Buildings

Nakheel striving to secure 65 per cent settlement rate



Nakheel has announced that it has secured settlement on 50 per cent of agreed claims with contractors and suppliers and other trade creditors, still short of the 65 per cent required. Nakheel officials met with senior members from the UAE Contactors Association recently as part of its efforts to ensure the settlement of claims to its trade creditors as part of its recapitalisation plan according to Gulf News.

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Iraq cement factory contract awarded

Iraq cement factory contract awarded

Iraq has awarded UK investment and private equity company, MerchantBridge, a contract to upgrade a large cement factory as the government seeks to rebuild the country. According to The National newspaper after winning the contract from the Iraqi ministry of industry and minerals, MerchantBridge will spend US$200mn on renovating and operating the plant under a 15-year lease.

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Saudi imposes duty on steel

Saudi Arabia has reimposed a five per cent customs duty  on steel rebars and cement imports following an oversupply in the domestic market. However, the duties will only be levied on rebars and cement imported from non-GCC countries. The decision came into effect January 1st.

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Aamal Cement begins Qatar operations

Aamal Company (Aamal), a GCC-diversified conglomerate, announced that its subsidiary Aamal Cement Industries has officially commenced operations at its newly opened cement block manufacturing plant in Messaid, Qatar.

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Gulf project spending to soar

INFRASTRUCTURE SPENDING BY Gulf countries is expected to reach US$205 billion by 2013, according to recent estimates by Standard Chartered Bank. Although funding has emerged as a big challenge in the context of the global credit crisis, economists expect governments to support most infrastructure projects, and bond issues will be a major source of funding for many of these projects.

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