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By: Adam Schreck, THE ASSOCIATED PRESS DUBAI, United Arab Emirates - Shares of the Dubai developer building the world's tallest skyscraper extended their slide Sunday after the company shut an office overseeing $20 billion worth of real estate projects in Algeria. Emaar Properties, the Middle East's biggest publicly traded real estate company, said in a statement posted on the website of the Dubai Financial Market that it shuttered the office because of "a lack of progress which is beyond the company's control." It was not immediately clear how much of Emaar's Algeria operations would be affected by the move. The company said it remains open to long-term investment in the country, which it says "offers robust growth opportunities." "Emaar will continue to invest in promising international projects that will add long-term... [read full story]
The Riyadh municipality fixed a maximum price of SR1,300 per sheep beginning on Tuesday on animals bought for Eid Al-Adha slaughtering from Friday, the day of Eid, until Sunday. Eleven companies have been registered with the...
Dubai's index slumped to a 10-week closing low on Tuesday, weighed by a lack of market-moving news ahead of Eid holidays. Bellwether Emaar Properties slipped 2.8 percent, while Dubai Financial Market fell 3.6 percent. Sorouh...
Hadeed Emirates Contracting, or HEC, a UAE-based turnkey contractor, has signed up Litana, a construction company in Lithuania, to supply manpower for its ongoing projects. Under the JV, Litana will deploy European supervisors,...
A US maker of industrial air conditioners has formed a $200 million joint-venture with Saudi Arabia's Alessa group, in the first major deal to emerge so far from the Big 5 construction show in Dubai. Huntair, Inc., has teamed...
