UAE Focus

Dubai-based Gulf Rubber Industries (GRI) recorded excellent business in 2015 and is looking forward to another promising period this year as it has secured some prestigious projects in the region. “Our business has grown two-fold since last year.

Investments up to a total of Dh1 billion ($272 million) will be made in projects and companies taking part in Dubai Future Accelerators, an ambitious initiative to advance research and development and entrepreneurship in key sectors in the UAE.

Dubai Parks and Resorts, billed as the region’s largest theme park destination, will open its doors on October 31. Built on an area of 16 million sq ft, the $3.6-billion destination features three theme parks – Bollywood Parks Dubai, Motiongate Dubai and Legoland Dubai – together with Legoland Water Park.

A Dutch developer is tempting discerning Dubai residents to go back to nature and live in luxury on water by buying one of its organic-shaped floating homes.

Emaar Properties has completed advanced wind tunnel tests to confirm the strength of its iconic new tower in Dubai Creek Harbour. To be built at a cost of $1 billion, The Tower will be taller than the Burj Khalifa, currently the world’s tallest at 828 m.

Dubai’s private sector, including construction, signalled a positive start to the third quarter of 2016, with overall business conditions improving at the fastest pace since March 2015, according to the latest Emirates NBD Dubai Economy Tracker Index. The headline seasonally adjusted index rose from 54.6 in June to 55.9 in July.

Nakheel posts $803m H1 profit Dubai-based Nakheel made a net profit of Dh2.95 billion ($803 million) for the first six months of 2016, a four per cent increase on the net profit of Dh2.83 billion ($770 million) in the same period in 2015.

Hira Industries, a leading UAE-based manufacturer of Aerofoam insulation, has been awarded Dubai Central Laboratory (DCL) quality certification by the Dubai Municipality for maintaining green building regulations and specifications standards across its products and operations.

Rubber World Industries (RWI), a leading manufacturer of closed-cell rubber insulation Gulf-O-Flex, and part of the Shaikhani Group of Companies, will launch rubber insulation pipes at The Big 5 show in Dubai later this year.

Nakheel and Spain’s RIU Hotels & Resorts (RIU) have appointed Dar Al Handasah to oversee design, engineering and construction of their Dh900-million ($245 million) joint venture resort and waterpark at Dubai’s Deira Islands. The 800-room resort is RIU’s first property in the GCC.

Utico Middle East, the UAE’s only privately owned utility, will invest about $185 million to more than double its water desalination capacity in two years, aiming to chip away at state-owned rivals’ market dominance.

Dubai developer Nakheel has released construction tenders for new hotels at Dragon City and Ibn Battuta Mall, adding another 670 rooms to its hospitality portfolio.