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Emaar EC inks deal with Jurong on Saudi project

Emaar, The Economic City (Emaar EC), the Saudi unit of UAE-based developer Emaar which is developing King Abdullah Economic City, has announced the signing of an agreement with Singapore's Jurong International to develop the second phase of the Industrial Valley within KAEC. According to the agreement, Jurong International will undertake the master planning and infra engineering of the 2 million square metres located for Phase 2 of the Industrial Valley project, one of the six components of KAEC that sprawls over an area of 63 million sq m with 4,400 net hectares of land.

Wed, 10 Mar 2010 11:22:16 +0400

Barwa submits offer to buy shares of Alaqaria

Qatar-based developer, Barwa Real Estate Co, has said it has submitted its official offer to acquire Doha-based Qatar Real Estate Investment Co (Alaqaria). Shareholders of the two companies will be given the opportunity to vote on the proposed transaction when they hold separate meetings in Doha on March 30. Qatari Diar, the largest shareholder in both companies, would maintain a 45% share in the enlarged Barwa company through a contribution of land in the Lusail area, set to become an education and medical district.

Wed, 10 Mar 2010 11:19:42 +0400

World's second tallest building to open in Saudi

The world's second tallest building will be opened next August in Saudi Arabia, Meed has reported. The 577-metre Makkah Clock Royal Tower will be 59 metres taller than the 508-metre tall Taipei 101 tower in Taiwan, but 251 metres shorter than the Dubai's 828-metre tall Burj Khalifa. Makkah Clock Royal Tower is part of the 4.5 million-square-metre, seven-building Abraaj al-Bayt complex, owned by Riyadh's Kingdom Holding Co. Kingdom is planning to build an even taller tower as part of its Jeddah Kingdom City development.

Tue, 09 Mar 2010 11:16:17 +0400

Bahrain tower project put on hold

The $185m Al-Seef tower development in Bahrain has been suspended indefinitely by the local Ithmaar Development Co after it has not been able to obtain required government approval for the project in the Al-Seef district, Meed has reported, citing a source close to the project. The developer has been in discussions about moving the project to another location in Manama in order to allow the development to go ahead. However, no agreement has been reached yet.

Mon, 08 Mar 2010 11:49:15 +0400

Alaqaria posts 10% income rise

Qatari developer, Alaqaria has reported a 10% rise in total income for 2009 to QR528m compared with the QR478m during 2008, the Peninsula has reported. The developer attributed the increase to a 63% increase in rental and finance lease income, which reached QR447m, up from QR274m in 2008. Net income for the full year was QR214m, compared with QR311m in 2008. The decline was mainly attributable to a decrease in investment income and an increase in finance cost, the firm said.

Mon, 08 Mar 2010 11:48:01 +0400