Articles
Delayed payments to Saudi Arabia’s construction sector start to filter through
Payment cycles have lengthened in the past, but in the current cycle delays have been even worse than after the global financial crisis in 2008.
Parsons finance chief says Gulf still attractive for engineers even in a slowdown
Parsons has more staff based in Abu Dhabi than it does at its headquarters in California. Put simply, there is a huge and constant pipeline of infrastructure projects going on here at any given time.
Umm Al Quwain signs on Sobha Group to build Dh25bn tourist resort on Al Sinniyah Island
Island resort will contain at least four hotels and will be linked to mainland via a new 1.2 kilometre-long bridge.
Dubai rents fall fastest in prime areas as jobs market weakens
Cluttons said that rents in prime areas are likely to fall by up to 7 per cent, driven by a decline in demand for luxury apartments. Overall, rents are expected to decline in the range of 3 to 5 per cent.
Dubai’s Emaar Malls Q1 net profit grows 22 per cent
Its malls achieved 96 per cent occupancy and attracted about 31 million visitors in the first three months of 2016.
Dubai-listed Orascom Construction declares net loss in first quarter
Rising costs at the $2bn Iowa Fertiliser Company (IFCo) plant being built for its former parent OCI NV 'have weighed on financial performance this year'.
Construction professionals welcome possible easing of Saudi visa restrictions
Philippe Dessoy, general manager of the building contractor Besix, said that labour issues were 'one of the main problems we have in Saudi'.
Off hours: Turner & Townsend MD makes most of travel opportunities from Abu Dhabi
With the belief that no one is 'indispensable', construction company boss Mike Collings has no problem separating a busy working schedule from an equally hectic social life.
Dubai rents and house prices continue to soften
But a new report from JLL says that the market might be near its bottom, and predicts that values will increase later this year.
New construction spending in Qatar plunges
The decline was blamed on delays to major investment decisions that were due to be made by Qatar’s government and a number of government-controlled clients.
Cautious Emaar cuts costs despite first quarter ‘surprise’
'We are really scared of 2016. If you look at our cost budget, it went back two years. So we went to a cost budget base of two years ago just to be cautious,' said Emaar chairman Mohamed Alabbar.
Trade between UAE and Vietnam set for further growth
In 2013, 500 visit visas were issued to Vietnamese nationals. This increased to 1,200 in 2014 and leapt to 25,000 last year.
First hotel at Eagle Hills’ Saraya Aqaba project in Jordan to open early next year
The chief executive of Eagle Hills Jordan, Alaa Batayneh, said that the Luxury Collection by Starwood would be the first of the site’s four hotels to open during a phased completion of the project.
