DAMAC Properties awards main contract for Al Jawharah Tower project

Sun, 04 Jul, 2010


Luxury lifestyle real estate developer DAMAC Properties has announced that it has awarded the main contract for construction to commence at its Al Jawharah project in Jeddah, Saudi Arabia.

After the completion of enabling works on site, Drake and Scull International Centre for Contracting Ltd has been awarded the main contract worth SR 450m, which will see teams mobilise on site within weeks to complete the construction of the 42 storey building in around 28 months.

Located on the Jeddah Corniche alongside the Red Sea, Al Jawharah will be a spectacular residential tower offering luxurious five bedroom penthouses and apartments ranging from one to four bedrooms. The total area for the building will be 86,196 sq

Commenting on the contract award General Manager of DAMAC Properties Ziad El Chaar said: ‘This is a significant contract award for us and we are delighted to be working with Drake and Scull who share our vision for the dynamic and dramatic design of Al Jawharah tower. We are working with Drake and Scull on a number of our residential projects in Dubai and this project in Saudi Arabia will further strengthen our working relationship.

‘This contract award also underlines our steadfast commitment to the Saudi real estate market and further demonstrates that we continue to look ahead and make plans to progress as a company.’

Al Jawharah will be set in beautiful landscaped surroundings with a grand reception area featuring a double height lobby and guest lounge. The luxurious apartments will boast fixtures and fittings includingmodern kitchens and large balconies to make the most of the views on offer.

Mr El Chaar added:’ Jeddah is the commercial capital of Saudi Arabia and is gaining a growing reputation as a recreational and tourist centre. The fact that we are starting construction at a significant time with Saudi Arabia poised to be one of the fastest growing markets during the next three years is important.

‘Many indicators point to KSA being one of the markets most likely to see price increases in the next 12 months and this coupled with Jeddah’s growing popularity and importance as a business hub means that developments like Al Jawharah which combine luxury, style and location will be hugely sought after.

‘With its prime location at the corner of the Corniche Road, the building is set to become a focal point with its twisting architecture and stunning diamond like design. We know that it will be a great addition to the Corniche skyline.’

The announcement of the main contract for Al Jawharah is one of a number of new contracts that has been awarded by DAMAC Properties across the GCC this year including an AED 500m contract for the construction of DAMAC Heights in Dubai and two contracts in Abu Dhabi worth AED 420m. In addition the company has also announced an innovative project with VERSACE Home for the development of DAMAC Tower in downtown Beirut – a tower featuring exclusively designed VERSACE Home apartments in Solidere – the most sought after location in the city.

Furthermore construction progress has continued at developments across the Middle East with nearly 4,000 units due to be handed over to customers in Dubai by the end of the year. This will include DAMAC’s flagship supertall structure Ocean Heights at Dubai Marina and also the company’s prestigious twin tower development at DIFC, Park Towers. Altogether there are more than 12,000 units under construction across the GCC with the company aiming to hand over a total of six buildings during the second half of 2010.

Mr El Chaar concluded: ‘As a company we have continued to maintain our business plans and to ensure that we are performing and developing on many levels.

‘This latest contract award in Saudi Arabia is just typical of the strides we have been making as a company across the Middle East this year. We feel there is no better indication we can give customers of our commitment than to continue to show progress on a range of projects across a range of countries.’