Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE?s $44 billion contract awards second-highest in GCC in 2013  Join our daily free Newsletter

MENAFN - Khaleej Times - 12/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Comparing the first quarter of 2014 against the same quarter in 2013 the total value of contracts was just over 700m higher than the first quarter of 2013

A total of 44 billion worth of projects were awarded in the uae in 2013 with more than 60 per cent of the awards in the construction (real estate) sector meed projects announced at its first-quarter update briefing held in dubai.


“the uae was second only to saudi arabia’s 66 billion” said julian herbert director of meed projects. “not only is this a 37 per cent increase on the 2012 awards but over 10 billion worth of projects have resumed construction activity during 2013” herbert said.


The oil sector was the second most active with just over 21 per cent (9 billion) of awards followed by the transport sector with eight per cent (3.5 billion).


Some of the major contracts awarded during the first quarter of this year include the address residence fountain views at downtown dubai for approximately 1 billion; zakum oil lines replacements phase one for 885 million; tasameem real estate’s mixed-use development on al reem island for 705 million; iris mist at dubai maritime city for 500 million; and meydan heights south at the mohammed bin rashid city for 400 million to name a few.


Other major awards expected during the rest of 2014 include district one at mohammed bin rashid city meraas’ dubai theme park and ipic’s fujairah refinery phase 1. the total value of project awards for the uae in 2014 will be just shy of 50 billion which is 10 per cent higher than 2013.


Comparing the first quarter of 2014 against the same quarter in 2013 the total value of contracts was just over 700 million higher than the first quarter of 2013. in both periods the construction sector saw most of the awards with 64 per cent in 2013 compared to 68 per cent in 2014.


“based on much improved market sentiment and the level of contracts already awarded this year 2014 is set to be another bumper year for the construction sector” herbert told the audience.


— business?khaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Jan 25 2015 - Oman's Suez subsidiary signs USD37m landfill contractMENAFN
(MENAFN) Suez Environment via its local subsidiary Sita Al Basheer has won a contract to design, build and operate the expansion of the landfill site for five years. The total amount of the contract ...

 Jan 25 2015 - Saudi- Kingdoms economy expected to expand 3.22 this yearArab News
(MENAFN - Arab News) DUBAI: Cheap oil will slow growth in most Gulf Arab economies this year but heavy spending by governments and healthy private sector activity will prevent any serious slump a ...

 Jan 25 2015 - Egypt awards USD112.04m contract for rail systemMENAFN
(MENAFN) Egyptian National Railways (ENR) said that it has awarded Alstom a USD112.04 million contract for the supplying of signaling equipment for the Beni Suef-Asyut line in Egypt, as well as its ...

 Jan 25 2015 - UAE's inflation hits 6-year high in DecemberMENAFN
(MENAFN) According to the figures released by the United Arab Emirates National Bureau of Statistics, the increase by more than 5 percent in the housing and utility costs led the UAE's inflation rate ...

 Jan 25 2015 - Dubai's Drake & Scull unit wins USD49m contractMENAFN
(MENAFN) Dubai's Drake & Scull International (DSI) said that one of its subsidies won a USD49 million engineering contract in the emirate, Gulf Business reported.Under the signed contract, the ...

 Jan 25 2015 - Dubai's Deyaar net profit down 43 percent in Q4MENAFN
(MENNAFN) Dubai's Deyaar Development said that it has registered a decline by 43 percent in its net profit during the October-December period of 2014, Gulf Business reported.During the fourth quarter ...

 Jan 25 2015 - Renault's GCC sales up 44 percent in 2014MENAFN
(MENAFN) Renault announced that it has registered a 44 percent increase in its sales within the region during 2014, which led by Dubai resulted in the manufacturer selling 23.626 vehicles, Emirates ...

 Jan 25 2015 - Sharjah firm to build solar power plantMENAFN
(MENAFN) Bee'ah, a Sharjah-based waste management company, announced that it is planning to build a solar power plant in the emirate with a capacity to generate more than 20 megawatts, Emirates 24/7 ...

 Jan 25 2015 - Bahraini JBG invest USD2.44m on expansion in GCCMENAFN
(MENAFN) Bahrain-based Jawad Business Group (JBG) announced that it was planning to expand its business in the UAE and the GCC by opening 10 new stores this year, with an investment of over USD2.44 ...

 Jan 25 2015 - Dubai Arabtec wins USD152m contractsMENAFN
(MENAFN) Dubai's Arabtec Holding announced that it has won two contracts in Abu Dhabi, through its Target Engineering unit, with the contracts having a combined value of USD152.5 million, Emirates ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help