Emaar Properties PJSC reported continued improvement in its property sales, growth in profitability and marked improvement in the performance of recurring revenue businesses in 2022. Key Accomplishment Highlights Emaar recognised revenue of AED 24.9 billion (US$ 6.8 billion) in 2022, supported by the continuous strengthening of the Dubai real estate market and growth achieved by the recurring revenue businesses due to the rebound of global tourism. EBITDA and net profit for 2022 increased by 18 per cent and 80 per cent, respectively, to AED 9.8 billion (US$ 2.7 billion) and AED 6.8 billion (US$ 1.9 billion) compared to 2021, as…
Author: Kasun Illankoon
On the back of strong GDP growth, high oil prices and new fiscal reforms, Bahrain’s real estate transaction volumes continued to improve throughout the end of 2022, reaching 5,659 transactions in Q4 and ending the year with a total of 21,603. This marks a full-year increase of 0.7% year-on-year compared to 2021, and a jump of 3.2% from Q3. Looking at Bahrain’s office sector, CBRE data shows that Grade A & B office rental rates stabilised in 2022, at a monthly average of BD5.250 per square metre, having recorded a decline in the previous year. With supply continuing to…
Trimble, a leader in construction technology, revealed that most projects and developments across the GCC region, today, employ various cutting-edge technologies, highlighting the growing trend in the use of these technologies across different fields of construction. This comes as a result of GCC countries seeking to advance the infrastructure as well as promote economic diversification through a number of long-term initiatives such as the Saudi Vision 2030 and Dubai 2040 Urban Master Plan. According to recent industry reports, 100 per cent of industry professionals agree digital technology improves project delivery, with 58% claiming that digital transformation will have the largest…
LanzaTech NZ, Inc. (“LanzaTech”), an innovative Carbon Capture and Transformation (“CCT”) company that transforms waste carbon into materials such as sustainable fuels, fabrics, packaging, and other products that people use in their daily lives, and the Abu Dhabi Waste Management Company (“Tadweer”), the leading entity responsible for the development of waste management services in Abu Dhabi and a main key player that supports the adoption of the Emirate’s circular economy, today announced a collaboration to explore business opportunities to develop a large-scale conversion plant for transforming solid municipal waste into sustainable alternative fuel. Eng. Ali Al Dhaheri, Chief Executive…
Imdaad, a Dubai-based group of companies providing integrated, sustainable facilities management (FM) services to enhance operational efficiencies of physical assets, recently concluded its annual Enviro Care Month campaign, which saw the participation of several school students, government and private sector employees and the company’s staff in the UAE. Imdaad organized sustainability-themed competitions as part of the campaign and presented the winners with attractive prizes. The Enviro Care Month initiative stems from Imdaad’s ongoing commitment to embracing and promoting sustainable living and business practices. The competitions were held to promote recycling and highlight its importance in the protection and betterment of…
Intelligent power management company Eaton today announced a long-term distribution partnership with leading industrial electrical distributor Madar Electrical Materials Company, a subsidiary of Al Fozan Holding Company, that will increase the national availability of its electrical distribution and control components range in Saudi Arabia. Under the new partnership, Madar Electrical, with 18 showrooms across the Kingdom, will work primarily on electrical power & control components and distribution boards to cater for the residential and commercial construction segment in Saudi Arabia. Eaton and Madar Electrical Materials Company have a long-standing partnership in Qatar and have collaborated on numerous iconic projects over…
Atkins, the leading global design, engineering and project management consultancy, has expanded its business presence in the Kingdom of Saudi Arabia with the opening of a new office in AlUla as part of its regional growth strategy. Atkins’ AlUla office will play a key role in supporting existing and new projects by The Royal Commission for AlUla (RCU), boosting the country’s socio-economic development agenda and creating job opportunities for Saudi talent, in particular AlUla residents. The new office inauguration ceremony was attended by Mohammed Altheeb, Chief Development and Construction Officer of RCU, Philip Hoare, President of Atkins, Campbell Gray, Chief…
Construction Business News ME hosted its KSA Construction Innovation Awards 2023 in Riyadh last week, February 9, 2023. The event was hosted from 1-4pm alongside a gala lunch, where we facilitated the industry leaders in the construction industry. Here is everything you wanted to know about the awards… Full list of winners: https://www.cbnme.com/news/aramco-red-sea-global-and-al-bawani-win-big-at-the-ksa-construction-innovation-awards-2023/