Arabian Drilling, Saudi Arabia’s national Drilling Champion, announced its Q2’23 and H1’23 financial results, with an impressive +36% increase in Net Income to SAR 282 million YoY. FINANCIAL HIGHLIGHTS Arabian Drilling closed Q2’23 with a consolidated quarterly revenue of SAR 791 million, in line with Q1’23 on a similar rig activity level. For H1’23, the Company achieved a consolidated revenue of SAR 1,570 million, representing a +25% increase over H1’22, mainly driven by increased rig activity. In particular, H1’23 includes the full revenue impact of the two Jackups (AD110 and AD120), both of which started their three-year contract in late…
Author: Kasun Illankoon
Arada has awarded a major contract to build Nasaq District, a cluster of six upscale apartment buildings located within the master plan of Sharjah’s largest mixed-use community, Aljada. Valued at AED395 million, the contract to build Nasaq District was awarded to Gulf Asia Contracting Company LLC (GAC), a Dubai-based contractor with extensive civil and industrial construction experience. GAC is already working elsewhere at the Aljada jobsite, after winning a AED475 million contract to build the Vida Aljada hotel complex in January 2023. Construction work on Nasaq Distict will begin immediately and is scheduled to take 24 months. Ahmed Alkhoshaibi, Group…
RAK Ceramics published its Environmental, Social and Governance (ESG) report for the year 2022, documenting the company’s achievements in the realm of sustainability and social responsibility. This comprehensive report presents the outcomes of the set objectives for the year and outlines the aspirations and goals for the future. RAK Ceramics operates through four core segments: Tiles, Sanitaryware, Faucets, and Tableware. Each department takes ownership of sustainability within its domain and implements focused initiatives. The tiles department reduced electricity consumption by 9 per cent, fuel consumption by 4 per cent, and electricity consumption by 6 per cent per square meter. Additionally,…
Your dreams of living in the lap of luxury are now within reach, thanks to Settler’s latest architectural marvel – a truly enchanting luxury apartment transformation at City Walk. As a leader in exceptional interior renovations, Settler has teamed up with the renowned Settler verified designer to create a living space that transcends imagination. Meticulously crafted for one month with a keen eye for perfection, this project is a celebration of bespoke design and care, destined to leave a lasting impression on all who step inside. Settler’s expertise lies not only in creating visually stunning spaces but also in understanding…
Al Habtoor Group, a leading conglomerate in the United Arab Emirates, has raised the benchmark for luxury and comfort through a diverse array of world-class amenities and services to be offered at recently launched, state-of-the-art Al Habtoor Tower. The tower is a prime luxury project owing to its location in one of the most popular spots in Dubai and offers incredible views, including the remarkable Dubai skyline. The luxury housing market of Dubai is poised for a robust expansion this year, with Knight Frank’s 2023 Prime Prediction’s report stating that the sector will register a significant growth rate of 13.5…
Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, Amaala and The Red Sea, has released a comprehensive update on construction progress across phase one of The Red Sea destination. This month marks six years since The Red Sea was first announced by His Royal Highness the Saudi Crown Prince Mohammad bin Salman as an international tourist destination as part of the Kingdom’s 2030 Vision. Now, with The Red Sea’s first three hotels and phase one of the international airport on track to open later this year, its latest construction update reveals the remarkable…
Serco, the international public services company, having recently launched their Saudi Space Division based out of Riyadh, has opened applications for its Graduate Space Programme, with the aim of recruiting young national engineers. With the growth of its international reputation in the space industry a key pillar in Vision 2030, the Communications, Space & Technology Commission (CST) is tasked with ensuring that local talent is nurtured and developed in what is still a developing sector for the nation. Serco, as a government impact partner will, through its Saudi Space Division, utilise more than 40 years of space experience globally to develop…
Nesma & Partners, a leading contracting company in the Middle East, has signed an agreement to acquire Kent, a global energy services provider. This agreement aligns two successful and entrepreneurial companies with a shared vision for sustainable expansion, creating greater opportunities in new and existing markets as well as service development and enhancement. Completion is anticipated by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions, at which time Nesma & Partners will become the owner of Kent. Kent is a privately-owned Engineering and Project Management firm in the Energy Sector. The company…
Trussardi and Luxury Living Group, that designs, manufactures and distributes the brand’s furniture line Trussardi Casa, are proud to announce a tripartite partnership with UAE-based MIRA Developments, to debut the Italian heritage fashion house’s first ever branded Residences. An exquisite new residential complex, Trussardi Residences will be located in the rapidly developing Al Furjan district in Dubai. Conceptualized in direct collaboration with the Maison, the residences will feature the brand’s home furniture line Trussardi Casa, which exemplifies the brand’s philosophies: an inclusive and contemporary take on classic Italian elegance; an epitome of the modern Milanese lifestyle —innovative and progressive yet…
Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Public Investment Fund (PIF), has announced its construction work on its new entertainment destination in Almadinah. Construction is underway with BUJV, a joint venture by AL BAWANI CO. LTD. and UrbaCon Trading & Contracting, appointed to carry out the construction works. SEVEN’s entertainment destination in Almadinah supports the region’s strategy to improve the living conditions of people and revitalize the region’s communities, adding to the region’s unique entertainment attractions for residents and visitors to experience. Abdullah AlDawood, Chairman, SEVEN, said: “Our entertainment destination in Almadinah will transform the entertainment landscape of…