Archive for April, 2017

Buyers snap up Aldar The Bridges project

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Aldar Properties said it has found buyers for the first two towers of The Bridges development, which the company started marketing at Cityscape Abu Dhabi last month. It said it had received initial payments for all 424 off-plan apartments at the proposed mid-market development on Reem Island, with queues of buyers lining up to buy[…]

Uncertainty clouds Union Properties return to trading

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Dubai: Even as the Union Properties (UP) stock resumed trading on Sunday, uncertainty continues to shroud some of the future actions of the developer. The Securities & Commodities Authority (SCA) issued a terse statement on Dubai Financial Market on Sunday stating it has “commissioned legal procedures”. This followed it receiving “official letters” from three of[…]

SNC Lavalin raises money for Atkins buyout

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SNC Lavalin, the Canadian engineering and construction company that has made a £2.1 billion (Dh9.98bn) offer for the UK-based Atkins Group, has announced that it has raised more than $1.2bn to help pay for the deal. The firm has raised more than C$880 million (Dh2.36 billion) through a public offering of subscription receipts and more[…]

Flat profit in first quarter for Nakheel

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Nakheel reported first-quarter profit of Dh1.48 billion, flat on a year earlier, as handovers slowed. The Dubai government-owned property developer reported a profit of Dh1.47bn in the same period last year. Nakheel said that it delivered 412 units to customers during the quarter, compared with 536 a year earlier. The developer said that its profits[…]

Dubai Week in China heads to Shenzhen

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The third Dubai Week in China will be hosted in Shenzhen. The three-day event, which is likely to take place in late October, will have a theme of “innovation and entrepreneurial spirit”, according to Hongbin Cong, the vice-chairman of international relations at organiser Falcon & Associates. Shenzhen is the third city to host Dubai Week[…]