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Dubai’s Arabtec extends reach with giant construction order

Reuters – Dubai construction firm Arabtec clinched a $6.1bn contract on Sunday, its biggest ever by value, as its relationship with Abu Dhabi state fund Aabar, a key shareholder, promised to make the firm one of the region’s top builders. Arabtec said it had signed a memorandum of understanding to build 37 mixed-use, residential and …

Daily News Egypt

Dubai’s Arabtec wins $705m Abu Dhabi contract

Reuters – Major Dubai-based builder Arabtec Holding said on Tuesday that one of its units had been awarded a AED 2.59bn ($705m) construction contract on Abu Dhabi’s Al Reem Island. The project will house a five-star hotel and a residential tower, and will be built within three years, it said in a bourse statement, adding …

Daily News Egypt

Making the most of Gulf aid to Egypt

By Farah Halime, Rebel Economy We may not like it, but Egypt desperately needs Gulf money. So why not change the way the Gulf lends money to Egypt to make it count. It won’t be just about wasting away cash to address a symptom without resolving the underlying problem. Indeed, without Gulf aid, the government would have …

Daily News Egypt

Rat race in the desert, should Egypt be running?

By: Rasheed Hammouda As the Gulf’s major players compete to be crowned the region’s finance king, Egypt may end up benefitting from being left out of the race entirely The race to be MENA’s top financial hub has been heating up over the past few years, a race that Cairo has been noticeably absent from. …

Daily News Egypt