News

Laing O'Rourke cuts 320 UAE jobs at Aldar JV

Laing O'Rourke's joint venture with Abu Dhabi's largest developer, Aldar, is cutting 320 UAE jobs. The redundancies follow 200 lay-offs the JV made earlier this month.

Aldar is also putting several schemes on hold, including some in its Al Raha Beach development, such as the World Trade Center, a report on ArabianBusiness.com said.

Saudi Arabia to spend $400bn on infrastructure

Saudi Arabia is to spend $400 billion on a series of infrastructure projects over the course of the next five years.

According to the Saudi Arabian General Investment Authority, the emerging market is looking to take advantage of the lower construction costs which have occurred as a result of the global financial crisis.

Global crisis casts shadow over Saudi’s futuristic cities

There is a string of superlatives that promoters use to describe this infant city: a US$26.6 billion (Dh97.7bn) project where as many as two million people will some day work and live that is so large – as big as Ras al Khaimah – and so important – Saudi Arabia’s largest private-sector investment – that it bears the imprimatur of the kingdom’s most powerful man.