Middle East Business Round-Up: Drake & Scull wins $79m contract

Dubai's Drake and Scull  has won a 290 million dirham ($79 million) contract to provide mechanical, electrical and plumbing works for a mixed-use property development in the city, the engineering firm said on Sunday.

The project is scheduled to be completed by 2016, while the latest award takes the value of contracts won by Drake and Scull this year to about 1 billion dirhams, it said in a filing to Dubai's bourse.

Bahrain's GFH says to buy mall in Saudi Arabia

Bahrain's Gulf Finance House  (GFH) will buy a mall in the Saudi Arabian city of Jeddah for 180 million riyals ($48 million), the investment firm said on Sunday.

The investment will produce an average semi-annual cash return of 12 percent and the same internal rate of return over the investment period, GFH said in a statement to Dubai's bourse.

The company did not state when a deal to acquire the Jeddah mall would be concluded.

Oman's Bank Dhofar: approved Tier 1 bond plan

Oman's central bank has approved Bank Dhofar's plan to issue a capital-boosting bond of up to $300 million, Dhofar said on Sunday.

The bank said the borrowing would be in the form of perpetual Tier 1 Securities with a coupon to be determined at the time of issue based on market conditions. It provided no other details.

Bank Dhofar's shareholders approved the plan in February. 

Follow Emirates 24|7 on Google News.