• Arabtec posts $119m net loss; 9-month revenue down 18pc

    WEAK CONSTRUCTION SECTOR BITES
    Arabtec Holding, a leading Dubai construction firm, has registered a third-quarter loss of Dh437.4 million ($119 million) owing to delays in handing over legacy projects apart from continued decline of real estate and construction sector.

  • Kuwait NREC's 9-month net profit hits $31m


    Kuwait-based National Real Estate Company (NREC), a leading real estate development and property manager based in the Middle East and North Africa (Mena), has reported a net profit of KD9.5 million ($31.2 million) for the first nine months of 2019.

  • Keryas to set up new paper recycling plant in Oman


    Oman Public Establishment for Industrial Estates (Madayn) has signed a agreement with Keryas Paper Industry to set up a new recycling plant, the largest of its kind in the sultanate, in Suhar Industrial City at an investment of $40 million.

  • Saudi Abdul Latif Jameel unit buys Chilean water company


    Almar Water Solutions, a subsidiary of Saudi-based Abdul Latif Jameel Energy and a leading global developer of water infrastructure projects, has announced the complete acquisition of Chilean water treatment company Osmoflo.

  • Archirodon secures big Adnoc EPC work contract


    Abu Dhabi National Oil Company (Adnoc) said one of its units has awarded a major contract to Archirodon Construction Overseas for the construction of facilities and infrastructure at its giant Bab onshore field in the emirate.

  • NPCC accelerates five-year digital transformation plan


    UAE-based National Petroleum Construction Company (NPCC) has announced an ambitious five-year plan, backed by big investments, to transform its digital capabilities and meet the evolving needs of its clientele and the region’s oil and gas industry.

  • Adnoc signs key agreement with Abu Dhabi Ports, Aldar


    Abu Dhabi National Oil Company (Adnoc) said it has signed comprehensive framework agreements with Abu Dhabi Ports and Aldar Properties to extend the reach of its In-Country Value (ICV) Programme to the logistics and construction sectors.

  • Saudi Dar Al Arkan lists $600m sukuk on Nasdaq Dubai


    Saudi-based Dar Al Arkan, one of the leading real estate developers with a major presence in the Middle East region, on Wednesday rang the market opening bell at Nasdaq Dubai to celebrate the listing of a $600 million sukuk (Islamic bond).

  • Emaar Development revenue hits $2.6bn, property sales up

    19 NEW RESIDENTIAL PROJECTS
    UAE-based Emaar Development has reported an impressive growth of 25 per cent in property sales for the first nine months which hit Dh12.5 billion ($3.4 billion), while its revenue for the period rose to Dh9.6 billion ($2.6 billion).

  • 434 hotel projects underway in Mideast in Oct: STR


    A total of 434 hotel projects accounting for 119,991 rooms were in construction in the Middle East and 135 projects and 24,939 rooms in construction in Africa during October, said hospitality sector analytics provider STR in a new report.

  • Averda seals waste disposal contract with Adnoc


    Averda, a leading end-to-end waste management company, said it has secured a five-year contract from Abu Dhabi National Oil Company (Adnoc) to provide waste collection, cleaning and disposal services for its key facilities in the emirate.

  • Baker Hughes opens wellhead facility in Abu Dhabi


    Baker Hughes, an energy technology solutions provider, has opened its new wellhead facility in Abu Dhabi, in partnership with its local channel partner, Al Ghaith Oilfield Supplies and Services, a media report said.

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Construction News

Arabtec posts $119m net loss; 9-month revenue down 18pc

Arabtec Holding, a leading Dubai construction firm, has registered a third-quarter loss of Dh437.4 million ($119 million) owing to delays in handing over legacy projects apart from continued decline of real estate and construction sector....



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