08 October 2008
Azizi Investments plans to award construction contracts worth Dh7 billion over the next year, the developer revealed yesterday.
The Dubai-based firm is holding talks with several contractors about a Dh3.5bn project at Nakheel's Al Furjan development. And it has announced it is to build a residential and commercial project worth more than Dh1bn at Dubai World Central.
"I expect work to start on all our current projects within the next year and construction contracts worth about Dh7bn will be awarded during the same period," Vice-Chairman Furhad Azizi told Emirates Business.
He said the construction contract for the 12 plots the company owned at Al Furjan would be awarded within the next month.
"The tender documents are ready, but since many contractors are not participating in tenders these days we are negotiating with selected contractors," he said.
"Arabtec is already working with Nakheel on the Al Furjan project. We are also in talks with Al Shafar General Contracting and Al Naboodah. These are quite expensive contractors but they have a reputation for delivering on time and we are very particular about ensuring the timely delivery of our projects."
Soil testing and piling work for the project are already complete. "We will either issue a single contract or spilt the contract between two contractors," said Azizi.
Azizi Investments was formed in February and has a massive land bank of more than 15 million square foot at Al Furjan, The Palm Jebel Ali, Emirates City in Ajman and Mina Rashid, where it is building a 45-storey tower.
"Although we launched this year we started acquiring land three years ago. We entered the market only after the development of various laws helped to create a level playing field. The first escrow account for the Al Furjan project was set up in June and very soon we will obtain permits for all our existing projects.
"Every morning we have a meeting with our engineers, not with our sales team. In fact we are nagging the master developer to give us the go-ahead soon. And we have told Nakheel we are fully ready to move in.
"We registered the escrow account for The Palm Jebel Ali project two weeks back. The land will be handed over to us by November and we are expecting that the permit for construction will be given to us in January 2009.
"Since the work has to start by February we have to keep ourselves ready to jump in and start construction as soon as the permit is given.
"We have to hire the project managers, engineers and consultants on time so that construction can start as soon as we receive the permit," said Azizi.
Azizi Investments plans to award construction contracts worth Dh7 billion over the next year, the developer revealed yesterday.
The Dubai-based firm is holding talks with several contractors about a Dh3.5bn project at Nakheel's Al Furjan development. And it has announced it is to build a residential and commercial project worth more than Dh1bn at Dubai World Central.
"I expect work to start on all our current projects within the next year and construction contracts worth about Dh7bn will be awarded during the same period," Vice-Chairman Furhad Azizi told Emirates Business.
He said the construction contract for the 12 plots the company owned at Al Furjan would be awarded within the next month.
"The tender documents are ready, but since many contractors are not participating in tenders these days we are negotiating with selected contractors," he said.
"Arabtec is already working with Nakheel on the Al Furjan project. We are also in talks with Al Shafar General Contracting and Al Naboodah. These are quite expensive contractors but they have a reputation for delivering on time and we are very particular about ensuring the timely delivery of our projects."
Soil testing and piling work for the project are already complete. "We will either issue a single contract or spilt the contract between two contractors," said Azizi.
Azizi Investments was formed in February and has a massive land bank of more than 15 million square foot at Al Furjan, The Palm Jebel Ali, Emirates City in Ajman and Mina Rashid, where it is building a 45-storey tower.
"Although we launched this year we started acquiring land three years ago. We entered the market only after the development of various laws helped to create a level playing field. The first escrow account for the Al Furjan project was set up in June and very soon we will obtain permits for all our existing projects.
"Every morning we have a meeting with our engineers, not with our sales team. In fact we are nagging the master developer to give us the go-ahead soon. And we have told Nakheel we are fully ready to move in.
"We registered the escrow account for The Palm Jebel Ali project two weeks back. The land will be handed over to us by November and we are expecting that the permit for construction will be given to us in January 2009.
"Since the work has to start by February we have to keep ourselves ready to jump in and start construction as soon as the permit is given.
"We have to hire the project managers, engineers and consultants on time so that construction can start as soon as we receive the permit," said Azizi.
By Joseph George
© Emirates Business 24/7 2008
