Business | Property
Al Shafar wins Damac's Marina Bay contract
Al Reem Island deal is worth Dh190m
- Staff Report
- Published: 00:00 June 6, 2010
Dubai: Damac Properties has announced it has awarded the main contract for its Marina Bay development at Al Reem Island in Abu Dhabi. The Dh190 million contract has been awarded to Al Shafar General Contracting.
Mobilisation on site is expected within a few weeks. The first 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. The general manager of Damac Properties, said: ‘We're delighted to announce yet another significant contract."
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
