| 02 Sep 2010 |
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Daman awards Dh700m contract
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Thursday, Sep 02, 2010
Gulf News
Al Habtoor LeightonAl Habtoor Leighton
group to complete the three-tower development at DIFC by next year
Dubai The Al Habtoor LeightonAl Habtoor Leighton Group (HLGHLG) has been awarded a Dh700 million building project in Dubai by Daman Investments, the company said in a statement.
The project involves the completion of ‘Daman’s Buildings by Daman’ project at the Dubai International Financial Centre. The project has already commenced, HLGHLG
will be responsible for completing its delivery. The development comprises three towers — a 20-storey office block, a 60-storey hotel, and a 60-storey apartment block with an intricate steel inter-connection between the two towers. HLGHLG will commence work immediately and the project is due for completion by December 2011.
“While there has been an adjustment to the Dubai building market, there are still a number of prospects for us with clients who value quality and creative delivery mechanisms. We’re seeing significant opportunities in large-scale infrastructure across the region,” said Laurie Voyer, CEO and managing director of HLGHLG
. Challenging period
A recent report released by Dubai Chamber revealing that Dh2.63 trillion worth of construction projects are either at the design stage or already under way in the UAE are tentative signs that construction is picking up.
The UAE still accounts for more than half of the $1.3 trillion (Dh4.7 trillion) GCC construction projects despite the industry grinding to a near halt amid the global economic downturn, the report says.
“This trend is expected to continue in the short term with the UAE government’s drive to stimulate the economy by spending heavily on infrastructural projects, particularly in Abu Dhabi.”
Voyer said that the group is pursuing a number of other opportunities across the Middle East and that he expects to be able to announce further new projects over the coming months.
“We’re seeing significant opportunities in large-scale infrastructure across the region,” he said.
The rapid economic diversification that the UAE has achieved over the years has come primarily from its large construction sector boom.
“The government has been clear in its mandate to economically diversify the economy and the construction sector has played a critical part in this,” said a Dubai Chamber spokesperson.
“However, the global economic slowdown that took hold towards the end of 2008 brought an abrupt end to the UAE’s construction boom. Since then, many building projects have been cancelled or put on hold and there has been little in the way of new project awards.”
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By Aya Lowe?Staff Reporter
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