Al Arif Contracting Company, a leading contracting company in the UAE and a subsidiary of Masharie, the private equity arm of Dubai Investments, has secured construction projects worth Dhs176.7 million in Dubai.
The new projects include three high-rise buildings in Al Nahda, Al Quasis and Al Souq Al Kabeer and 92 luxury villas in Al Badia. In addition to these residential properties, Al Fahidi Supermarket commissioned by Dubai Municipality is also one of recent projects bagged by Al Arif.
While the residential projects are scheduled to be completed by end of 2012, the supermarket and luxury villas will be ready by mid-2013.
Hamad Al Arif, Managing Director, Al Arif said: "Our proactive approach has allowed us to successfully capitalize on market opportunities and win new projects. We have started work on all the recently acquired projects and are confident of meeting our delivery timelines. The UAE has the highest per capita expenditure on construction in the world and it is further expected to significantly grow annually in the coming years.
We are excited to be part of the booming construction market. Apart from Dubai, we are aggressively seeking out new projects in markets like Abu Dhabi, Saudi Arabia and Qatar."
Established over 37 years ago Al Arif became a joint venture with Masharie in 2007 to provide a range of high quality services to the construction industry. Combining the latest technology with contracting expertise, quality and customer service, the company has successfully completed over 400 construction projects that includes prestigious commercial and residential buildings, schools, hotels, villas and warehouses in Dubai and northern emirates.
Masharie - which has made equity investments in over 17 companies in the past few years - invests in high potential existing businesses in diverse sectors. It focuses primarily on the growth and expansion stage investments as well as flourishing investment financing and buyout of mature companies with excellent past record.
MaSharie enhances the value of its partner companies through group leverage, operational and financial improvements and attractive management incentives to realize capital gains.
© Emirates 24|7 2012
