Saturday 19 August 2017

GFH acquires $1.2bn portfolio; land bank hits 200m sq ft

GFH Financial Group today announced that it has completed the acquisition of a $1.2-billion infrastructure portfolio in Africa and the Middle East. The acquisition comes as part of GFH’s new strategy approved in the last shareholders’ extraordinary general meeting in


Kuwait to tender major solar plant in Q1 2018

Kuwait is expected to issue a tender to build the estimated $1.2-billion Dibdibah solar power plant in the first quarter of 2018, a senior official said. September 7 is the deadline for companies to express interest in the 1 gigawatt (GW) project, Shukri AbdulAziz Al Mahrous, dep


Hadeed increases rebar, wire rod prices

Saudi Iron and Steel Company (Hadeed) has announced an increase in rebar and wire rod prices, a report said. New rebar price for the domestic market increased by SR150 ($40) per tonne to SR2,000 ($533) per tonne CPT Riyadh, said a Steel Mills of the World report citing


Work on Adam-Thamrait road upgrade on track

Oman's Ministry of Transport and Communications (MoTC) has said that the Adam-Thamrait road dualisation project is progressing well.   The project is divided into six phases and work is on track on two phases covering a total of 240 km, an Oman Daily Observer rep


Iraq's Fallujah needs $2bn for reconstruction

The Fallujah city in Iraq's Anbar province needs $2 billion for reconstruction, the city’s mayor has said. Eissa Al Sayer was quoted as saying in an Aljournal News report that world donors should focus donations on service projects rather than the infrastructur


Over 123,500 hotel rooms under construction in MEA

The Middle East and Africa (MEA) hospitality market is witnessing solid growth with a total of 123,589 rooms under construction in the region, said a report. Of this, about 95,089 rooms are under construction in the Middle East - up 14.3 per cent in year-over-year (y-o-y) compari


Union Properties takes $762m provisions

Union Properties (UP), one of the leading property investment developers in the UAE, has taken provisions of Dh2.8 billion ($762 million), resulting in a second quarter net loss of Dh2.3 billion ($626.19 million). Following a thorough accounting review and in the long-term intere


CB&I wins storage tanks project in Saudi Arabia

CB&I has announced it has been awarded a contract by Técnicas Reunidas for new product storage tanks that will be part of a clean fuels expansion project at Saudi Aramco's refinery in Ras Tanura, Saudi Arabia.   CB&I's scope includes the e


Iraq begins construction of Iranian university

A project to build the first Iranian university in Iraq named ‘Al-Mustafa Al-Amin’ was launched at a ceremony in Kadhemein on Monday, a report said. The university will house five faculties, including experimental sciences, humanities and Islamic sciences, Abdollah Ha


Dewa, Adwea partner for Dubai-Abu Dhabi water network

Dubai Electricity and Water Authority (Dewa) and Abu Dhabi Water and Electricity Authority (Adwea) have signed a memorandum of understanding (MoU) for strategic water connections and the exchange of potable water in case of emergencies, or other purposes, between Dubai and Abu Dhabi.

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