Construction & Real Estate
Saudi prince promises £5bn desert spire will be double the size of its nearest rival
On a clear day, the view from the top will take in the Middle East, North Africa and the Indian Ocean - providing you've a head for heights. Plans for a mile-high tower in the Saudi Arabian desert have been unveiled by the billionaire owner of London's Savoy Hotel.
At 5,250ft, the £5 billion project, masterminded by two British engineering consultancies, will be twice as high as its nearest rivals, skyscrapers under construction in Dubai and Kuwait, and almost seven times as high as the Canary Wharf tower in London's Docklands.
NoozzVIEW; Into the wide blue yonder
The sale of the next tranche of developments in Al Madina a'Zarqa - the Blue City - is a landmark in the creation of an entirely new city on the Gulf coast. It is also a tangible demonstration of Oman's rapidly accelerating economy.
The most southerly member of the GCC may not have the prodigious oil and gas reserves of its neighbours, but the current spike in energy prices has brought wealth and an opportunity for industrial and commercial diversification. Tourism has huge potential in the sultanate, with its rugged interior, a plethora of unspoiled beaches, and splendidly preserved traditional Arab architecture. The Blue City may well become a tourist attraction in its own right, offering visitors a unique chance of staying in a city built from scratch.
Work on sports city leaps ahead
The engineering and technical cadres in the National Center for Laboratories and Building Researches of the ministry of Reconstruction and housing have started the soil analyses of the site proposed for Basra sports city.
The city has been chosen to host the 2013 Gulf 21 Championship, and the government has commissioned a specially built facility for the event. The total area to be occupied by the sports town is 580 acres.
Emaar Properties signs MoU with Shanghai China-News Enterprise Development Ltd
In one of the first high-level Sino-UAE public-private partnerships, Emaar Properties PJSC, the Dubai-based property developer, has signed a Memorandum of Understanding with the Shanghai China-News Enterprise Development Limited, a Chinese government entity and subsidiary of the People's Daily Shanghai branch, to explore mixed-use property and infrastructure development projects in key Chinese cities.
Dubai to raise US$4bn for infrastructure via note issue
Dubai is planning its first medium-term-note programme worth up to AED15 billion (US$4.09 billion) to finance infrastructure and has started roadshows for its first tranche, a government official said.
Emirates NBD and Standard Chartered Bank have been mandated as joint arrangers and lead managers, Sami al-Qamzi, director general of Dubai's Department of Finance said in a statement.
UAE investors propose setting up US$250m commercial compound in Egypt
The General Authority for Industrial Development in Egypt has received a proposal from investors from the United Arab Emirates for an area of land in Sadat Town to build an integrated commercial compound with investment costs estimated at US$250m.
ADIH launches US$7bn Style City
The Abu Dhabi Investment House (ADIH) launched a large-scale realty entertainment development valued at US$7 billion, in partnership with the Gulf Finance House and the Entertainment City-Qatar.
The latter firm will be responsible for building the Style City project, prior to incorporating the project into the Entertainment City located in Qatar's' Lusail district.
Jordan to develop Aqaba port in US$5bn deal
The Jordanian government has signed a US$5 billion deal with a United Arab Emirates firm to develop the kingdom's sole Red Sea port of Aqaba.
The three-phase project will cost five billion dollars, create around 15,000 jobs and boost tourism in Aqaba, Hosni Abu Ghida, president of the Aqaba Special Economic Zone Authority (ASEZA), told the media.
India-Oman plan JV for core projects
India and Oman have begun discussions to set up a joint holding company with an initial corpus of US$100m for making investments in the infrastructure sector. A delegation of Indian officials visited Oman recently to thrash out the details of this first-of-a-kind initiative.
Major business houses and investment institutions of both sides are also expected to contribute in the company. Details such as the structure of the company are yet to be worked out, they said. The initial corpus would serve as the seed capital and would be scaled up later.
Dubai inks deal for Senegal projects
Dubai World signed an MOU with the Government of Senegal to develop a world-class five-star hotel and beach resort on Goree Island, as well as a bird sanctuary and reserve north of Dakar and another game reserve close to the Senegalese capital.
Agreements were signed in Dakar by Sultan Ahmad Bin Sulayem, Chairman of Dubai World, and Cheikh Hadjibou Soumare, the Prime Minister of Senegal, in the presence of Karim Wade, special adviser to the President of Senegal and chairman of the National Agency of the Organisation of Islamic Conference (ANOCI).
Nakheel launches Veneto
Nakheel, a Dubai World company, has announced the launch of Veneto - an exclusive residential district in Waterfront.
The first community to be launched in the world's largest coastal development, Veneto is set to become one of the most prestigious addresses in Dubai, the company said.
UAE steel prices soar on construction demand
Steel prices have rocketed in the United Arab Emirates this year due to a booming construction industry and are likely to keep rising, traders said. Demand for reinforcing steel bar (rebar), used in construction, has outpaced supply in the Gulf Arab country and pushed prices up nearly 35 percent this year.