Nakheel awards Dh2b Veneto contract to Al Jaber Group

Dubai: Nakheel has awarded a Dh2 billion contract to Al Jaber Group for the construction of 740 luxury villas in Veneto - a residential district in the Waterfront, the company said.

Veneto has been masterplanned to create a waterside neighbourhood on the fringe of Waterfront City, the urban heart of Dubai. As the first community to launch in the world's largest coastal development, Veneto recently sold out its first stage of 716 villas for Dh7 billion in just five days.

Al Jaber Group is a multi-tiered firm, with a construction, infrastructure, and energy project portfolio of Dh40 billion throughout the UAE and Qatar.

Matt Joyce, Nakheel's managing director, Waterfront, said: "We are delighted to partner with Al Jaber Group to develop the very first Nakheel residences at Waterfront. The limited number of residences makes Veneto a true status address in Dubai, and the most sought-after place to live in Waterfront. It was vital therefore that we partnered with a reputable and highly respected company such as Al Jaber Group to assist with such a prestigious project."

Construction of the first stage of Veneto is expected to begin next month, with the handover for the initial villas anticipated in the second half of 2009. In total, Veneto will comprise 1,400 villas and townhouses and 1,200 low rise apartments and will eventually be home to a predicted population of 14,000.

Obaid Al Jaber, Al Jaber Group's chairman, said: "Veneto will become the very definition of prestige and exclusivity in Dubai and we are delighted to be given the task of developing the project. I hope this is the beginning of a long and prosperous business relationship with Nakheel."