Hasan Abdullah Ismaik’s stake in the construction company is worth about $159 million based on Wednesday’s closing share price.
Construction firm Parsons will develop 300 metres of concrete wharf and new floating pontoons that will accommodate more than 280 boats.
The quarry in the Al Taween area will not be allowed to reopen until its violations are rectified, a ministry official has said.
A construction timeline for the proposed 30,000 square metre retail facility is yet to be announced.
The new facilities will include outdoor pitches and four indoor, air-conditioned pitches.
Arabtec underwent a major management shake up in February, replacing its founder and chief executive.
The contractor revealed second quarter net profit of Dhs92.4 million, up from a loss of Dhs11.6 million on the same period in 2012.
On-site work and off-site ride manufacturing has started on the upcoming IMG Worlds of Adventure theme park.
Dynamic Tower will be a rotating skyscraper measuring 80 stories high and rotating a full 360 degrees every 90 minutes.
Nabil Al Kendi was appointed COO of the Arabtec’s group of construction companies, a subsidiary of Arabtec Holding.
Drake reported a net profit of Dhs52.2 million for the quarter ended June 30, compared with a profit of Dhs32 million in the corresponding quarter in 2012.
The Gulf is striving to tap its cheap energy supply to become a global aluminium heavyweight, writes Peter Shaw-Smith.
Sky City, China’s most ambitious development, has faced criticism over its nine-month deadline.
The UAE rail network, which will form part of the planned Gulf-wide network, is expected to cost $10.9 billion with a 1,200 kilometre route.
The new development will consist of commercial and residential towers as well as the Sheraton Dubai Tower Hotel.
Tea Ros, managing director at Strategic Hotel Consulting, examines the challenges developers face in underwater construction.
The factory, located in Yanbu, is being developed by a joint venture of Kuwait’s Alghanim and Saint-Gobain.
Despite an abundance of construction projects in Qatar, local real estate developers constitute a fraction of those benefitting from the boom.
China State Construction Engineering Corporation will make its first-ever Middle East investment in the Viceroy Dubai Palm Jumeirah project.
The closing date for subscriptions has been extended to July 4 from June 23.
The Saudi prince is inviting Dubai’s biggest real estate developer Emaar Properties to team up with his investment firm Kingdom Holding.
Construction of the Kazakhstan project is expected to be completed by 2017.
Fraudulent lift companies are risking lives in the UAE and costing the industry millions of dirhams, say industry insiders.
The contract to build Saraya Aqaba was awarded to a consortium of Arabtec, Drake and Scull and Consolidated Contractors Co.
The new project, named Dubai Creek Harbor, will include a business district, shopping, sporting and entertainment facilities.
A Jubail plant would have processing capacity of 1.5 million tonnes a year and the other, in Rabigh, one million tonnes a year.
The project will include four rail lines and will link stadiums for the 2022 World Cup tournament.
The Dubai contractor expects a series of recent contract wins to boost its 2013 earnings.
L&T will build a plant with a processing capacity of 75 million standard cubic feet per day.
Up to 25 per cent of the construction work on the Khalifa Al Tajer Mosque has been completed.