Dubai's Arabtec wins deal to complete palm island hotel
DUBAI (Reuters) - Dubai-based builder Arabtec ARTC.DU said on Wednesday that it has won a contract worth 196 million dirhams ($53.4 million) to build the final phase of a hotel project on the emirate's palm-shaped island.
Arabtec, partly owned by Abu Dhabi state fund Aabar, will build two mixed-use towers for the 332-room Tiara Hotel on Palm Jumierah, the contractor said in an emailed statement.
The earlier phases of the project, valued at a total of 550 million dirhams, were also built by Arabtec and work on the final phase will begin in the first quarter of 2014, it said.
The builder has been on an aggressive expansion drive after a management shake up in February and has won a series of contracts in the United Arab Emirates and in the region.
(Reporting by Praveen Menon, Editing by Patrick Lannin)
NEW YORK - Stocks slid on Wednesday after legislators in Washington reached a provisional budget deal, which increased investor expectations that the Federal Reserve may wind down its stimulus in the coming months.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.