Finnish firm gets lift from Dubai hotel elevator deal

Kone Corporation has won the order to supply 23 elevators and escalators for the WOW Hotel and Hotel Apartments development in Dubai. Situated in Dubai’s Business Bay, the tower consists of 76 floors and reaches the height of 323 metres. Kone said in a statement that it will be equipping the development with 16 elevators and seven elevators.The Finnish company also said it will deliver two loading...

DMCC free zone hires US designer for Uptown Dubai mega project

DMCC, Dubai’s free zone for trade and enterprise, on Wednesday announced that it has hired a US firm to be interior architect for the first part of its Uptown Dubai mega project. Rockwell Group, a New York based architecture and design firm, has been appointed for one of Uptown Dubai’s two super tall towers that will anchor the 10 million sq ft development. The super tall tower, whose name...

Dubai's Union Properties buys stake in Egyptian developer

Dubai-based Union Properties has acquired 5.68 percent stake in Egyptian real estate developer Palm Hills, it said on Wednesday. In a statement to the Dubai Financial Market, the developer said said it acquired the stake through its investment arm, UPP Capital Investment, which was created last year to carry out direct and indirect real estate investments. Union Properties said it decided to buy the...

Aldar says to step up handovers of Abu Dhabi homes in Q1

Aldar Properties has annnounced that it will step up the handover of homes in a number of residential developments in Abu Dhabi by the end of March. As well as continuig to deliver units at its Ansam and Al Hadeel developments, Aldar said in a statement that it will begin handovers of plots on Nareel Island and at Al Merief this quarter. Construction also continues to make strong progress across Aldar’s...

UAE's ADNOC awards key deals for gas mega project

Abu Dhabi National Oil Company (ADNOC) on Tuesday awarded two design and engineering contracts for its planned offshore ultra sour gas mega project, which consists of the Hail, Ghasha and Dalma fields. Bechtel (UK) was awarded Hail & Ghasha front end engineering design (FEED) contract and TechnipFMC (UAE) was awarded the deal for Dalma. Both contracts are said to be worth hundreds of millions of...

New $1.9bn Dubai project to reflect historic Islamic eras

Plans have been unveiled to build a new AED7 billion ($1.91 billion) mixed-use community development in the heart of Dubai. Araa Group Advocates and Legal Consultants and Loulouat Al Sharq for Investment and Real Estate Development have revealed details of the Knooz Al Sharq City, a project that will extend across 20 million square feet. The master-planned mixed-use project will combine architectural...

Kuwait to host Iraq reconstruction summit

Kuwait will host an international conference in February on the reconstruction of war-torn Iraq, in cooperation with the World Bank and private companies, it said Monday. Deputy Foreign Minister Khaled al-Jarallah said that despite “past wounds” – a reference to Iraq’s 1990 invasion of Kuwait – his country had a “moral, humanitarian and Arab” duty to support...

Dutch builder says work has started on Yas Arena project

Dutch construction firm, BAM International, said on Monday that work has started on Yas Arena, which will be a 18,000-seater venue on Yas Island. The announcement follows the decision last month by UAE-based developer Miral Asset Management to appoint the company to deliver the construction of the arena. Yas Arena will be used to host events in a temperature controlled environment and BAM said in a...

Dubai's Drake says UAE bank debt restructuring completed

Dubai-based contracting giant Drake & Scull International (DSI) has announced that it has successfully completed the restructuring of its corporate general bank debt in the UAE. The company said in a statement that it has also secured new credit lines and working capital facilities for its ongoing and new projects portfolio. DSI said it has obtained the support from all its creditors for the restructuring...

Arabtec subsidary wins Dubai Opera District towers' contract

Arabtec subsidiary the Emirates Falcon Electromechanical Co. has entered into a contact with TAV Tepe Afken for an AED 250 million ($68 million) project for the mechanical, electrical and plumbing of two towers owned by Emaar Properties. The project consists of MEP works for two towers – A2 and A3 – as well as with a common basement in Opera District by Emaar Properties’ Plot A. The works...