Business | Construction
Al Jaber Group wins $1.6b contract
Tender is for the first phase of Abu Dhabi's carbon-free Masdar City.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:04 February 10, 2009
Abu Dhabi: UAE contracting firm Al Jaber Group has been awarded a $1.6 billion (Dh5.8 billion) contract by Abu Dhabi to build the infrastructure for the first phase of Masdar City, the group's chief operating officer Fatima Obaid Al Jaber said yesterday.
"Al Jaber Energy Services, a subsidiary of Al Jaber Group, was awarded the contract last month," Al Jaber told reporters on the sidelines of the Arabian World Construction Summit. "It's a three-year project."
The proposed $22 billion Masdar City in Abu Dhabi will be the world's first zero-carbon, zero-waste, car-free city. The construction project will rely mainly on outside funding and use less than one-third of the Abu Dhabi Government's $15 billion fund alloted to the initiative.
Separately, Al Jaber said the Abu Dhabi Investment Authority, the world's largest Sovereign Wealth Fund, should invest some of its wealth in real estate projects inside the UAE.
"I think the sovereign wealth fund should be fin-ancing some of the bigger developments here. It will help infuse confidence," she said.
Al Jaber said the Al Jaber Group plans to focus on its businesses in the UAE and Qatar and has no immediate plans to diversify.
Asked about the outlook for the Al Jaber Group for this year and in 2010, Al Jaber said: "This year, the competition will be good but we will be able to sustain our business growth. As regards 2010, it will be a challenging year. The performance will be based on what happens in 2009."
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