Beirut (APD) -The Dubai-based new architectural design firm Arabian Concept Development (ACD) signed recently an AED 2 billion ($544.63 million) deal with Sharjah-based businessman Saqr Al Qasimi for the development of a real estate project in the region of Suyuh in the emirate of Sharjah, the UAE-based Al-Bayan daily reported Saturday.
The project consisting of a number of hotels and shopping and entertainment centers will be built on an area of 150,000 square meters.
Construction works at the project, which has not been named yet, are scheduled to begin by mid-2006 and be completed by mid-2008.
"Under the contract, ACD would provide financial and market feasibility studies for the project," said Zena Malek chief operating officer (COO) of ACD.
"ACD will prepare as well design plans and will execute and manage the project whose cost could jump to AED 2.5 billion," Malek added.
"ACD will reveal the final design plans for the project within the next four months. We have already embarked on the market feasibility studies and cost analysis," Malek stated.
Arabian Concept Development was officially launched at Cityscape 2005, the three-day event at the Dubai World Trade Centre (DWTC) that closed on September 19. [SN-FC]
© APD (Arab Press Digest) 2005
