Dubai-based real estate developer Limitless has successfully concluded an agreement with creditors to restructure its AED 4.45bn ($1.2bn) debt. Under the agreement, Limitless is required to pay its outstanding bank debt in three instalments in December 2016, 2017 and 2018. However, the company will pay AED2.07bn – covering the first instalment and 80 per cent of the second – immediately, Limitless said without explaining why it was making the early payment. A payment of AED 1.9bn will be made to banks, covering 43 percent of the outstanding loan amount, and a payment of AED163mn to trade creditors, representing around 28…
Author: Paromita Dey
Dubai Investments (DI) has signed an agreement with Abu Dhabi National Company for Building Materials (BILDCO) to build a $68mn steel plant in Musaffah, Abu Dhabi. The new plant will produce 300,000 metric tonnes of reinforced steel bars per year when comes on stream by the end of 2017, a DI statement said. “Dubai Investments has a strong portfolio in the building materials domain and this joint venture with Bildco for the steel rebars is a strategic fit to further strengthen the company’s leadership in the sector,” said Dubai Investments chief executive Khalid Kalban. DI will hold a 51% stake…
Emaar Industries & Investments (EII) has acquired a significant stake in the UAE-based Leaders Fort Contracting. Leaders Fort has extensive expertise in specialised works including concrete repair technologies, industrial & trafficable flooring, waterproofing, protective coatings, MEP works among others. In a statement, EII said it aims to help the new acquisition explore opportunities for potential partnership on mega projects in the UAE, the oil and gas and military sectors as well as into other GCC markets. Nasser Batha, Chief Executive Officer of Emaar Industries & Investments, said: “The acquisition of a significant stake in Leaders Fort Contracting is a strategic fit to…
Turner and Townsend have won a key contract to provide cost management services for the expansion of Dubai’s Al Maktoum International Airport at Dubai South. The company was appointed by Dubai Aviation Engineering Projects (DAEP), the engineering arm of Dubai Aviation City Corporation. Turner and Townsend has successfully delivered previous projects for DAEP, giving it a firm grasp of the company’s protocols and processes linked to cost planning, procurement and commercial management. The company has also worked with major airport programmes on every continent, totalling more than 140 projects, valued at $35bn, in 19 countries. Mike Collings, Managing Director, Middle…
MMS Gulf has appointed Airolink Building Contracting as the main contractor for its Art Centre project in Dubai, a specialised mall dedicated to the furniture market. The first construction and shoring package began in November 2015 and the main construction work is expected to be completed in April 2017. MMS Gulf’s CEO and Partner, Dr. Samer Al Omari signed the agreement with Dr. Anil Kumar Gopinathan, CEO of Airolink, in the presence of Eng. Mohammed Nimer, CEO of MAG Group and partner in MMS Gulf and Eng. Emad Jaber, managing partner of LACASA Architects and Engineering Consultants. “The timing is…
Rent rises in some areas indicate slide may have bottomed out after two years.
Omniyat Group has awarded the enabling works contract for its AED 1bn ($272mn) Langham Place Hotel and Residences in Downtown Dubai to NSCC International. The Dubai-based developer is currently working on issuing the main construction works package tender and expects to award it by end of 2016. Mark Phoenix, managing director, Omniyat Group, said mobilisation work will begin in one week and will be complete in the first quarter 2017. “The commencement of construction and award of the enabling contract to Dubai based NSCC is a significant milestone towards our commitment to completing our 2000 keys of Uber-luxury hotels and 5 star…
Private marina will be equipped to handle 110 boats at the exclusive development.
Oman Power and Water Procurement Company (OPWP) awards 3,200MW plant.
The mega project will save on maintenance costs and huge amounts of energy.