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MENA Project Tracker — NMDC achieves $110m in profits; Alpago auctions off Framed Allure Villa; Al Hamra begins Falcon Island’s second phase

RIYADH: Abu Dhabi- based National Marine Dredging Co. has outperformed its first-half net profits in 2021 by 74 percent, hitting $110 million in the first half of 2022.  

NMDC’s revenues also reached $965.5 million, and its assets stand at $3.63 billion, an 8.5 percent and 3 percent increase respectively from the same period last year, reported MEED.

This came after decisions to allow non-UAE investors to own more shares—up to 49 percent—of the company’s capital.

“NMDC’s ambitious expansion plans and strong global position have also increased the percentage of revenues generated from projects outside the country to 42 percent of total revenues in the first half of 2022,” NMDC said in a statement.

Alpago sells Framed Allure villa for $35m

Alpago Properties, a real estate developer headquartered in Dubai, has placed its $35 million Framed Allure villa on the market for sale.

Located in Palm Jumeirah, the five-bedroom villa spreads over 16,000 square feet and is encircled by the Arabian Gulf, reported Trade Arabia. 

Uniquely designed by Emre Arolat Architecture firm, the estate offers many luxurious services such as a home cinema, a private gym, and an infinity pool.

“Partnering with Emre Arolat has allowed us to create another masterpiece perfectly suited to complement the needs of both the market and end-users,” remarked Alpago Group founders Murat Ayyildiz and Ridvan Ayyildiz.

Al Hamra begins second phase of Falcon Island

Ras Al Khaima-based lifestyle and hospitality developer Al Hamra has announced the commencement of the second phase of Falcon Island.  

The residential community project will give investors the opportunity for a post-handover payment plan, for units valued at 6.2 million dirhams — this allows buyers to pay once the property has reached completion.

This decision follows the booming sales of phase one units which included different types of villas and townhouses valued at 1.2 million dirhams and higher, reported Trade Arabia. 

“The strong international investor response to phase one reflects on the quality of the offering, long-term returns assured by Falcon Island and the popularity of Ras Al Khaimah as a preferred destination for living and holidaying.” disclosed Benoy Kurien, group CEO of Al Hamra.

“We are confident of a similar response to phase two,” he added.

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