Author: Mehak Srivastava

Jumeirah’s newest property, Al Seef Hotel by Jumeirah, is set to open this September on the banks of Dubai Creek. The 200-room hotel is spread across 22 traditionally designed Arabian Bayt (homes), adorned with the wind towers famous throughout the region. With views down into the alleyways of the souk and out across the busy waterways of the Creek, Al Seef Hotel by Jumeirah is inspired by the culture, heritage and stories of old-world Arabia; and brings to life the warm traditions of Emirati hospitality. Alessandro Cabella, whose role as area general manager at Jumeirah Group includes Al Seef Hotel…

The new structure, effective immediately, will see Tony Douglas, chief executive officer of Etihad Aviation Group, assume responsibility for Etihad Airways

This year’s the most coveted top spot in the Power Hour issue goes to Mohamed Alabbar, the founder and chairman of the well-known Emaar Properties. The company recorded a 62% growth in its net profit to AED819mn during Q1 (January to March) 2018 compared to AED506mn in Q1 2017. Revenue for Q1 2018 grew by 95% to AED3.27bn compared to AED1.67bn, reflecting strong construction progress focused on timely delivery. The company recorded sales of AED3.91bn in the first three months of the year and now has a total backlog of AED41bn. This highlights the company’s strong fundamentals and robust delivery pipeline of over 27,200…

China State Construction Engineering Corporation (CSCEC ME) has had a fruitful run this year with approximately AED1.1bn revenue generated for the first quarter of 2018. The company also recorded a revenue of AED2.7bn for 2017. And the name behind this success is the president and the CEO of the company, Yu Tao, who bags the second position in this year’s Power Hour. During the past year (April 1, 2017 to May 31, 2018), the contractor completed the Dubai Water Canal, Five Palm Jumeirah Dubai, and the access roads to Dubai Parks and Resorts. Currently, the contractor boasts of an enviable…

With the plethora of projects under its belt, Dubai-based contractor, ALEC, bags the third spot in this year’s Power Hour. And Kez Taylor, CEO of the company, is a force to reckon with. Under his guidance, ALEC recorded a revenue of AED800mn for the first quarter of 2018 and AED3.1bn for 2017. The contractor completed well-known and much-awaited projects like the Bvlgari Resort & Spa by Meraas, Bluewaters Retail by Meraas, Holiday Inn – Festival City, and the Marina Gate 1 project by Select Group. The contractor claims to have an envious project backlog in excess of AED10bn which includes…

Earlier this year, Ahmed Abou Hashima was recognised for his outstanding leadership and business excellence as it was listed among the top 50 companies operating in the Egyptian market for 2017. Established in 2010, Egyptian Steel Group succeeded to penetrate the steel industry in Egypt. The group claims to operate with the philosophy of producing safe, high-quality products conforming to local and international standards using the latest state-of-art eco-friendly technology with an eye on long-term conservation of resources. Under the holding company are three well-established companies, Industrial Investment Company (IIC) for Steel Plants Management, National Port Said Steel (NPSS), and…

With more than 200 projects in the pipeline under various stages of development and a total portfolio value worth over AED45bn in the UAE, Dubai-based Azizi Group has carved out a niche for itself in the market. Among the projects that will be completed in the second half of 2018 are Shaista Azizi, Samia Azizi, Farishta Azizi, Azizi Plaza, and Azizi Star in Al Furjan, and Azizi Aliyah Residence in Dubai Healthcare City, and Azizi Mina on Palm Jumeirah. The man behind the success, Mirwais Azizi, has been an active part of this incredible journey from the company’s humble beginnings…

This year, the reputed developer in Dubai, Nakheel, moves up two spots to bag the sixth position in the Power Hour on the back of the 5% rise in its net profits to AED1.5bn in the first quarter of 2018. The master developer handed over nearly 200 land and built form units to customers during Q1 2018 and sold the last available villas at its new Warsan Village community, with all 934 homes now purchased. Meanwhile, its retail, hospitality, and residential leasing businesses all continued to perform robustly. Between January 1 till March 31, 2018, Nakheel officially signed construction contracts worth almost AED5bn. It includes…

The Saudi Arabia-based contractor, Al Bawani, has some important projects under its belt which includes Saudia Cargo Freight Handling Facility in Jeddah; three state-of-the-art data centers for STC in Jeddah, Medinah, and Riyadh; KAUST housing project near Jeddah; FAST Metro; BACS Metro; private affairs projects; and military projects. This has led the contractor move up two spots in this year’s Power Hour and bag the coveted seventh spot in the list. The name behind the success story, Eng Fakher Al Shawaf, is the director general of the Al Bawani Group and the general manager of Al Bawani Company. Under his…

Dubai-based developer, Union Properties, reported a net loss of AED2.3bn for 2017 compared to a profit of AED211mn in 2016. Total revenues fell to AED639mn in 2017 from AED962mn. Total assets fell to AED5.6bn in 2017, from AED7.9bn in the year before period. In January 2018, the developer sold off its entire stake in Emicool to Dubai Investments for AED500mn. The firm said in a statement it will invest the proceeds from the transaction in enhancing its investment portfolio, expanding its operations and projects, and supporting its growth strategy. Supporting that, Union Properties launched a new mixed-use cluster at its…