries in the sub-150-seat category, worth $640 billion, are likely through 2043, according to a Market Outlook released by Embraer at the Farnborough International Airshow, UK.

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2

MOST FUEL-EFFICIENT JETS
Qatar Airways places order for 20 more Boeing 777-9 jets

Qatar Airways has signed a deal with Boeing for supply of 20 more 777-9 airplanes, set to be the world’s largest and most fuel-efficient twin-engine jets. With this order, the Qatari flagcarrier’s 777X order book has now risen to nearly 100 airplanes.

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3

INTERVIEW
Statevolt Emirates: a giga leap for battery technology

The $3.2-billion Statevolt Emirates project will be the first gigafactory at large scale dedicated to battery production in the UAE, helping to accelerate the country’s positioning as a leader in green transition, says CEO Lars Carlstrom in an interview.

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4

ANALYSIS
Emerging trends revolutionising Mideast construction technology

The construction industry in the Middle East is witnessing a major transformation, thanks to the technological advancements which help enhance safety and efficiency on the building sites and pave the way for improved project execution, said an expert.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

LMD launches key waterfront development in Dubai Maritime City

LMD, a leading project developer, has partnered with UAE real estate consultancy Devmark for the launch of The Pier Residence, a premium waterfront development featuring a mix of stylish one-, two- and three-bedroom apartments within Dubai Maritime City.

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Energy, Oil & Gas

Aramco signs LoI for $2.2bn Jafurah gas plant

Saudi oil giant Aramco has signed a Letter of Intent with a joint venture of Spanish group Técnicas Reunidas and China's Sinopec for the development of three gas compression plants at Jafurah. The total value of the project is estimated at $2.24 billion.

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Finance & Capital Market

Dubai Islamic posts solid H1 growth; net profit up 8.6%

Dubai Islamic Bank has recorded solid growth for the first six months with the group's net profit surging 8.6% y-o-y to hit AED3.38 billion ($920 million), while its total income rose to AED11.2 billion ($3.04 billion), thus registering a 21.3% growth.

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Analysis, Interviews, Opinions

Emerging trends revolutionising Mideast construction technology

The construction industry in the Middle East is witnessing a major transformation, thanks to the technological advancements which help enhance safety and efficiency on the building sites and pave the way for improved project execution, said an expert.

More…
Industry, Logistics & Shipping

Borouge consortium in deal to build polyolefins complex in China

Borouge, a leading petrochemicals major said its consortium with Abu Dhabi National Oil Company and Austrian group Borealis has signed an agreement with Wanhua Chemical and Wanrong New Materials to build a speciality polyolefins complex at Fujian, China.

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Travel, Tourism & Hospitality

Qatar Airways places order for 20 more Boeing 777-9 jets

Qatar Airways has signed a deal with Boeing for supply of 20 more 777-9 airplanes, set to be the world’s largest and most fuel-efficient twin-engine jets. With this order, the Qatari flagcarrier’s 777X order book has now risen to nearly 100 airplanes.

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IT & Telecommunications

stc Group net profit up 7.7pc in H1; revenue hits $10.2bn

Leading Saudi telecom group stc has recorded solid results for the first half with data indicating a 4.79% jump in revenues compared to the same period last year, reaching SAR38.25 billion ($10.2 billion), while its net profit posted a 7.73% growth.

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Lifestyle

Legendary coffee boutique debuts at Abu Dhabi’s The Galleria Mall

Legendary coffee brand Bacha Coffee, founded in Marrakech in 1910, has debuted at The Galleria Mall in Abu Dhabi, bringing to the UAE capital a boutique and takeaway concept – all within a single captivating space of 129 sqm.

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Motoring

RTA announces $299m purchase deal for new Euro6 buses

Dubai's Roads and Transport Authority has announced order worth AED1.1 billion ($299 million) for the purchase of 636 buses of various sizes that comply with European specifications for low carbon emissions (Euro 6). Of these, 40 will be electric buses.

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Health & Environment

Korean group starts work on gastroenterology hospital in Dubai

Dubai Healthcare City has broken ground on Asan-UAE Gastroenterology Hospital, located within Phase Two of the key mixed-use development. Spanning 21,150 sq m, the 65-bed facility marks the first overseas venture of South Korea’s largest hospital AMC.

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Media & Promotion

Major cabinet reshuffle in UAE; Hamdan appointed Deputy PM

In a major cabinet reshuffle, Dubai's Crown Prince Sheikh Hamdan bin Mohammed has been appointed as the Deputy Prime Minister and Minister of Defence of UAE. As per the decree, Sheikh Abdullah bin Zayed Al Nahyan too has been named Deputy Prime Minister.

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Education, HR & Training

Tamkeen helps Bahrainis get internships in Korea

Bahrain’s Labour Fund Tamkeen has partnered with CRCC Asia, a leading provider of international internship programs in Asia, to offer Bahraini engineering graduates an opportunity to upskill and gain international exposure.

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Miscellaneous

Saudi Arabia achieves key milestone in Cheetah conservation efforts

Saudi National Center for Wildlife is celebrating a major milestone in the kingdom's Cheetah conservation efforts with the birth of 4 cheetah cubs. This holds particular significance as the cheetah has been extinct in the Arabian Peninsula for 40 years.

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