UAE's Danube to open 40 new outlets over next four years

Construction, building materials and home interiors group, Danube has announced plans to more-than-double its showrooms from the current 35 to 75 in the next four years, as it ventures into the African market for the first time, Khaleej Times has reported. “We will be opening our showrooms in Nigeria, Ethiopia and Kenya in the African continent. We have recently opened in Qatar. We have gained experience of the Saudi Arabian market with one showroom there and now we plan an aggressive expansion,” said managing director of Danube, Anis Sajan. “Our target is to open 10 showrooms every year. We need to have the right formula for the right market to be successful,” he said.

Tech Group signs $47 million Iraq construction deals

Ajman-based construction firm, Construction Tech has said it has secured two contracts in Iraq totalling more than $47m, Gulf Today has reported. The deals include a $45m contract to revamp the central bank of Iraq headquarters and a $2.15m partnership with Royal Dutch Shell to support developing its main office in Burjisia, Basra, the firm said.

Dubai courts to consider legal cases as Nakheel stands alone

The legal affairs department of the Dubai government has said Dubai Courts will hear cases involving Nakheel and its subsidiaries, following the separation of the developer from Dubai World on August 23, 2011, Gulf News has reported. “By virtue of the restructuring of Dubai World, which led to the separation of Nakheel and its subsidiaries, any cases involving Nakheel or any of its subsidiaries as a party will now come under the jurisdiction of the Dubai Courts or the alternative competent dispute resolution forum." The department said.

Egyptian Resorts posts EGP5.5m loss

Egyptian Resorts has reported a loss of EGP5.5m in the first three months of the year, compared with a profit of EGP1.3m in the same period of 2011, Reuters has reported. The real estate sector has been hit by the political and economic turmoil that followed the overthrow of president Hosni Mubarak in 2011. Egyptian Resorts has not sold any land to developers since the third quarter of 2008.

Egypt's Sodic appoints ex-regulator as new chairman

Egypt’s former top financial regulator, Hani Sarei-Eldin has been named by property developer Six of October Development and Investment (Sodic) as its new non-executive chairman, Reuters has reported. Sarei-Eldin was chairman of the Egyptian Capital Market Authority for two terms until 2007. "Dr Sarie-Eldin brings with him a wealth of experience and expertise through his legal and regulatory background and his intensive knowledge of the real estate and finance industries," Sodic said.