Construction Aldar to start work on $313m new housing project in Q1 2023 By Pramod Kumar August 25, 2022 WAM Yas Park Gate residential project will be part of the second phase of North Yas, covering 255,000 square metres to house 508 new homes Abu Dhabi-listed Aldar Properties has launched Yas Park Gate, its latest gated community, next to Yas Park, Abu Dhabi. The AED 1.15 billion ($313 million) residential development, which is part of the second phase of North Yas, will house 508 new homes over 255,000 square metres. Construction of Yas Park Gate is due to begin in Q1, 2023, with handovers expected to commence in Q1, 2026. In July, the developer reported profit attributable to shareholders reached AED 803.99 million ($218.91 million) for the three months to June 30, compared with AED 520.83 million a year earlier. The company has signed an agreement with Abu Dhabi state fund Mubadala Investment Company to acquire four commercial towers that are part of Abu Dhabi Global Market, the emirate’s international financial centre, Reuters reported. The Al Sila, Al Sarab, Al Maqam and Al Khatem towers are valued at AED 4.3 billion.
Banking & Finance Al Rajhi Bank Q1 profit up 6% as operating income rises The net profit of Al Rajhi Bank, the second-largest lender by assets in Saudi Arabia, rose 6 percent year on year to SAR4.4 billion ($1.2 billion) in the first quarter of 2024, driven by higher operating income. Total operating income increased 6.6 percent annually due to a rise in net financing and investment income. Total operating expenses, […] 2 hours ago
Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain 2 hours ago
Aviation Tunisair reports ‘steady’ revenue rise in first quarter Tunisian national flag carrier Tunisair has reported a “steady” start to the year with a 5.6 percent increase in revenue for the first quarter. The airline is attempting to restructure in order to resolve legacy financial difficulties and refresh its fleet. Revenues rose to TND 316 million ($100 million) at the end of March, according […] 2 hours ago
Retail Dubai’s Spinneys plans Egypt expansion with 10 new stores Dubai’s supermarket operator Spinneys will open 10 new stores in Egypt as part of its expansion drive. Four new stores will be opened before June 2024, while six more will be opened in fiscal year 2024/2025, which starts in July, Daily News Egypt reported. The company currently has 27 stores in Egypt. “Our vision for […] 5 hours ago
