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World's second tallest building to open in Saudi
The world's second tallest building will be opened next August in Saudi Arabia, Meed has reported. The 577-metre Makkah Clock Royal Tower will be 59 metres taller than the 508-metre tall Taipei 101 tower in Taiwan, but 251 metres shorter than the Dubai's 828-metre tall Burj Khalifa. Makkah Clock Royal Tower is part of the 4.5 million-square-metre, seven-building Abraaj al-Bayt complex, owned by Riyadh's Kingdom Holding Co. Kingdom is planning to build an even taller tower as part of its Jeddah Kingdom City development.
| Bahrain tower project put on hold
The $185m Al-Seef tower development in Bahrain has been suspended indefinitely by the local Ithmaar Development Co after it has not been able to obtain required government approval for the project in the Al-Seef district, Meed has reported, citing a source close to the project. The developer has been in discussions about moving the project to another location in Manama in order to allow the development to go ahead. However, no agreement has been reached yet.
| Alaqaria posts 10% income rise
Qatari developer, Alaqaria has reported a 10% rise in total income for 2009 to QR528m compared with the QR478m during 2008, the Peninsula has reported. The developer attributed the increase to a 63% increase in rental and finance lease income, which reached QR447m, up from QR274m in 2008. Net income for the full year was QR214m, compared with QR311m in 2008. The decline was mainly attributable to a decrease in investment income and an increase in finance cost, the firm said.
| Barwa confirms Financial District sale, denies Barwa City talks
Barwa has released a statement confirming that it is still involved in negotiations with Qatar Petroleum over the planned sale of the Barwa Financial District, but denying that it is currently involved in talks to sell its Barwa City project to a government buyer.
| Barwa in $2bn project takeover talks
Khalid al-Nasr, general manager of Qatari developer Barwa Real Estate has said that the company is in talks over the possible takeover of its Barwa City project, worth about $2bn, by a government body, Reuters has reported. He said that, if negotiations are successful, Barwa will hand over the project in phases as they are completed. Phase one of Barwa City would be completed in June 2011 and would house approximately 25,000 residents, al Nasr said in January. The contractor for Phase One of the project is Germany's Bilfinger Berger.
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