Aldar completes $179m Abu Dhabi tower purchase

Aldar Properties has completed the acquisition of a tower in Abu Dhabi with tenants that include BAE Systems and McKinsey. (Photo courtesy of Aldar)
Updated 20 December 2017
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Aldar completes $179m Abu Dhabi tower purchase

LONDON: Aldar Properties has completed the acquisition of International Tower in Abu Dhabi for 658 million dirhams ($179 million).
The Abu Dhabi-based developer said the building, which is located in the city’s Capital Gate district, would immediately contribute to its operating income. It did not disclose the seller.
Aldar CEO Talal Al-Dhiyebi said: “The acquisition of International Tower clearly demonstrates our belief in the strength of Abu Dhabi’s commercial real estate market.”
Like other big property developers in the UAE, Aldar wants to boost its recurring revenues instead of focusing on land and building sales, in an effort to reduce its exposure to boom-bust shocks.
The developer controls a real estate portfolio it estimates to be worth about $4.9 billion and which includes shopping malls, housing and hotels.
Tenants of the building include defense company BAE Systems and management consultancy McKinsey.
The Abu Dhabi office market has been hard hit by job cuts — especially in the energy, property and financial services sectors over the last year.
Total office stock remained largely unchanged in the third quarter according to the latest available research from real estate consultancy JLL.
“Developers remain cautious due to subdued demand for additional office space,” JLL said.


China’s crude oil imports from Saudi Arabia up 43%

Updated 2 sec ago
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China’s crude oil imports from Saudi Arabia up 43%

  • Imports grew to 1.53 million barrels per day compared with 1.07 million a year ago
  • Sinopec Group and China National Petroleum Corp., the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said

BEIJING: China’s crude oil imports from Saudi Arabia rose 43 percent in April, making the Middle Eastern OPEC kingpin once again the top supplier to the world’s second-biggest economy, boosted by demand from new private refiners.
Saudi imports grew to 6.30 million tons, or 1.53 million barrels per day (bpd) on a daily basis, compared with 1.07 million bpd in the year ago period, according to data from the General Administration of Customs released on Saturday.
Saudi shipments were supported by higher refinery run rates at Hengli Petrochemical Co. Ltd, with production at the 400,000 bpd-capacity refinery in northeast China expected to reach optimal levels in late June. About 70 percent of the feedstock for Hengli came from Saudi Arabia.
Meanwhile Russian supplies were 6.12 million tons, or 1.49 million bpd, up from 1.35 million bpd in April last year.
China in April imported 3.24 million tons of crude oil from Iran, or 789,137 bpd, up from March’s 541,100 bpd, as companies ramped up buying before the scrapping of sanctions waivers the US had granted to big buyers of Iranian oil.
China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC), the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said.
Venezuela shipments stood at 1.9 million tons, or 462,813 bpd in April, up 85 percent versus 249,700 bpd in March, while crude imports from Iraq were 3.31 million tons, or 806,372 bpd, down from 904,500 bpd the previous month.