Construction Industry News

New Saudi company established specially to develop Madinah

New Saudi company established specially to develop Madinah

10th July 2014

Saudi Arabia has established a company with nearly SAR  2 billion (US$ 530 million) in initial equity to develop Madinah, the second holiest city in Islam.  The joint stock company, Al Maqar Development Company, will have  198 million shares in the form of assets. Each share will have a nominal value of SAR10 and all will be fully owned by the Madinah Mayoraltymadinah, local media reported.[..]

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Galfar awarded US$100 mn, 2005 oil production maintenance contract extension up to August 2015

Galfar awarded US$100 mn, 2005 oil production maintenance contract extension up to August 2015

10th July 2014

Oman-based contractor Galfar Engineering and Contracting Co has secured a US$ 100 million contract extension from Petroleum Development Oman (PDO) for its maintenance of oil production facilities in the north of the country. Galfar was originally awarded the contract for work on the north Oman off-plot delivery in May 2005 and was previously given a variation to contract (VTC) which extended its work with PDO until August 2014. The latest variation to contract (VTC) should it continue its work until August 2015, according to a statement from the company.[..]

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HLG signs US$ 395 mn Jewel of the Creek mixed use project contract in Port Saeed, Dubai

HLG signs US$ 395 mn Jewel of the Creek mixed use project contract in Port Saeed, Dubai

10th July 2014

Habtoor Leighton Group (HLG) has signed a AED 1.45 billiuon (US$ 395 million) contract with Dubai International Real Estate (DIRE) to deliver Package 8 of its Jewel of the Creek mixed-use project in Port Saeed, Dubai.This project forms a significant part of the AED 3 billion (US$ 816 million) Jewel of the Creek development, which HLG has worked on since 2012 when the Group was appointed to construct and complete the substructure works for four basement levels and ground floor slabs on the waterside site between Al Maktoum Bridge, Baniyas Road and the Floating Bridge.[..]

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Onyx Development resumes fast pace for Q4 2015 completion

10th July 2014

The Onyx-a  mixed use project valued at over DH 1.2 billion comprising a cluster of three towers on a podium, adjacent to Emaar Business Park on Shaikh Zayed Road including  two office towers and a business hotel, is back on track, achieving milestones toward a targeted project completion of Q4 2015, according to Ishraqah for Development, the project promoter.[..]

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Construction of new US$ 25-30 bn smart city in UAE proposed

Construction of new US$ 25-30 bn smart city in UAE proposed

10th July 2014

A proposal to build a new smart city in the UAE will see Italian company, Stile Italiano Real Estate Industry (Sirei), collaborate with local partners to construct the project, which has been valued as a US$ 25 billion (Dh 91.95 billion) to US$ 30 billion investment. The project is still in its early phases as only the design phase has been completed. The company is yet to find a local partner to start construction work.[..]

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Qatar growth accelerates backed by strong construction growth in Q1

Qatar growth accelerates backed by strong construction growth in Q1

9th July 2014

Qatar’s  economy accelerated in the first quarter of 2014, driven by strong growth in construction, financial services and trade, restaurants and hotels, according to figures released last week by the Ministry of Development Planning and Statistics (MDPS).  Qatar real GDP growth accelerated to 6.2 percent in the year to Q1 2014 with the non-hydrocarbon sector expanding by 11.5 percent owing to rapid progress with the implementation of major projects.[..]

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