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Dubai-listed Arabtec swings to Q4 net profit

Arabtec’s fortunes appear to have improved over the past year or so as it has picked up a spate of new contracts Arabtec Holding was awarded a $398 million (AED1.46bn) contract for construction of Wasl Tower (pictured), a mixed-use high-rise tower on Sheikh Zayed Road. Dubai contractor Arabtec swung …

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Dubai property firm Damac Q4 profit plunges 47%

Dubai’s Damac Properties , the owner and operator of the only Trump-branded golf club in the Middle East, posted a nearly 47 percent drop in fourth-quarter profit, while full year profit dropped by 25 percent. The results came as Dubai, its core property market, saw lower property prices last year …

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Saudi's Prince Alwaleed gives $500k to local soccer club

Saudi Arabian billionaire Prince Alwaleed bin Talal, freed two weeks ago from detention in a luxury hotel during a corruption sweep, said on Tuesday he was answering a government call to support local soccer clubs by donating half a million dollars. Prince Alwaleed, one of the country’s top international investors, …

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UAE, India sign currency trade agreement

The UAE and India have reached an agreement that will enable businesses in both countries to bypass the dollar and other foreign currencies and trade directly in dirhams or rupees, according to India’s ambassador to the UAE, Navdeep Suri. “[This] means that there is a saving for the business community,” …

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