Union Properties announced that it is in the final stages of signing a MoU with China National Chemical Engineering Limited (CNCEC) aimed at a new expansion in the Dubai Autodrome project, the ideal destination for racing and car enthusiasts, with a value of AED 200mn. The Dubai Autodrome project is one of a kind development of Union Properties, as the project include a number of race tracks with international specifications that are the only ones of its kind in Dubai. Khalifa Al Hammadi, CEO of Union Properties, stated that these strenuous efforts come in the context of the vision of…
Author: Kasun Illankoon
Riyadh’s residential sector has witnessed significant activity levels in 2019 according to new data released by global real estate consultancy firm CBRE. The report reveals that the volume and value of transactions has increased in the Saudi capital by 53% and 63% respectively year-on-year. Meanwhile residential mortgages for individuals in the Kingdom recorded a growth rate of more than 250% in terms of the number of contracts signed from January 2019 – November 2019. Figures also demonstrate that the value of contracts rose by more than 160% in the same period year-on-year. The Kingdom’s residential sector has been further bolstered…
The National Central Cooling Company PJSC, Tabreed, the leading UAE-based international district cooling developer, today released its audited financial results for 2019. Tabreed reported an 11% increase in net profit to AED 472.5 million for the full year, adding 51,336 Refrigeration Tons (RT) of new customer connections, resulting in the delivery of 1,182,715 RT of cooling capacity. Tabreed’s Board of Directors recommended a cash dividend for 2019 of 10.5 fils per share, up 11% on prior year aligning with the company’s policy of growing dividends in line with the growth in the business. Tabreed announced a number of significant achievements…
• Deal struck between 1.45bn USD global consultancy GHD Group and UK-based people movement and analytics business Movement Strategies • Merger will enhance GHD Group’s consulting, technical, data and digital solutions, and add sports and events sectors expertise to its global proposition • The move adds 35 Movement Strategies team members in London to the 600 GHD staff in Europe, Middle East and Africa, and global headcount of over 10,000 The move will see the 1.45bn USD company better meet the changing needs of clients and communities by integrating strategic advisory, technical service excellence, and digital solutions. The merger strengthens…
Together with ESMA, Mercedes-Benz Trucks, a division of Daimler Commercial Vehicles MENA, performed a test-drive of the semi-automated Mercedes-Benz Actros from Dubai to Abu Dhabi. This is the first time a semi-automated truck is driven on UAE roads; it showcased the possibilities of the latest truck technology available in serial production. The new Actros elevates safety for all road users, efficiency for operators, and comfort for drivers to unprecedented levels. The most important and spectacular innovation is Active Drive Assist, with which Mercedes-Benz Trucks puts partially-automated driving into series production. “Actros 5th generation with Active Drive Assist is the first…
Under the themes of product and innovation, there will be a strong presence for the Doosan range of excavators, wheel loaders, articulated dump trucks and attachments at the Samoter exhibition being held from 21-25 March 2020 in Verona in Italy. Products being shown for the first time at Samoter include Doosan’s new Stage V compliant 30-40 tonne crawler excavators accompanied by the launch of a new range of High Reach Demolition Excavators. Also appearing for the first time at the show are the high performance DL280-5, DL420CVT-5 and DL580-5 wheel loaders and the DX35z mini-excavator. Complementing these products, Doosan is…
DP World and Swissterminal Holding AG, the leading container terminal operator in Switzerland, have entered a strategic partnership. With effect from 20 January 2020, DP World has taken a stake of 44% in Swissterminal Holding AG with the Mayer family, who founded the business, remaining the majority shareholder. The parties have agreed not to disclose financial details of the transaction. Swissterminal, which is headquartered in Frenkendorf close to Basel, operates additional locations in Zurich-Niederglatt, Basel-Birsfelden, Basel-Kleinhueningen and Liestal. The terminals are well connected to Europe’s leading container ports in Rotterdam and Antwerp as well as the ports of La Spezia,…
Umm Al Qaiwain is set to have 3,900 houses constructed over the next 20 years, according to Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development and Chairman of the Board of Directors of the Sheikh Zayed Housing Programme The announcement was made during a meeting with H.H. Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Qaiwain, received Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development and Chairman of the Board of Directors of the Sheikh Zayed Housing Programme, and his delegation at the Emiri Court, in the presence…
Kingsbury Gulf, a leading provider of advanced European machine tooling equipment, exclusively inked a deal with Saftech Engineering Works, a leading UAE-based engineering goods, machining and fabrication services company, during the 16 edition of SteelFab 2020, the region’s premier steel and metal industry event. A growing force in supply chain of the UAE’s rapidly-expanding manufacturing sector ; Kingsbury Gulf has been awarded a contract by Saftech to supply the UAE-based firm with a C400U 5 Axis milling machine; the latest and most advanced equipment for high performance, large-scale and high accuracy machining. The C400U is one of a wider range…
The launch of the new, heavy-duty Quester, a series of major fleet deals and the announcement of a new retail partner in Saudi Arabia were among the highlights of 2019 as UD Trucks enjoyed another positive year across the Middle East, East and North Africa (MEENA) region. Against the backdrop of extremely challenging economic conditions, the Japanese commercial vehicle brand that belongs to the Volvo Group recorded sales increases in a number of key markets, in particular the United Arab Emirates, Kuwait and Oman. In the UAE, UD Trucks sales were up almost 10 percent year-on-year, despite the overall market…