Arabtec wins orders worth $166 million including Dubai Expo concourse

Arabtec has won an order to build concourses at the Dubai Expo site. (Supplied)
Updated 24 October 2018
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Arabtec wins orders worth $166 million including Dubai Expo concourse

  • Arabtec to build concourses at Expo site
  • Burj Khalifa builder bags second order for Damac

LONDON: Arabtec, the UAE construction group, has bagged a pair of contracts worth more than 610 million dirhams ($166 million) that includes work on the Dubai Expo site.
The contractor that helped to build the Burj Khalifa, the world’s tallest tower, said on Wednesday that it had been selected to build public concourses covering 268,000 square meters at the site on the outskirts of Dubai.
“This award demonstrates our commitment to diversifying our business and building upon our social infrastructure capability as a core competency,” said CEO Hamish Tyrwhitt.
After a sharp slowdown that followed the collapse of the oil price in 2014, activity in the Dubai construction industry is starting to pick top once again, helped by a clutch of major contract awards for the Dubai Expo 2020.
Arabtec also revealed details for a second order on Wednesday for the construction of 478 villas for Dubai developer DAMAC.
It said in a filing that it had been awarded the 299 million dirhams contract for work on the Akoya Oxygen project, a vast development that is also home to an 18-hole championship golf course designed by Tiger Woods.
Work is set to start immediately with construction completed within 16 months.


US poised to end waivers for 5 countries importing Iranian oil

Updated 22 April 2019
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US poised to end waivers for 5 countries importing Iranian oil

  • Japan, South Korea, Turkey, China and India were exempted from sanctions until May 2
  • Since November, Italy, Greece and Taiwan have stopped importing oil from Iran

WASHINGTON: The Trump administration is poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from US sanctions if they continue to import oil from Iran, officials said Sunday.
Secretary of State Mike Pompeo plans to announce on Monday that the administration will not renew sanctions waivers for the five countries when they expire on May 2, three US officials said. The others are China and India.
It was not immediately clear if any of the five would be given additional time to wind down their purchases or if they would be subject to US sanctions on May 3 if they do not immediately halt imports of Iranian oil.
The officials were not authorized to discuss the matter publicly and spoke on condition of anonymity ahead of Pompeo’s announcement.
The decision not to extend the waivers, which was first reported by The Washington Post, was finalized on Friday by President Donald Trump, according to the officials. They said it is intended to further ramp up pressure on Iran by strangling the revenue it gets from oil exports.
The administration granted eight oil sanctions waivers when it re-imposed sanctions on Iran after Trump pulled the US out of the landmark 2015 nuclear deal. They were granted in part to give those countries more time to find alternate energy sources but also to prevent a shock to global oil markets from the sudden removal of Iranian crude.
US officials now say they do not expect any significant reduction in the supply of oil given production increases by other countries, including the US itself and Saudi Arabia.
Since November, three of the eight — Italy, Greece and Taiwan — have stopped importing oil from Iran. The other five, however, have not, and have lobbied for their waivers to be extended.
NATO ally Turkey has made perhaps the most public case for an extension, with senior officials telling their US counterparts that Iranian oil is critical to meeting their country’s energy needs. They have also made the case that as a neighbor of Iran, Turkey cannot be expected to completely close its economy to Iranian goods.