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UDC hits nine-month high

Qatar-based United Development Company (UDC), has said that its gross profit for the first nine months of 2006 climbed to US $41.3 million (QR150.3 million), an 87% increase compared to the same period in 2005.

The company’s net profit reached $44 million, 31% up on last year.

“The board of directors and the management team at United Development Company are once again proud of these excellent figures,” said Hussein Alfardan, chairman, UDC.

Hugh Fraser opens in AD

Law firm Hugh Fraser International has opened an office in Abu Dhabi.

The company said it would be well positioned to respond to a forecast boom in Abu Dhabi’s real estate market.

Green light for Iran refinery

The Economic Committee of Majlis has given the go-ahead for the construction of the US $2.4 billion (IRR22.1 trillion) Bidboland II Gas Refinery in the Behbahan region of Khuzestan Province, southern Iran.

The refinery will produce 56 million m3 of gas and condensate per day, valued at $1 billion a year. The site, located 15km southeast of Abkenar village in Behbahan, is also home to installations and pipelines to transfer daily amounts of 45 million m3 of sweet gas to Mahshahr port in the province.

Finance for Palm expansion

Palm District Cooling (PDC) has secured a three year US $50 million (AED183.6 million) Islamic finance facility from Dubai Islamic Bank to fund its expansion.

By 2010, the expected installed capacity of PDC will cross 1.8 million TR, making it the world’s largest district cooling company.

PDC is currently constructing district cooling plants and infrastructure at several large real estate developments in the UAE.

These include the Palm Jumeirah, Jumeirah Lake Towers and Discovery Gardens.

Zamil to keep schools cool

Zamil Air Conditioners has been awarded two separate contracts by the government of Saudi Arabia to upgrade the air conditioning systems in schools and prisons across the kingdom.

The two contracts are valued at US $11 million (SR40 million).

The first contract’s scope of work includes the manufacture, supply and installation of a total of 11 modular package units, 3,000 room air conditioning units and 535 mini split units in 38 prisons around the country.

The second contract encompasses the delivery of 8,544 mini split wall-mounted units to a number of girls’ schools around the kingdom.

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