Majid Al Futtaim, a leading mall developer and leisure pioneer in the region, has awarded the main construction contract worth over AED700 million ($191 million) for its prime residential community in Dubai - Distrikt Ghaf Woods - to Al Sahel Contracting, a part of the Al Nabooda Group.
Leading Korean group Ssangyong Engineering & Construction (Ssangyong E&C) has won a $250 million contract from Dubai's state-owned real estate developer Wasl to build two high-rise residential developments in the Downtown Dubai area, said a report.
Aldar has added a number of strategic land plots across Abu Dhabi, with a combined gross development value of approximately AED23 billion ($6.26 billion), further reinforcing Aldar’s landbank strength and providing a pipeline for sustained, long-term growth across the capital’s most attractive development corridors.
Binghatti Holding, one of the UAE’s fastest-growing real estate developers, has successfully priced a long five-year $500 million benchmark sukuk under its $1.5 billion Trust Certificate Issuance Programme, in a transaction that was 4.4 times oversubscribed.
Aldar, a leading developer in the region, has reported a nine-month net profit before tax of AED6.8 billion ($1.85 billion), up 43% year-on-year (YoY), while net profit after tax rose 30% YoY to AED6 billion ($1.633 billion).
