Archive for June, 2017

Contractors make progress rebuilding balance sheets

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The UAE’s two major listed contracting companies both announced that they had made progress with recapitalisation exercises aimed at rebuilding their balance sheets on Tuesday. Arabtec said that it had completed a Dh1.5 billion rights issue, which is the first step of its two-part recapitalisation programme. The company said that the issue had been fully[…]

Work to start on major Sharjah research park in August

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Construction work on the first phase of a major new science park in Sharjah is due to get under way in August, with the first buildings set to be delivered in early 2019, according to the head of the company overseeing the project. Hussain Al Mahmoudi, the chief executive of AUS Enterprises, said infrastructure work[…]

Schon Properties launches $875m hospitality project in Dubai

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30 November 2016 Dubai-based real estate developer Schon Properties announced on Tuesday the launch of 3.2 billion dirhams ($875 million) iSuites hotel apartment project in Dubai Investment Park, near Dubai South. The single-site development consists of 21 mid-rise buildings housing 2,550 hotel apartments, 52 restaurants and cafes and 125,000 square feet Laguna Centrale Mall, according[…]

Dubai a second-home hub for multi-millionaires

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High net worth individuals mostly buy second homes in the Palm Jumeirah, Emirates Hills and Downtown Dubai Dubai ranks among the top five second home hotspots for the world’s multi-millionaires, according to New World Wealth, a wealth research firm.The number of multi-millionaires in Dubai stood at 8,600 last year compared to 8,400 in[…]

Drake & Scull confident on debt restructuring

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Drake & Scull International (DSI) will look to restructure its debt pile, which stood at Dh2.44 billion at the end of March, through the issue of a new sukuk or a syndicated loan, the company’s acting chief financial officer Firas Kalthoum said on Sunday. Mr Kalthoum, whose appointment was announced last week, said that he[…]

Emaar Hospitality unit unveils fourth hotel property

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Rove Hotels, the contemporary lifestyle brand by Emaar Hospitality Group, has unveiled its fourth hotel, with a focus on the fast-growing meetings, incentives, conferences and exhibitions (MICE) tourism sector of Dubai. A joint venture between Emirati developer Emaar Properties and Meraas Holding, a Dubai-based holding company, Rove Hotels said six more properties are[…]