KBR announced that it has entered into a contract with the Abu Dhabi Airports Company (ADAC) to provide construction management services for part of its expansion programme at Abu Dhabi International Airport. Abu Dhabi International Airport is one of the fastest growing hubs in the world, with a growth rate of 19.7% over the past five years.
Shams 1, a 100MW concentrated solar power plant in Abu Dhabi’s Western Region, has won the Project of the Year Award from the Emirates Solar Industry Association (ESIA). The award recognises outstanding achievement by entities that operate in the region’s solar industry.
Tourism Development and Investment Company (TDIC), master developer of major tourism, cultural and residential destinations in Abu Dhabi, has today awarded the construction of the Louvre Abu Dhabi, set to open in the Saadiyat Cultural District in 2015, to Arabtec-led joint venture with Constructora San Jose SA and Oger Abu Dhabi LLC following a competitive tendering process.
Cluttons, the real estate specialist which has enjoyed a dedicated Middle Eastern presence since 1976, has announced its Q3 market report for Bahrain’s residential market 2012. The residential market in Bahrain is seeing mixed performance with many areas experiencing a decline in rental values over the last six months as the perception of a ‘renters market’ is driving many tenants to bargain hard for lower rental rates. The sales market has seen an increase in properties for sale across the Island as an increasing number of expatriate owners look to recoup some of their initial capital and GCC buyers take a longer term view of the market.
The West risks squandering a spectacular $10tri market opportunity if countries and companies fail to develop enduring commercial ties with these nations’ newly affluent consumers, according to a new book by The Boston Consulting Group (BCG).
Frankfurt Airport’s (FRA) new Pier A-Plus, the 800 meter-long westward expansion of Terminal 1, has opened on schedule after about four years of construction. Flight operations began on 10 October at the new pier, allowing Germany’s biggest hub to serve up to six million additional passengers per year, thus a total of approximately 65 million passengers per year. This €700m terminal complex will be exclusively used by Deutsche Lufthansa AG and its Star Alliance partners, including flights coming from Dubai and Abu Dhabi. In particular, Pier A-Plus provides more docking positions for serving wide body aircraft like the Airbus A380 superjumbo and the Boeing B747 family.
Zain Group, the leading telecommunications provider in the Middle East and North Africa, announced the signing of a strategic partnership with PCCW Global, the Hong Kong-based provider of voice and data solutions, in order to co-operate in the development and offer of international telecommunications services.
Phase two of the Sabiya combined cycle power plant project in Kuwait began commercial operation in time to meet the country’s peak electricity demands during the hot summer months. The government-owned Sabiya station is Kuwait’s largest power plant, which is using GE’s advanced gas turbine-generator technology, in combined cycle operations, to produce more than 2,000-megawatts (MW) of additional electricity for the grid.
A recent snap survey by enterprise development specialists Fetola, showed that 93% of small businesses are uncertain about where and how to access finance. “It seems that in South Africa a primary challenge is the difficulty associated with accessing funds, as opposed to the actual availability of funds for businesses,” says Catherine Wijnberg, Fetola CEO.
The UAE ranks as the third-most competitive economy in the region after Qatar and Saudi Arabia, the latest study by Dubai Chamber of Commerce and Industry finds.
According to the World Economic Forum’s Global Competitiveness Report 2011/12, the UAE ranks 27th out of 142 countries, below Switzerland (in 1st place), United States (5th), Qatar (14th) and Saudi Arabia (17th), but higher than other regional peers, such as Oman (32nd), Kuwait (34th), Bahrain (37th) and Egypt (94th).