[2007-08-31]  Emaar Properties to invest $7b in Moroccan projects

Emaar Properties to invest $7b in Moroccan projects
Beirut: Dubai-based Emaar Properties, the Middle East's largest real estate giant, said it will invest 56 billion Moroccan dirhams ($7 billion) in Morocco's real estate, tourism and entertainment sectors until 2010, the London-based daily Al Hayat reported yesterday.

ARED will list additional shares
Amman: Jordan' s Arab Real Estate Development Co (ARED) will list five million additional shares on the Amman Stock Exchange on September 3, the bourse said yesterday. The listing will bring ARED's total listed shares to 25 million for a capital of 25 million Jordanian dinars ($35.3 million). The company's market capitalization is 39 million Jordanian dinars. Its shares traded flat at 1.95 Jordanian dinars on Wednesday.

Barwa to sell Paris convention centre
Riyadh: Barwa Real Estate Co, a Qatari property investor and developer, will sell the Paris Convention Centre for 456 million euros ($622.7 million), the Peninsula reported. Barwa is considering other investments in Europe's tourism industry, the Peninsula said, citing Ghassan Al Binali, the company's chief executive officer.

Murray & Roberts hopes for Dubai deal
Dubai: Murray & Roberts Holdings Ltd, South Africa's second-largest construction company, said it may win a $2 billion contract to expand Dubai Airport. "We are hoping to land the contract shortly," chief executive officer Brian Bruce told investors yesterday when presented the Johannesburg-based company's fiscal 2007 earnings.

Oman's Salalah eyes public offering
Dubai: Oman's Salalah Medical Device Manufacturing Co, a joint venture between US-based Ascent Medical Technology Fund II and Salalah Medical Supplies Manufacturing Co, is planning to list on the Omani bourse. Peggy Farley, president and chief executive of Ascent Capital Management, the fund's advisor, said that although the first products off the production line are not due until 2008, "an IPO could be as early as 2010".

Saudi airline to buy new planes
Riyadh: Saudi Arabian Airlines, the kingdom's state-owned carrier, will buy a fleet of new planes as part of a 10-year modernisation plan, Arab News reported, citing the airline's director general Khalid Al Mulhim. Saudi Arabian also plans to rent more planes to meet growing demand and will sell its cargo unit before the end of this year, it said.




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