Arabtec's wait for quarterly profit ends

Arabtec on Thursday posted its first quarterly profit in two-and-a-half years as the contractor’s new management presses ahead with a high-stakes turnaround plan. The Burj Khalifa builder said net profit for the first three months of 2017 stood at Dh18 million – its first quarterly profit since the third quarter of 2014. It reported a

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Hill International chief executive departs

David Richter, the chief executive of Hill International, is to leave the firm with immediate effect. Mr Richter is set to be replaced as interim chief executive by Paul Evans. Mr Evans is one of three directors who joined the firm last September and who were nominated by activist investor Bulldog Investors following a proxy

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Cheap digs for global billionaires in Dubai

Super-luxury homes in Dubai are nine times cheaper than their luxury equivalents in Mon­aco, the world’s most expensive real estate market. According to a new report by the estate agent Savills, Dubai’s most upmarket properties rank 10th on a list of the world’s most expensive real estate markets. Savills found that ultra-prime house prices –

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Luxury London property a growing headache for foreign investors

For overseas investors in luxury London developments, tumbling sales and slowing value growth of new-build and established homes makes for dismal reading – and it does not look like improving any time soon. Years of overpricing is hurting the market in ultra-prime areas such as Mayfair, while new luxury developments are suffering even more. The

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Arabtec plans to get rights issue sorted this month

The contractor Arabtec has said that it is planning to tie up its rights issue – the first step of its capital reorganisation programme to clean up its balance sheet – by the end of this month. Following a board meeting held yesterday, the company said that it will publish an invitation for shareholders to

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