Abu Dhabi: Majid Al Futtaim (MAF) Properties has awarded a Dh826 million contract to ACC-MATTA joint venture for the construction of Waterfront City in Lebanon, the Arabian Construction Company(ACC) said in a statement on Wednesday.
It stated that the contract covers the enlarged first phase of the project that is set to line the Dbayeh Seaside in Lebanon, and will include a promenade, besides other elements such as residential, retail, restaurants, amenities and public spaces.
The handover of this phase is expected to commence in early 2015, according to ACC.
“This appointment is for the full delivery of an extended Phase 1. And it is another substantial investment into the Lebanese economy both in terms of money spent and job creation during construction and permanent roles on completion,” Samer Bissat, Senior Project Director at Waterfront City, said in a statement.
He added that the project is the second investment in Lebanon made by Majid Al Futtaim Properties, the first being Beirut City Centre, which will be completed early next year and will create 1,500 permanent jobs.
Designed by SB Architects, Waterfront City is a luxurious mixed-use community development covering cover 250,000 square meters of land. The project is set to include a wider range of residential apartments, a large retail mall, two international hotels, a new office Business Park, public spaces and a distinct marina promenade anchored by residential, shops and food & beverage outlets.