UAE shares rise as oil prices rebound

Saturday, 07 February 2015 by

Abu Dhabi and Dubai shares advanced yesterday as energy prices rebounded, providing a boost to equity investors. “The oil price was up quite a bit over the weekend so I guess we are seeing a relief rally,” said Saleem Khokhar, the head of fund management and head of equities at NBAD Global Asset Management. “It’s more of

Dubai — Dubai Electricity & Water Authority, or Dewa, and Etihad Energy Service Company, or Etihad ESCO have signed Dh37 million energy saving performance contracts. These contracts will improve and enhance overall energy efficiency of the lighting infrastructure of the power plants at Jebel Ali and Al-Awir and 7 Dewa-owned buildings including the main headquarter

Dubai real estate giant Nakheel, hit badly during the global debt crisis, said Wednesday its profits surged 43 percent on year in 2014 to $1.0 billion. The government-owned company, which built Dubai islands in the shape of a palm tree and world map, said net profits reached 3.68 billion dirhams ($1.0 billion), compared with 2.57

jman-based R Holding revealed that its hospitality unit has secured funding worth Dhs204 million from Commercial Bank of Dubai (CBD), to support the development of its new property in Palm Jumeirah. The fund will form part of R Hotel’s Dhs500 million hotel at the Palm, which is set to open on the last quarter of

Dubai construction company Middle East Development will begin work on what will be Africa’s tallest tower in June. The Al Noor Tower in Casablanca, Morocco, the will reach 540m – twice the height of the the continent’s current tallest building, Johannesburg’s Carlton Tower which stands at 233m. Multinational Architecture firm Valode and Pistre is looking

Nakheel has extended the deadline for contractors to submit bids to build the Night Souk and Boardwalk at its Deira Island development in Dubai. The original tender deadline was 7 December 2014  but this has been pushed back by the master developer to midday on 1 March 2015. Deira Islands is about 68 hectares large, populated with

Construction firm ALEC says it has around 12,000 workers closing out the AED4 billion ($1.08 million) expansion of Dubai International Airport. Since June 2011 the Dubai-based contractor has been constructing a new Concourse D, refurbishing Terminal 1 and building a link between the two sites.

More than 14,000 buildings are currently under construction in the emirate of Dubai, according to a top official of Dubai Municipality.Khalid Mohammed Al Mulla, Director General of Buildings Department at Dubai Municipality,  said that the department is currently supervising all these buildings from the moment it get fenced, till all the construction work is completed.“These

Majid Al Futtaim, the Dubai-based shopping mall, retail and leisure firm on Tuesday announced that the second phase of the redevelopment of Mall of the Emirates is underway. Phase two will see the mall expand by a gross leasable area of 25,000 sq m to include a new VOX Cinema, retail anchor stores as well

TECOM Investments announced on Tuesday the launch of Villa Lantana, a freehold villa community located next to Umm Sequim Road in Al Barsha South, Dubai. The company said construction is currently underway with project completion set for the fourth quarter of 2015. Villa Lantana will feature 440 properties, consisting of 3, 4 and 5 bedroom