AED 190 million contract awarded by DAMAC Properties for Abu Dhabi development

June 6, 2010


Contractor to commence on site soon at Al Reem Island
Luxury lifestyle provider DAMAC Properties has announced that it has awarded the main contract for its Marina Bay development at Al Reem Island in Abu Dhabi.

The AED190million contract has been awarded to Al Shafar General Contracting Co. and mobilisation on site is expected within a few weeks. This stage of the construction process is scheduled to take 22 months.

Marina Bay is a mixed use development which will feature a 25 storey tower of one, two and three bedroom apartments. In addition there will be retail and commercial space with shops and restaurant outlets along the ground and mezzanine levels. Marina Bay’s prime location within the Al Reem master development means that residents will have views across the canals that run through the entire development and also out across the Marina itself.

Commenting on the awarding of the main contract Ziad El Chaar, General Manager of DAMAC Properties, said: ‘We are delighted to announce yet another significant contract award from DAMAC Properties - one that will see main construction work commence on this pivotal project for us at Al Reem island.

‘We look forward to seeing the construction progress over the coming year.’

The Marina Bay contract marks the fourth major one that DAMAC Properties has announced this year following on from its most recent announcement last month of a 500AED million contract to construct DAMAC Heights at Dubai Marina. The company plans further contract awards this year along with the handover of several completed buildings in Dubai including its flagship project Ocean Heights, also in the Marina.

Mr El Chaar added: ‘Abu Dhabi remains a very significant market place for us and we are confident that the location of our Marina Bay tower will prove very attractive for customers.

‘Part of our success in Dubai has been the ability to identify prime locations and then deliver stylish and iconic buildings. Even with the market leveling out and showing signs of recovery, particularly in Abu Dhabi, location is still a hugely influential factor in the decision making process for customers and we know that Al Reem Island will be at the heart of that,’ he said.

Oceanscape is another DAMAC project in Abu Dhabi in the highly sought after Shams area of the capital. Enabling works have already been completed for this project with main works tenders currently under review with main construction expected to begin on site later this year.