Bill Gates is among a group of U.S. investors which has committed $1 billion to buy a stake in Egyptian construction and fertiliser company OCI NV in one of the largest foreign currency inflows to Egypt since the 2011 revolution that swept Hosni Mubarak from power. OCI NV said on Friday it had launched an exchange offer to acquire all of the outstanding global depositary receipts of parent firm Orascom Construction Industries SAE in exchange for ordinary shares in OCI NV. The transaction also consists of an offer to acquire all of OCI's ordinary shares in exchange for OCI NV shares or a cash amount of 280 Egyptian pounds ($42.41) per share, a 4 percent premium to Thursday's closing price. OCI NV is a wholly owned subsidiary of OCI SAE and the umbrella for OCI's international operations. More»

Six of October Development & Investment Company - SODIC - (OCDI.CA) announced Wednesday the delivery of the first of nine buildings in Westown’s Forty West neighborhood to Dar Al Handasah, one of the region’s leading and most respected design and architectural consultancy firms. The units were delivered to Dar Al Handasah on 26th December 2012. Forty West is the first mixed-use development launched in SODIC's Westown, which is designed to be the urban heart of SODIC West in Sheikh Zayed area. Scheduled for delivery starting 2013, Forty West will offer over 130 fully finished homes designed by Machado & Silvetti Associates, one of the most prominent architecture and urban design firms, with a lively piazza that will include restaurants cafes and retail outlets. Forty West will also include a boutique hotel and commercial building. More»

Emaar Properties , Dubai's largest developer, will be launching The Address Residence Fountain Views, a luxury tower, in the Downtown Dubai distrcit later this month. The public launch of new tower is scheduled for January 26, according to an invite sent by the developer to its registered real estate agents. The Address Residence Fountain Views will be the first project to be launched by Emaar this year. In November, the developer had announced it will be launching new luxury homes and serviced residences in Downtown Dubai and commence expansion of the Dubai Mall by building a new high-street boulevard style retail destination. Emaar has launched the "Sky Collection", a range of three-, four- and five-bedroom serviced residences, penthouses, and duplexes set on the uppermost levels of the 72-storey The Address The BVLD hotel and serviced apartment tower. More»

A senior government official said the death toll from the collapse of an apartment building on Wednesday in Egypt’s Dakahlia governorate has risen to 2 and 9 others have been injured. Ambulances and fire brigade went to the collapse building and the prosecutor has investigated in order to find out the reasons of the collapse building. More»

Egypt State Council’s Appeals Department decided Wednesday to refer the appeals filed by a former member of parliament Hamdy El-Fakharani challenging the validity of Madinaty’s new contract to Supreme Administrative Court on 16/04/2013 session. El-Fakharani said the Appeals Department’s decision is a positive signal noting  that the report made by the State of Council Commissioners has recommended the court to support the invalidity of Madinaty’s new contract. Madinaty’s new contract had been inked on November 18, 2010 by New Urban Communities Authority (NUCA) and Talaat Moustafa Group Holding - TMG – (TMGH.CA) that owns the development. Under the inked contract, the government’s stake in the project amounts to 7% of residential units that are currently estimated at around EGP 15.5 billion. More»

Iran ranks third in the world in terms of dam construction, said the head of Water and Wastewater Department of Energy Ministry. Alireza Daemi said on Monday Iranian experts are involved in the hydroelectricity projects of 21 countries, adding that Siah-Bisheh dam and power plant, located in Mazandaran province, is one of the largest projects implemented by Iranian experts. The official said 260 projects are underway across the country in the field of building water and wastewater plants, dams, irrigation and draining networks and hydroelectric power plants. He noted that Siah-Bisheh project is among the largest executed in the country under Mehr-e Mandegar plan, adding that it has generated a large number of job opportunities in the region. Daemi called on local officials to help complete the project as scheduled. More»

Emaar Properties , the emirate's largest listed property developer, has no immediate plans to spin off its malls business or its Turkish unit, a spokesperson for the company said on Wednesday. Emaar , builder of the world's largest mall, will list its malls unit on the emirate's bourse when market conditions are favourable and it plans a listing for its Turkish unit in Istanbul, Bloomberg News reported on Tuesday, citing sources that it did not identify. No timeframe for the listing was provided in the article. "There are no plans for such listings in the immediate term and any such decisions will be taken based on strategic requirements of the Group, and subject to all mandatory approvals," a spokesperson for the company said in a statement to Reuters. Another source close to the company told Reuters that a spin-off of the malls business was an option that Emaar had considered in the past, but it was unlikely to happen for now because of soft stock market conditions in the United Arab Emirates. The developer has shifted its focus in recent years away from the emirate's property market and towards its more profitable retail and hospitality business. More»

Amer Group Holding (AMER.CA) announced that it has signed a framework deal with Moroccan Tourism Ministry to develop Porto Agadir project, which covers 1.2 million m2 on the Atlantic Ocean coast. As pursuant to the agreement, Amer Group said in release to the Egyptian Exchange (EGX) it will be responsible for development of the tourist destination including hotels, shopping malls, cinemas, apartments, and entertainment sponsored by Papa Porto. More»

Projects planned and underway across the Gulf region now total more than $2 trillion, up 12 percent on the year-earlier period, Citi's MENA Construction Projects Tracker revealed. The report said all markets across the GCC had risen, mostly driven by new project announcements. For the main markets in the Middle East and North Africa, the project pipeline was up five percent to $308 billion since October, the report said. It added that the growth was driven by Iraq (up 29 percent), the UAE (up 15 percent) and Saudi Arabia (up four percent). Early stage projects were up 17 percent to $655 billion over the same period, mostly driven by the UAE (up 127 percent). Saudi Arabia's planned projects are up 19 percent, but has slowed, the report noted. Yet it remains the largest GCC market with projects totaling $790 billion. "To some degree we would expect some slowing of growth given the size of the market," Citi said. More»

Qatar will soon have more cozy shopping malls and commercial complexes with at least nine such facilities costing a whopping QR20bn planned in the next three years. Most of the new facilities will be built in Gharafa, Kharatiyat, Wakra and Al Khor and some will be based in the new township to be developed on the location of the existing Doha International Airport, according to Al Sharq. The UAE-based Al Futaim Group has already announced plans to open its first shopping mall in Qatar, Doha Festival City, which is expected to cost QR6bn. Industry sources expect the facility to be ready in two to three years. Ezdan will build three malls in Gharafa, Wakra and Wukair under its new arm Ezdan Mall Company to be launched very soon, said the daily. The North Gate Mall, a luxury shopping facility in Khartiyat is expected to be completed by next year, while work on the Marina Mall would start this year. The Doha Mall in Mesaimeer costing QR2.5bn and the Tawar Mall are among the other projects in the pipeline. More»