King Abdulaziz International Airport in Jeddah was rated the world’s second worst airport by a travel website based on an online poll.
The firm attributed the rise to a 5.6 per cent rise in revenue and a reduction in costs and marketing expenditure.
Brent crude oil sank to a four-year low below $83 a barrel last week because of ample supply and the prospect of a weak global economy.
The seven contracts are to build stations and lay cables for the rail system in the Saudi capital.
The project would not only mark a huge expansion of Arabtec’s business but also boost Egypt’s struggling economy and help to resolve a housing shortage.
As per the contract, Drake and Scull will undertake the mechanical, electrical and plumbing works for Al Dara Hospital in Riyadh.
Transguard said that it has won contracts with major firms such as TAV and Australian firm James L Williams.
The company expects to record annual depreciation charges of about 7.6 million riyals from Q4 2014 onwards.
Arabtec said it “does not have the information” on such a deal, it said in a bourse statement.
Sources say that Hasan Ismaik has finalised the sale of stake in Arabtec to Aabar and the deal will be announced soon.
The company has won four turnkey deals in Oman, bringing the value of its total project wins in 2014 to Dhs4.6 billion.
The first phase of the five theme park Dhs10 billion mega project is slated to open in 2016.
The lagoon, to be built by Crystal Lagoons, will be situated at the centre of a 240-hectare mixed project being developed by the Prince Sultan Cultural Centre.
The Shuweihat S3 power plant has an installed electrical capacity of 1,600 megawatts, and will be operated by Shuweihat Asia O&M Company (SAOM).
Megaprojects in the pipeline and the ramping up of social infrastructure spend is boosting the market, says new report.
The company made a profit of Dhs25.88 million ($7.05 million) in the three months to June 30.
Infrastructure project awards across the GCC are forecast to exceed $86 billion in 2014, up 77.8 per cent over 2013, a new report says.
Net profit climbed to Dhs103 million ($28.1 million) in the three months to June 30 from Dhs92 million a year earlier, the company said in a statement.
Ismaik cut his stake to 28.77 per cent from 28.85 per cent, the website of the Dubai Financial Market showed.
Arabtec shares have been swinging wildly in recent weeks, moving the entire Dubai stock market.
The first phase of traffic diversion will take place in the Dubai-Abu Dhabi direction near Safa Park, RTA said.
Aabar’s statement followed media reports last week that said the fund was in talks to buy at least part of the 28.85 per cent stake owned by Arabtec’s former chief executive Hasan Ismaik.
Net profit fell to SAR7.91 million ($2.1 million) in the three months to June 30 from SAR25.38 million a year earlier, the company said in a statement.
The Abu Dhabi state fund is looking to raise its stake in Arabtec to almost 30 per cent to become the major stakeholder, a source said.
Direct world cup spending is estimated to be $16 billion, which is 7.5 per cent of Qatar’s GDP, says report by Bank of America Merrill Lynch.
The project will comprise of residences, two international schools, nurseries, three hotels, mosques, a clubhouse, a retail centre and restaurants.
The firm made a net profit of SAR288 million ($76.8 million) in the second quarter, compared with SAR307 million in the corresponding period of 2013.
The company said that its shareholders had approved issuing a bond that would allow a strategic investor to buy into the company.
As per the deal, by 2019, Al Jaber will be able to utilise rail transport for its logistics operations.
The certificate allows Limitless to legally move forward with the Halong Star project in Vietnam.