Kerzner ‘seeks debt reschedule’

KERZNER International Holdings, the company that built the Atlantis resorts in the Bahamas and Dubai, is in talks with creditors to extend maturities on $2.78 billion of mortgages due this month, according to a report. Holders of commercial mortgage-backed securities may receive more than $100 million of principal in exchange for a two-year extension.

Orascom wins $450m deals

ORASCOM Construction Industries (OCI) of Egypt’s Saudi Arabian subsidiary Orascom Saudi Limited (OSL) has won infrastructure work worth $450 million in the kingdom. The work includes1.4 million cu m of excavation, 2.1 million sq m of roads, walkways, supply and installation of 146 km of piping for the storm, waste and potable water systems, and supply and installation of main substations. Construction will take 24 months to complete.

SCPE takes CPC stake

STANDARD Chartered Private Equity (SCPE) has acquired a minority stake in Construction Products Holding Company (CPC) through an equity investment of $75 million. CPC is Saudi Arabia’s largest manufacturer and provider of building materials and a subsidiary of the Saudi Binladin Group (SBG).

Emaar cancels KAEC contract

SAUDI Arabia-based Emaar The Economic City (EEC) has terminated a SR325-million ($86.7-million) contract signed in 2008 with Al Radwan Contracting for the construction of 134 villas in King Abdullah Economic City (KAEC) after paying the company SR56.8 million ($15.14 million) for work already undertaken on the project.

An affiliate of Dubai-based developer Emaar Properties, EEC is tasked with developing the $27-billion ($7.19 billion) KAEC on Saudi Arabia’s Red Sea coast. It has previously cancelled several contracts for the city including a SR1.4-billion ($373 million) contract with contractor Saudi Binladin Group.

Tripp Lite in pacts with Redington

POWER protection equipment manufacturer Tripp Lite has signed authorised reseller service centre (ARSC) and critical application partner (CAP) service contracts with Redington Gulf.

The deals cover 20 countries in both the Middle Eastern and African regions. The move follows the recent signing of a value-added distribution agreement between the two companies and is part of Tripp Lite’s efforts to position itself across the rapidly developing IT markets of these regions.

Hospital invites bids for expansion

THE King Faisal Specialist Hospital and Research Centre in Jeddah, Saudi Arabia, has invited interested contractors to bid for a mega expansion programme it is undertaking. Tender documents are available at the hospital’s contracts management office, and pre-qualifications will not be exercised pursuant to government regulations, according to the hospital.

Autodesk offers Saudi discounts

AUTODESK has unveiled a new initiative to help engineers and designers in Saudi Arabia gain access to its solutions through significantly discounted fully licensed versions of its latest software. “The primary objective is to ensure that fully licensed versions of our software, with all the benefits this brings, are attainable and affordable for users in Saudi Arabia,” said Anders Arthur, territory director, Autodesk, Middle East and Africa (MEA).

$530m market revamp to go ahead

WORK on a BD200 million ($530 million) revamp of the Manama Central Market in Bahrain is set to start within 24 months. The project will include business, residential, shopping and leisure facilities. Four 28-storey office and shopping towers, car parking, a five-star hotel, heritage village and a park are also part of the plans. Tashgeel for Commercial Buildings Management has been awarded a contract by the Manama Municipality to supervise the project, which is now expected to be up and running within six years.

Hill wins Security HQ contract

HILL International, a global leader in managing construction risk, has won a contract from the Ministry of Interior in Saudi Arabia to provide project management services in support of the ministry’s King Abdullah bin Abdulaziz Security headquarters project and various other security efforts throughout the kingdom. The three-year contract has an estimated value to Hill of approximately SR139.6 million ($37 million).

“This is an extremely important assignment,” said Raouf Ghali, president of Hill’s Project Management Group (International).  “We look forward to helping the ministry successfully complete the project.”

Qatar’s market surges 28pc

QATAR’S construction market rose from QR5.3 billion ($1.45 billion) in the third quarter of 2010 to QR6.1 billion ($1.67 billion) in the first quarter of 2011, a rise of 28 per cent, according to the Qatar Statistics Authority (QSA).

The International Quality and Productivity Centre (IQPC) revealed the statistics as it announced it would hold its Qatar Construction Summit and Awards – a four-day event which profiles international case studies on stadium design, construction best-practice and infrastructure projects that are ready to be launched on the market – from September 25 to 28, 2011.

The event’s sponsors include Populous, Al Jaber, Hochtief Vicon, OutoKumpu, Drake and Scull, Herzog, Sepam, Apave, Unibeton Ready Mix, Almisned Trading, Almisned Ready Mix, Orimix and Qatar Concrete.

New road to Ras Laffan on way

QATAR’S Public Works Authority (Ashghal) is expanding a road linking Ras Laffan Industrial City with Shamal Road and University Road, the local Peninsula newspaper reported. The current one-lane road linking Ras Laffan with Shamal Road and other private estates will be developed into three lanes on either side to secure safe and easy access to the important industrial centre, it said.

Turks develop Oman road

OMAN'S Tender Board has awarded Turkey’s Sezai Turkes-Feyzi Akkaya (STFA) a contract worth RO117.5 million ($305 million) to build part of 200-km road project from Bid Bid to Sur in the Sultanate.

The contact to convert 75 km of the existing road into a dual carriageway forms package 1-B of the project, according to the Times of Oman newspaper.

Package 1-A for the first 45 km was awarded to another Turkish firm Ozkar Insaat under a contract worth RO125 million ($325 million) in February.

The Ministry of Transport and Communications is overseeing the project. Of the 200 km, the first package (A and B) covers 120 km between Bid Bid and Ibra, while design is completed for the remaining 80 km between Ibra and Sur.