Monday, December 17, 2018 3:53 AM


$49 billion worth of airport projects to help GCC aviation sector fly high, BNC report shows

The GCC aviation sector will continue to ride high due to large airport construction projects with estimated total value of 95 listed projects reaching US$49 billion (Dh180 billion) in May 2018, according to BNC Network, the largest project intelligence provider in the MENA region.


Dubai to invest $22 bn in utilities 5 years

Dubai Electricity and Water Authority (DEWA) will invest $22 billion (Dh81 billionn) in power and water projects over the next five years.


UAE non-oil growth momentum loses stream UAE PMI shows

Growth momentum in the UAE’s non-oil private sector continued to ease pace at the end of the first quarter, with the latest data signalling the most muted expansion seen since May last year, according to UAE Purchasing Managers’ Index (PMI), supplied by Emirates NBD, the UAE’s largest lender.


The Middle East ranks first for the number of homes owned by super rich people

The Middle East ranks in first place in terms of number of first and second homes owned by the ultra-high-net-worth individuals (UHNWIs) – the super-rich people, according to the 12th edition of the Wealth Report 2018 by Knight Frank.


ADFD reviews progress of projects worth Dh423 million in Albania

Abu Dhabi Fund for Development (ADFD) is reviewing progress of the Dh423 million Tirana River Rehabilitation project in Albania, a statement said. A technical delegation from the Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, visited Albania to review the status of three of its financed ventures – the Tirana River Rehabilitation project, Tirana River Northern Boulevard project, as well as the Tirana-Elbasan Road project.


Arabtec Construction gets $171 million Damac contract to build 1,296 villas at Akoya Oxygen

Dubai-based property developer Damac Properties said, it has awarded Arabtec Construction LLC with a US$171 million (Dh628 million) contract to develop 1,296 villas at Damac’s Akoya Oxygen master development. Arabtec will begin construction in Q3 2017 at the 55-million-square-foot green development in Dubailand, and is expected to complete the project within 24 months.


Saudi real estate market softens

Saudi real estate market appears to be softening, according to a latest report by Jones Lang LaSalle (JLL), as crude oil prices remains well below the $50 a barrel threshold.


Properties Investment delivers Dh97 million worth of projects at Green Community West Dubai

Properties Investment LLC, a joint venture 70 per cent owned by Dubai Investments PJSC and 30 per cent by Union Properties, said, it has handed over of 76 townhouses in the stage 1 of its Green Community Dubai Investments Park


Majid Al Futtaim starts construction of Dh2.6bn shopping mall in Sharjah

Majid Al Futtaim, the region’s leading property and shopping mall developer, broke ground on the US$708 million (Dh2.6 billion) shopping mall City Centre Al Zahia in Sharjah. It will be the company’s largest mall within the UAE’s third-largest emirate – Sharjah. Once complete in 2020, City Centre Al Zahia will be a valuable addition to the developer’s growing City Centre brand portfolio.


Nakheel reports Q1 2017 net profit of Dh1.48 billion

Dubai property developer Nakheel reported a net profit of Dh1.48 billion for the first quarter of 2017 – a time when it handed over 412 land and built form units to customers, with its retail, hospitality and residential leasing businesses continuing to perform solidly.