Sojitz Corp., a Japanese trading company, quit a venture bidding to build and operate a $1.6 billion water and power project in the United Arab Emirates after disagreeing with the Abu Dhabi government about tariffs.
Emirates Telecommunications Corp, the United Arab Emirates’ biggest phone company, plans to soon enter Sudan’s mobile-phone market, Al Bayan reported, citing Jamal al- Jarwan , chief executive officer for international investment.
Sorouh Real Estate Co. and Tamouh, property developers building on Abu Dhabi’s Al Reem Island, will start handing keys to homebuyers in the middle of this month, Al Bayan reported, citing unidentified buyers.
Amlak Finance PJSC’s debt was reduced by 4 billion dirhams ($1.1 billion) after the lender sold land and reached agreements with some creditors, Al Bayan reported, citing Sultan Bin Saeed al-Mansouri, the United Arab Emirates’ economy minister.
Nakheel PJSC, the Dubai World-owned property company seeking to restructure $10.5 billion of debt, restarted work on projects that have been put on hold, Al Bayan reported, citing people it did not identify.
The United Arab Emirates central bank is considering a mortgage law that would stipulate real- estate records, guarantees and a dispute resolution mechanism, Al Bayan reported, citing Central Bank governor Sultan Bin Nasser Al-Suwaidi.
Nakheel PJSC, the Dubai World-owned property developer, plans to pay 1.5 billion dirhams ($408 million) of bills it owes to trade creditors next month, Chairman Ali Lootah was cited as saying by Al Bayan .