Dubai Real Estate Report
Nakheel awards AED430 million worth of contracts for Dubai’s Deira Islands
Master developer Nakheel has awarded four contracts, collectively valued at more than AED430 million, for Deira Islands, its new 15.3 square kilometre waterfront city currently under construction in Dubai.
The contracts, covering islands A and B of the four-island development, are for a sewage treatment plant, a district cooling plant, a substation and piling work for an 800-room resort.
Nakheel has now invested nearly AED7.5 billion in infrastructure and construction contracts for Deira Islands so far and more are due soon.
The latest contracts awards are AED228.3 million to VWS Emirates LLC/ Butec S.A.L (Dubai Branch) under a joint venture for the design, construction and 10 years’ operation and maintenance of a sewage treatment plant, nearly AED100 million to Emirates District Cooling (Emicool) LLC to build a district cooling plant for Nakheel’s Deira Islands Night Souk and nearby Nakheel buildings, with 10 years’ operation and maintenance, AED90.5 million for a 132/11kV substation to AG Power LLC, covering the south island (Island A).
Three other substations are already under construction. Deira Islands will have eight substations in total.
With a diverse range of retail projects, resorts, hotels and residential developments, Deira Islands will transform Dubai’s Deira district into a world-class hub for tourism, retail and entertainment. The waterfront city will add 40km, including 21km of beach, to Dubai’s coastline and pave the way for the development of hundreds of hotels, residences and attractions. Deira Islands is expected to have a population of 250,000 and to create 80,000 jobs.
In April, Nakheel awarded a construction contract worth AED4.2 billion for Deira Mall, the centrepiece of Deira Islands and Dubai’s biggest shopping mall in terms of retail space. Meanwhile, Deira Islands Night Souk, with more than 5,300 waterside shops and restaurants, is under construction and due to open in 2018.
Emirates Investment Bank Q2 profits up 12.4 percent
The Emirates Investment Bank, EIBank, has posted a net profit of AED8.86 million for Q2 2017, against AED7.88 million for Q2 2016, marking a growth of 12.4 percent.
Net profit for H1 stood at AED25.43 million, up 99.3 percent on H1 2016 when it recorded AED12.76 million, with the total assets under the Bank’s management decreasing 9.7 percent to AED10.50 billion against AED11.63 billion by end of December 2016.
Khaled Sifri, CEO of EIBank, commenting on the bank’s growth, said, “Over the past few years, Emirates Investment Bank has been able to grow rapidly by maintaining a clear focus on delivering a flexible and personal private banking service to our clients. Credit needs to be given to our dedicated staff, but also to the environment we operate in.”
“The UAE is emerging as an important hub for wealth management not only within the region but also globally and we, at Emirates Investment Bank, are beneficiaries of this development. It has allowed us to provide our bespoke private banking services to clients from our region, as well as from around the world,” he added.
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