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Kharafi awarded $930m in damages for Libyan project cancellation Kuwaiti group M A Kharafi and Sons has been awarded $930m in damages in arbitration proceedings via the Arab League from Libya for the cancellation by former leader Muammar Gaddafi's of the construction of a vacation resort, Reuters has reported. The Kuwaiti group signed a contract in 2006 with late leader Gaddafi's government to build the resort in Tripoli, which would have included hotel accommodation, villas and a shopping mall. The company said it spent money on feasibility studies, design and management contracts up until 2010, when Libya cancelled the deal.
Dar Al Arkan planning a series of sukuk to fund projects Saudi Arabia's Dar Al Arkan Real Estate Development Co has unveiled plans to sell dollar-denominated Islamic bonds to fund projects, Bloomberg has reported. The issue would be the first of a series over the next 12 months, the company said.
Saudi Arabia's MMG picks advisor for debt restructuring The investment banking arm of Gulf International Bank has been appointed by Saudi contractor Mohammad Al Mojil Group (MMG) to advise it on a restructuring of its debts, Reuters has reported. MMG Group has been in financial difficulty for some time, with shareholders rejecting a plan to liquidate the company in November after its accumulated losses exceeded 75% of its capital at the end of the third quarter.
Arabtec workers stage strike in Abu Dhabi, Dubai Dubai's largest construction firm, Arabtec, has confirmed thousands of its workers have stayed away from work on Sunday demanding better wages, Reuters has reported. Two Arabtec employees who asked not to be identified told the news service several thousand workers engaged on various projects did not report for duty on Sunday and stayed in their accommodation. "We are working to resolve the situation as quickly as possible, alongside the Ministry of Labour and the Police Authority," a spokesman for Arabtec said. The employees said the strike began on Saturday and that the workers were determined not to end it without a pay rise. "They are upset at the low wages and also about not being paid for overtime work," one employee was quoted as saying by the news service. He said workers at his site were paid between $160 and $190 a month. "The protest started in Abu Dhabi on Saturday and today (Sunday), workers in Dubai have also joined," he said.
Bahraini real estate prices drop up to 60% in troubled areas Bahrain Real Estate Society has warned property prices in troubled areas of the kingdom could witness further declines, Gulf Daily News has reported. Land prices and rents in the northern governorate have fallen 40 to 60% due to security issues, while new policies adopted by financial institutions following the global financial crisis have pressured prices in Juffair and Mahooz by 20 to 30%, chairman of the society, Nasser Al Ahli, said.