Construction & Real Estate

$70 Billion Iraqi plan to reform infrastructure

Iraq's government has proposed a $70 billion plan to rebuild the country's war destroyed infrastructure, but it will require companies to accept at least a five year's delay before being reimbursed for their expenses. Dr. Ali al-Dabbagh, spokesman for the Iraqi government, said that the plan will be submitted before the parliament to ratify it. It includes $25 billion investment plans for the housing sector, $18.8 billion for the agricultural sector and $8 billion for the transportation sector. But the funds needed for the projects are not available in the Iraqi government's budget because of low oil prices, which

Holding Company to sell 13m shares of Iron & Steel

Egyptian Holding Company for Metallurgical Industries is set to sell off about 2.65 percent of the state-run Iron & Steel Company or 13 million shares to increase the portion of free-floating shares to the regulatory minimum of 5 percent. Zaki Bassiouni, chairman of the holding company, said the company's board has decided to keep listing the state-run Iron & Steel Company in the stock market exchange. The Holding Company for Metallurgical Industries still committed to sell off a share from its 93.9 percent stake in the Iron & Steel Company to meet the requirements of the listing rules.

Memon Investments on track with construction of all projects within its AED 1.34 billion portfolio

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, announced that it is on track with the construction of all its projects in Dubai, which are collectively valued at AED 1.34 billion. The developer is asserting its commitment to delivery despite the massive delays and cancellations of 48 real estate projects in the UAE. The report, which was released by REIDIN.com, the world's first and leading global online information services provider, also revealed that majority of the troubled projects are high-end residential and commercial developments, as the drop in sales and strict financing have forced developers to reconsider their project's viability.

UAE's Arabtec wins $533 mln Saudi Arabia deal

Dubai's Arabtec Holding said on it had won a 2 billion riyal contract ($533.3 million) in Saudi Arabia, as it continues to seek new opportunities abroad and weather a downturn in its home market. Construction firms are increasingly looking outside Dubai to drive business after a sharp decline in the emirate's property sector has led to billions of dollars worth of construction projects being scaled back or cancelled.

Egypt to tender 52 infrastructure projects

Egypt has 52 projects for public-private partnerships (PPPs) ready for tendering. According to the vice president at the Egyptian General Authority for Investment and Free Zones (Gafi), Neveen El Shafie, the prime minister of the country, Ahmed Nazif, has already authorised the opening of tenders that may be disputed by local and international companies.

500 investors sign petition seeking Dubai Ruler's intervention in dispute with Dubai developer

Ebony Ivory Investors Group, 500 international property buyers and investors, have signed a petition requesting Dubai's Real Estate Regulatory Authority (RERA) and the Dubai Ruler's Court to investigate the Jumeirah Lakes Towers' Ebony Ivory Towers project, involving Al Fajer Properties and its marketing agent Dynasty Zarooni Inc.

Construction Coy Spends $500 Million for Project

Orascom Construction Industry's Project Manager, Mohamed El Dahshoury, has said $500 million was spent for the construction of the company in Nigeria which would have been half of the money if it were in his country, Egypt.

USD 1bn Masterplan for Bahrain waterfront development

Bahrain's most inspiring and affluential waterfront address, to be known as Nurana, is a step closer to reality with the completion of the site's masterplan design. The mega mixed use project, spanning 2 million square metres of waterfront land overlooking the majestic Bahrain Fort and within moments of the exclusive Seef area is set to comprise a vibrant mix of coastal villas, waterview apartments, exciting retail, entertainment, tourism and office amenity.

Bahrain's Capinnova to co-invest in $50m retail sector project

Capinnova Investment Bank - the Shari'a compliant investment banking arm of BBK (Bank of Bahrain & Kuwait) is to co-invest in a $50 million project in Bahrain's retail sector. Construction of the project, involving the building of a major shopping mall in Bahrain's Muharraq area, has already begun and is scheduled for completion in H2 2010.

BankMuscat, National Bank of Oman in real estate venture

OUDC aims to bring about a paradigm shift in the Oman real estate industry by providing bespoke solutions ranging from budget to luxury accommodation, warehousing and industrial complexes, mass accommodation, themed and mixed use developments.

BKME arranges real estate finance of $111 million for Abyaar

The Bank of Kuwait and The Middle East (BKME) said it has arranged a new real estate financing facility for Abyaar Real Estate Development Company (Abyaar). The facility follows the KWD 14 million ($48.7 million) financing extended to Abyaar at the beginning of the year.

Ras al-Khaimah creates real estate regulator

The Ras al-Khaimah Investment Authority (RAKIA), the body overseeing the emirate's growth, said on Monday it created a property regulator to safeguard investors and ensure construction funds are not misused. RAKIA Real Estate Regulatory Authority (RERA) will oversee the implementation of the escrow account law for freehold property under RAKIA, the government body said in an e-mailed statement.

SAR14 billion onsite deals at Cityscape Saudi

Billions in onsite orders, 10,000 sqm of exhibition space and 8,500 visitors confirms Cityscape's status as premier real estate showcase in Saudi Arabia.

Kingdom confirms Emaar not investing in development

Saudi Arabia's Kingdom Holding said it had signed a contract with Emaar Properties for development services through an affiliate that does not involve an investment by the UAE firm. "Kingdom Holding confirms that there is a contract for development services between Emaar Properties PSJC and Kingdom Holding, representing Jeddah Economic Company," the firm said in a statement on the Saudi bourse website.

QIB puts up the cash

QIB and real estate company Salam Bounian have signed a QAR 206 million ($56.6 million) Musharaka agreement through which the bank will finance the developer's Jumana Tower at The Pearl in Qatar.

Al Wefaq dispute over BD1.5bn Up Town plan

Councillors are pushing for a U-turn to block a BD1.5 billion development after approving it more than a year ago. Al Wefaq Islamic Society has told Northern Municipal Council it was wrong to back the Up Town development in Daih and should reverse its decision. Seven out of the nine councillors belong to Al Wefaq, including chairman Yousif Al Boori, who says the original decision should stand, despite the society's diktat. But the council's towns and villages development committee chairman and area councillor Sayed Ahmed Al Alawi wants the issue reopened before the council breaks for the summer.

Qatar to invest in Pakistan's real estate, cement sectors - minister

Pakistani Federal Minister for Investment Senator Waqar Ahmed Khan has said the government of Qatar will invest US$1 billion in real estate sector and cement plant construction in Pakistan. Federal Minister for Investment said the government is approaching the investors with the privileges, which Qatari investors should take benefit from by investing in Pakistan

Al Salam Bank invests in London's Milton Gate

Bahrain based Al Salam Bank-Bahrain (BSC) announced its latest investment in a prime real estate office building, Milton Gate, in the City of London. The 7 storey 200,000 plus square feet building was acquired in an off the market transaction in partnership with the privately owned Investment Banking and Private Equity group, Evans Randall. The landmark building is located in the financial district of the City of London in the close proximity of the Bank of England and among other prestigious financial institutions including JP Morgan and UBS and solicitors, Slaughter & May and Linklaters.