Saudi Arabia's National Commercial Bank has issued a new report which forecasts that the kingdom will award more construction contracts through the year within its post-crisis fiscal expansion strategy, Emirates Business has reported. The second quarter of 2010 saw a consistent increase in the value of awarded contracts, with the total awarded deals during leaping to more than SR24.2bn from around SR8.8bn during the first quarter, the bank said in its Construction Index Survey. The sectors that contributed to the majority of the growth in awarded contracts during the first half of 2010 were power (SR11.7bn), residential real estate (SR5.9bn), roads (SR3.9bn), mixed-use real estate (SR2bn), and urban development (SR2bn), the survey showed.
Ghazi Al Nafisi, chairman and managing director of Kuwait-based developer, Salhia Real Estate has said the firm has delayed two projects, one in Bahrain, the other in Oman, due to the fallout from the global financial crisis, Arabic Al-Watan has reported. Preparatory work on the Bahrain project was scheduled for completion this year, Al Nafisi told the daily. The project involves the construction of an office tower at a total cost of KD43m ($149m), he added.
The Sharjah Investment and Development Authority (Shurooq) has announced the commencement of construction works on the 'Heart of Sharjah' project. The multi-phase project includes ongoing development works with the aim of reviving the historic and heritage areas of the Emirate. Construction on the first phase of the project began last week, and is scheduled for completion within two years.
Lebanese developer, Antonio Projects expects to award the main construction contract for the capital's tallest tower in October, Meed has reported, citing a source involved with the project. The 50-floor, 200-metre, Sama Beirut Tower will include seven floors of offices and 40 residential floors, which will contain 71 apartments. The tower will also contain seven basements, which will contain parking facilities for more than 700 cars.
Ali Lootah, chairman of Dubai-based developer Nakheel has said the firm plans to pay Dhs1.5bn ($408m) of bills it owes to trade creditors next month, Reuters has reported. The company expects to pay 40% of the money owed to trade creditors in cash and 60% through a tradeable sukuk, Nakheel said. The company said on August 24 it paid Dhs2.5bn it owed trade creditors in July.
