ALEC awarded Dh4b new contracts in last three months

ABU DHABI: ALEC, a subsidiary of the Al Jaber Group, has been awarded approximately Dh4 billion of new projects over the last three months.

ALEC’s first project is the Residences at Marina Gate development in Dubai, where it will be collaborating with its related businesses, ALEMCO (MEP business) and ALEC FITOUT, on the first two towers of this development, recently awarded by Select Group, one of Dubai’s largest property developers.

The contract is valued at approximately Dh1 billion and consists of three high-end residential towers in total including a retail area standing at the gateway to Dubai Marina. The construction of the first tower, Marina Gate I, is planned to commence at the beginning of March 2015 with the second, of the three towers, Marina Gate II construction planned to start Q2 of 2015.

The second project is Dubai Festival City where ALEC was recently awarded the second phase of the Dubai Festival City Mall extension, Project Salsa 2, by Al-Futtaim Group Real Estate. The contract is valued at approximately Dh600 million. The total project area is 73,500m2, including demolition works, with the construction period being 16 months. ALEC are also completing one of Al Futtaim Groups other flagship malls, Doha Festival City in Qatar, due for completion in 2016.

The third project is the Bvlgari Resort Hotel and Marina Village, located off the coast of Jumeirah Beach Road, which will feature a distinguished 5-star mixed-use development, sculpted in the shape of a titanic seahorse featuring retail, residential, hospitality and entertainment zones. ALEC were awarded the contract with approximate value of Dh1.4b by Meraas Development. The construction period is 23 months.

The fourth project is the Bluewaters Wharf Retail Project, ALEC was recently awarded the Dh1.2b Wharf Retail Construction Works for the new Bluewaters development in Dubai, by Meraas Development.

Bluewaters is located off the Jumeirah Beach Residence coastline and will feature demarcated retail, residential, hospitality and entertainment zones.