Emaar Properties appoints new CEO

Emaar Properties has appointed Amit Jain as its group chief executive officer with immediate effect. Mr Jain had already been acting chief executive since April last year, when former chief executive Abdullah Lahej departed the company to become the head of Dubai Holding’s Dubai Properties Group. Mr Jain has worked at Emaar Properties for 11

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Arabtec and Drake & Scull make progress rebuilding balance sheets

The contracting firms Arabtec and Drake & Scull International (DSI) both announced on Tuesday that they had made progress in cleaning up their balance sheets. But they remain a risky investment for pot­ential shareholders, according to analysts. “Both Arabtec and Drake & Scull are still in the middle of their organisational and capital restructuring,” said

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Contractors make progress rebuilding balance sheets

The UAE’s two major listed contracting companies both announced that they had made progress with recapitalisation exercises aimed at rebuilding their balance sheets on Tuesday. Arabtec said that it had completed a Dh1.5 billion rights issue, which is the first step of its two-part recapitalisation programme. The company said that the issue had been fully

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Work to start on major Sharjah research park in August

Construction work on the first phase of a major new science park in Sharjah is due to get under way in August, with the first buildings set to be delivered in early 2019, according to the head of the company overseeing the project. Hussain Al Mahmoudi, the chief executive of AUS Enterprises, said infrastructure work

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Drake & Scull confident on debt restructuring

Drake & Scull International (DSI) will look to restructure its debt pile, which stood at Dh2.44 billion at the end of March, through the issue of a new sukuk or a syndicated loan, the company’s acting chief financial officer Firas Kalthoum said on Sunday. Mr Kalthoum, whose appointment was announced last week, said that he

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Reem Island has a new beach at the head of its canal

Aldar’s flooding of the Reem Island canal has created a new beach on the Abu Dhabi island. The 2.4-kilometre canal, which was filled with water in April, runs through the company’s master-planned Shams development. The beach at its head is made for hosting community events such as Aldar’s Reem Weekend in April, which attracted more

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US Federal Reserve rate rise to push construction costs

The increase in interest rates by the US federal reserve last week is likely to make borrowing costs for projects and contractors more expensive but is unlikely to derail funding plans for major projects by governments and other clients in the region. “In terms of raising bonds and the general, day-to-day project finance that contractors

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