Abu Dhabi National Energy Company PJSC (“TAQA”, the “Group” or the “Company”), one of the largest listed integrated utilities in Europe, Middle East and Africa, reported its first half earnings for the period ending 30 June 2023. TAQA’s performance was driven by strong and stable returns from its long-term contracted utilities business whilst it has remained focused on delivering its growth strategy. Financial highlights: • Group revenues of AED 26.8 billion, 5% higher than the prior-year period, primarily due to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment. • Adjusted EBITDA was…
Author: Kasun Illankoon
The Q2 2023 report by Asteco, the UAE’s leading full-service Real Estate company, revealed remarkable trends in the real estate markets of Abu Dhabi and Dubai. Both Emirates demonstrated great resilience in the face of rising interest rates and inflation. The Dubai real estate market has continued to significantly outperform many of its worldwide peers, while sales activity for completed and off-plan developments in Abu Dhabi reached highs not seen in almost a decade. Abu Dhabi Residential and Office Market The report indicates that approximately 1,400 apartments were added to the Abu Dubai market during Q2 2023, with another…
The leading provider of holistic and 360-degree engineering and technology solutions in the building industry, Al-Futtaim Engineering & Technologies (AFET), inaugurated a new state-of-the-art TOTO showroom to expand their solutions and offerings to the capital of the United Arab Emirates, Abu Dhabi. As part of the group’s ongoing strategy to strengthen TOTO’s presence in the United Arab Emirates, the showroom will showcase and meet the growing demand for luxury sanitaryware. Located at Al Dana, Al Khazna Tower, Zone 1, the new showroom is set to display its trusted quality and latest luxury sanitaryware collection from the high end Japanese brand.…
HITEK – a leading UAE-based provider of smart facilities management (FM) solutions, which is part of Farnek group of companies – has added a new ‘snagging’ module to its innovative CAFMTEK platform, which has been designed to make property inspections and handovers more efficient. “An inspector evaluating the condition of a property, can operate the application from a handheld PC, take a picture and describe the full details of any issue. The reports can be downloaded in pdf & excl format and are designed to pinpoint all snags within a particular area, in the shortest time possible. “The ability to…
Thomas & Adamson, the international project management and cost consultancy firm, has announced that it is delivering project management (PM) and cost management (CM) services on four new food and beverage projects taking shape across the UAE’s two most vibrant cities: Dubai and Abu Dhabi. The four projects have a total area of more than 52,000 SQFT. Post-pandemic, the built environment has had to grapple with numerous supply chain challenges, including logistics bottlenecks and rising costs; supply-demand imbalances; shifting material preferences; extreme weather events; global conflicts, and even labour shortages. Driven by diverse factors, these supply chain issues have…
VIVIUM Holding, a family office, investment firm, and strategic partner of Luxhabitat Sotheby’s International Realty, set its sight on a new milestone – the acquisition of VIVA Sotheby’s International Realty in Spain. The news follows the company’s establishment of Saudi Arabia Sotheby’s International Realty in the Middle East and the acquisition of United Kingdom Sotheby’s International Realty. VIVA Sotheby’s International Realty in Spain currently possesses seven offices in Puerto d’Andratx, Madrid, Costa Blanca, Mallorca, Menorca, Ibiza, Formentera. Timed to the acquisition, VIVA Sotheby’s International Realty added Andalusia to its service regions, with plans for future expansion. The acquisition marks VIVIUM…
There is a pressing need for the construction industry to shift its focus to sustainability and prioritise net zero, according to a new report by Turner & Townsend entitled ‘Building a Sustainable Future in the Middle East’. The report by the global professional services consultancy looks to gauge and shape the understanding of sustainability of construction in the region, ahead of Dubai hosting COP28 later in the year. The data is taken from a survey of a selection of senior stakeholders and decision-makers, across the construction industry in the Middle East, with both strategic and delivery responsibilities. Sustainable construction According…
The National Petroleum Construction Company (NPCC), a subsidiary of the National Marine Dredging Group (NMDC Group), in partnership with Técnicas Reunidas (NPCC TR JV), has received an award for the Methane Recovery and Maximization (MERAM) project from ADNOC Gas. The project is valued at AED 13 billion, to be shared by the two parties, led by NPCC. The scope of the project includes expanding the gas processing infrastructure at ADNOC Gas’s facilities and increasing feedstock recovery to provide feedstock supplies for the Ruwais Industrial Complex. Commenting on the award, Eng. Yasser Zaghloul, NMDC Group CEO, said: “In continuation on our…
The Public Investment Fund (PIF) today announced the establishment of the Saudi Facility Management Company (“FMTECH” or the “Company”). The company will offer a comprehensive range of services, including utilities management, energy management, waste management, maintenance, housekeeping, security, and landscaping services. FMTECH aims to drive sustainable growth and improve operational efficiency within the local facilities management sector, with a focus on driving cost-effective solutions and increasing the lifespan of properties within local real estate development projects in Saudi Arabia. It will also provide advisory services leveraging advanced, industry-leading innovation, including a unified digital platform that collects and utilizes facilities-related data.…