05 Sept 2006
Abu Dhabi: Al Jaber Engineering and Contracting (ALEC) is rolling out expansion plans both in and outside the UAE as part of its growth strategy, the company's chief revealed.
Kez Taylor, Managing Director said ALEC, a wholly-owned subsidiary of Abu Dhabi-based Al Jaber Group, has an order book of Dh2.5 billion, mainly in Dubai.
"The company has for the past seven years focussed on the Dubai and Abu Dhabi markets. We are looking at neighbouring markets now and the first would be Qatar," Taylor told Gulf News.
"We are also looking at the northern Emirates- Sharjah, Fujairah and Ras Al Khaimah where several interesting projects are coming up."
The Qatari market is a fast growing one and so are the markets in the northern Emirates, he said.
"At the moment we have six on-going projects worth Dh2.5 billion. Five of these are in Dubai and one is in Abu Dhabi."
ALEC's major project in Abu Dhabi, the Between the Bridges project estimated at some Dh8.8 billion is well underway. "This unique project will be built in four phases with completion scheduled for end 2007."
The 100,000 square project, coming up between the Maqta and Musafah bridges in Abu Dhabi is a 220-room five star resort with associated facilities, 10 restaurants, 161 furnished apartments, seven luxury villas, canal waterways and a beach.
"For the first time our company is executing a design-build contract instead of just undertaking the construction work. We think this is the way forward and we want to be a one-stop shop in the industry because for clients this is more efficient and leads to quicker delivery," said Taylor.
In conventional construction projects, teams work separately on design, construction and commercial work.
The Dubai projects include a mixed-use tower for Media One in the Media City and the Dubai Marina Mall for Emaar.
Emirates Bank to raise $400m through loan
Al Jaber Group has mandated Emirates Bank to raise a $400 million syndicated five-year term loan, the bank said yesterday.
The loan will be used primarily to restructure the group's short-term debt and support growth.
Mohammad Obaid Al Jaber, Group Financial Director of Al Jaber Group said: "We have mandated Emirates Bank to raise a $400 million syndicated loan. This mandate reflects our confidence in Emirates Bank and the loan will strengthen our ability to meet the ever-increasing expansion of our activities as a result of the confidence given to us by our clients over the years".
The Al Jaber Group manufactures aluminum extrusions and composite panels, steel rebar coating, traffic signs, trailers, steel structures, iron castings, filters and concrete. The group activities cater to all sectors including the oil and gas, and the group is a market leader in most of the areas in which it operates.
Abdul Wahid Al Fahim, General Manager of Corporate Banking at Emirates Bank said, "We have fully underwritten this transaction which reflects our commitment to Al Jaber Group".
By Stanley Carvalho
Gulf News 2006. All rights reserved.
