19 September 2018

Table of Contents for Ticker Tapes





International

DP WORLD CONNECTS TO HYPERLOOP WITH MULTI-MILLION-DOLLAR INVESTMENT

Global trade enabler DP World has announced a USD multi-million-dollar investment in US based Hyperloop One to provide funds for the continued research and development of Hyperloop technology building on the company’s successful test in May 2016. DP World is now a significant investor in Hyperloop One. As part of the investment, Hyperloop One will benefit from DP World’s expertise in complex cargo handling operations and the experience DP World has accumulated across its global portfolio of 77 marine and inland terminals in six continents.

 

DUBAI HOLDING LAUNCHES MULTI BILLION DOLLAR SMARTCITY IN SOUTH KOREA

Dubai Holding launched the multibillion dollar SmartCity in Seoul, South Korea. Covering an area of 51 million square feet, SmartCity Korea will be strategically located between the two cities of Seoul and Incheon, close to two international airports. SmartCity Korea is the latest addition to Dubai Holding’s SmartCity Network, based on the government’s vision to build a better and sustainable economy for the people of the UAE and the world. Through smart cities, governments provide their citizens a balanced and comprehensive living environment across all areas of life that include social, professional, economic and environmental well-being.

 

NAKHEEL OPENS IBN BATTUTA MALL HOTEL; DH3BN EXPANSION PLAN ON TRACK

The first of two Nakheel hotels at Ibn Battuta Mall in Dubai is now open, marking another major milestone in the developer’s Dh3 billion hospitality expansion programme. The 372-room hotel, managed by Premier Inn Hotels LLC is the second in a diverse range of 14 Dubai hotels by Nakheel and one of two at the world-famous Ibn Battuta Mall, which is currently undergoing an Dh700 million expansion. Nakheel’s first hotel, at Dragon Mart, opened earlier this year. Premier Inn Dubai Ibn Battuta is directly connected to both the mall and the Ibn Battuta Metro station.  Hotel facilities include an all-day restaurant, Costa coffee shop, swimming pool, gym and business center with meeting and conference rooms. Guests can also enjoy free, 24-hour Wi-Fi access.

 

NAKHEEL GETS INTO LAUNCH MODE FOR ITS LUXURY TOWERS

Nakheel will launch sales of its two luxury twin-tower projects during the first quarter of 2017. Both the Palm 360 (at Palm Jumeirah) and Ibn Battuta Residences (within the wider cluster that also features the mall) will feature a hospitality component. The development costs of both are still being finalised. The developer currently has a flagship high-rise project at a fairly advanced stage of construction. The 52-storey Palm Tower will have 504 residences and a 290-room hotel component, which will be managed by St. Regis. The main contract was awarded for Dh819 million. Prices for the apartments start from Dh1.7 million and reach Dh3.5 million.

 

CIMIC LAUNCHES TAKEOVER BID FOR UGL

Australian construction giant Cimic has launched a surprise AU$ 525 million (US$ 395 million) takeover bid for rival firm UGL. UGL’s shares slumped recently, following losses incurred from contracts on the Icthys liquefied natural gas plant project in Western Australia. On revenue of AU$ 2.28 billion in 2015-16, the firm lost AU$ 106 million, but claimed that, taking the Icthys losses out of the equation, it made AU$ 33 million.

Considering this, the UGL board has advised shareholders to reject the Cimic offer.

 

MORGAN SINDALL WINS £16.9M CONTRACT

Work on the new Thorn Turn facility in Houghton Regis, Dunstable, has already begun. The contract includes the construction of a domestic waste recycling centre and a depot for the council’s highways team. The main building on the 14-acre site will include modular offices for 60 staff from Highways England, a maintenance workshop for seven vehicles and a large dry storage area. The building will also house fuel and salt stores and will be used to provide support for works at the Dunstable Northern bypass (A5 M1 link) which is currently under construction. Completion is expected in summer 2017.

 

INDIA, RUSSIA TO STUDY BUILDING $ 25 BN PIPELINE

India and Russia have agreed to explore building the world’s most expensive pipeline costing close to USD 25 billion to ferry natural gas from Siberia to the world’s third biggest energy consuming nation. The pipeline is to connect Russian gas grid to India through a 4,500 km to 6,000 km pipeline. The shortest route will entail bringing the pipeline through Himalayas into Northern India, a route which poses several technical challenges. According to industry experts, a realistic transportation cost would be USD 4 per mmBtu for the Russia-India gas pipeline. This excludes the transit fee to be paid to nations through which the pipeline will pass.




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