US$105.5mn committed to eco-friendly construction products and materials

Adhesives, sealants and chemical products manufacturer for buildings, Mapei, has announced that it is to set aside 70 per cent of its annual R&D budget, amounting to US$105.5mn, for the development of eco-friendly construction products and materials. The company says that this will not only reduce waste but also improve installation efficiency onsite. The move is intended to support new UAE government policies on sustainability and environmental protection.

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Construction company bucks trend

Construction company bucks trend

Integrated engineering specialist, Drake & Scull International (DSI) has reported US$11.4mn in net profit for the first quarter of 2010 and revenues of US$105mn.

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UAE companies close in on Iraq project deals

An Iraqi official has said that negotiations between the Iraqi National Investment Commission (INIC) and several UAE real estate developers and investment companies on large-scale projects in different parts in Iraq have reached "advanced stages". Sami Al Araji, chairman of INIC told Gulf News the projects under negotiation are worth nearly US$70 billion and that the talks are expected to be finalised in the near future.

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Syria and Algeria forge closer ties


Syrian Minister of Housing and Construction, Omar Ibrahim Ghalawanji, has discussed ways of boosting cooperation relations and establishing joint ventures in the construction sector with an Algerian Contractors delegation, according to the Syrian State News Agency.

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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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