Arabtec Holding Wins Tower Contract Valued at $193 Million
(Bloomberg
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31/01/2010)
Arabtec Holding PJSC, the biggest construction company in the United Arab Emirates, said it won a building contract valued at 710 million dirhams ($193 million) in the initial stage. The Dubai-based company’s Arabtec Construction unit received a “letter
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Arabtec wins $193m Dubai tower contract
(Reuters
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31/01/2010)
Dubai contractor Arabtec said on Sunday it won a 710 million UAE dirham ($193.3 million) contract to build a tower in Dubai. The contract value is for the first stage of the project. The project will take 38 months to complete, it said in a statement.
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Property firms could be on shaky ground
(Business Intelligence
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31/01/2010)
Shares of Sorouh Real Estate rose slightly yesterday even after Abu Dhabi’s second-largest developer posted a 39 per cent drop in fourth-quarter net profit. The question is whether the numbers signal more trouble for other regional property firms. Sorouh
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Sorouh’s Profit Falls to Dh495 Million in 2009
(Khaleej Times
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30/01/2010)
Sorouh Real Estate, Abu Dhabi’s second-largest developer by market value, posted on Thursday a net profit of Dh495 million for the financial year 2009, representing a massive drop from the Dh1.8 billion profit it had made in the previous year. Revenue
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Moody’s lowers rating of Aldar
(The National
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30/01/2010)
Aldar Properties has had its credit rating lowered by Moody’s as Abu Dhabi’s largest property developer faces weakening demand for new homes and offices in the emirate. The agency cut its rating on the company and debt instruments worth about US$2.3
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Emaar to meet on $600m deal
(The National
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30/01/2010)
Emaar executives will meet government officials from Indonesia next week to try to salvage a much delayed US$600 million (Dh2.2 billion) waterfront resort in the country. The Gulf’s largest property developer began talks with the Indonesian government in
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Emaar Malls Group brings non-stop entertainment
(AME Info
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30/01/2010)
Emaar Malls Group, the shopping mall and retail subsidiary of Emaar Properties, is blending luxury travel and leisure to offer an unparalleled array of exciting events and promotions to the 15th edition of Dubai Shopping Festival 2010, the month-long
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Union Properties upbeat on 2010, to sell assets
(Reuters
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28/01/2010)
Dubai developer Union Properties expects 2010 to be better than last year as it completes and hands over projects, and will look to sell assets to help cover debts, its chairman said yesterday. The third-largest developer by market value in the Gulf
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Emaar revenue and profit projected to beat forecast in Q4
(Business 24|7
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28/01/2010)
Emaar Properties is likely to post higher-than-expected revenue and profit for the fourth quarter of 2009 due to more-than-expected unit deliveries in Dubai and international markets such as Turkey, said Credit Suisse. The global financial services
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Sorouh Fourth-Quarter Profit Drops 39% as Provisions Increase
(Bloomberg
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28/01/2010)
Sorouh Real Estate PJSC, Abu Dhabi’s second-biggest property developer by market value, said fourth- quarter profit dropped 39 percent as the company set aside cash for provisions. Net income declined to 28.1 million dirhams ($7.7 million) from 46.4
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Sorouh Q4 net profit dives 39 per cent
(Reuters
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28/01/2010)
Sorouh Real Estate, the UAE's second biggest developer by market value, reported a 39.4 per cent decline in fourth quarter profit as it booked more provisions and saw losses linked to associates. The Abu Dhabi developer said on Thursday net profit was
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Barwa to launch QR1.5bn tender
(Reuters
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28/01/2010)
Barwa Real Estate, which will takeover Qatar Real Estate Investments, will launch a QR1.5bn tender this month to provide amenities for its Barwa City project. The contract will include the largest mall and hospital in Qatar, Khalid Al Nasr, the project’s
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Sunday last day for subscriptions to Mazaya Qatar's IPO
(AME Info
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28/01/2010)
Sunday 31st January 2010 will be the last day for subscriptions to the initial public offering (IPO), of Mazaya Qatar Real Estate Development Company (QSC), which commenced on 17th of January as the first IPO in Qatar for 2010. The company has put up 50
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Barwa Plans 1.5 Billion-Riyal Tender for Qatar City This Month
(Bloomberg
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27/01/2010)
Barwa Real Estate Co., the Qatar developer that agreed to buy Qatar Real Estate Investment Co., will tender a 1.5 billion-riyal ($400 million) project to provide entertainment facilities for its Barwa City project this month. The 7.3 billion-riyal Barwa
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Union Properties decline worsens
(The National
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27/01/2010)
The share price of Union Properties fell 10 per cent yesterday after Credit Suisse said the developer’s debt burden had almost wiped out its value. Investors sold the issue after the bank cut its price estimate for the stock to just 3 fils. It closed
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Union Properties positive on 2010 outlook
(Reuters
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27/01/2010)
Dubai developer Union Properties expects 2010 to be better than last year and will focus on selling some of its assets to help cover debts, its chairman said on Wednesday. 'I have a very positive outlook for 2010. We are in a much better position today
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Dar Al-Arkan to spend SR2.7bn in 2010
(Reuters
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26/01/2010)
Saudi Arabia’s Dar Al-Arkan Real Estate will use the proceeds of an Islamic bond issue to help finance SR2.7 billion of ($720 million) capital expenditure during 2010, a prospectus for investors showed on Monday. “Management expects Dar to make a total
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Dar Sukuk May Set Benchmark for Gulf Borrowers, Moody’s Says
(Bloomberg
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25/01/2010)
Dar Al Arkan Real Estate Development Co.’s planned Islamic bond will set a pricing benchmark for the Gulf region’s non-investment grade issuers, Moody’s Investors Service said. Saudi Arabia’s biggest property company by market value plans to sell Islamic
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Union Properties Cut to 3 Fils at Credit Suisse, Citing Debt
(Bloomberg
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25/01/2010)
Union Properties PJSC, the Dubai- based developer that suspended work on a Formula One-themed park, had its price estimate cut to 3 fils at Credit Suisse Group AG, which cited the company’s debt burden. Analyst Ahmed Badr reduced the price estimate from
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Mazaya Qatar's IPO open until 31 January 2010
(AME Info
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24/01/2010)
Subscriptions to Mazaya Qatar's IPO continued for the second week. There is an overwhelming spirit of optimism among real estate experts' who expect an imminent recovery in the real estate sector in the GCC markets in general, and in Qatar in particular,
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Ezdan to build Asia Towers
(The Peninsula
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21/01/2010)
Qatar’s biggest property developer by market value, Ezdan Real Estate Company, has joined force with Qatar General Insurance and Reinsurance Company and Al Sarri Trading Company for the Asia Towers project, which has an estimated cost of QR2.5bn
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Arabtec wins Qatar, West Bank contracts worth Dh740.7m
(Business 24|7
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21/01/2010)
Dubai-based construction contracting company Arabtec said it won contracts worth Dh740.7 million in Qatar and the West Bank. Arabtec Construction Company has received a letter of award to build the Bridge Towers (Office and Hotel Towers) at West Bay,
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Saudi homebuilder Dar Al Arkan rated 'BB-' with a stable outlook
(AME Info
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21/01/2010)
Standard & Poor's Ratings Services said it assigned its 'BB-' long-term corporate credit rating to Saudi Arabia-based homebuilder Dar Al Arkan (DAAR). The outlook is stable. At the same time, we assigned a 'BB-' rating to the proposed benchmark senior
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Moody's assigns (P)Ba2 to Dar Al-Arkan and proposed sukuk issue
(AME Info
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20/01/2010)
Moody's Investors Service today assigned a (P)Ba2 Corporate Family Rating (CFR) to Dar Al-Arkan Real Estate Development Company, Saudi Joint Stock Company (DAAR) and a (P)Ba2 Probability of Default Rating (PDR). A (P)Ba2 was also assigned to the Dar
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Ezdan Signs a Partnership Agreement To Develop “ASIA TOWERS”
(Press Release
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18/01/2010)
Ezdan Real Estate Company announces that a partnership agreement will be signed between Qatar General Insurance and Reinsurance Company and Al Sarri Trading Company to develop a real estate project called “Asia Towers”. The project will be located in Al
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