Dubai, United Arab Emirates - The first Public Private Partnership (PPP) initiative announced since launching of the PPP Law in November 2015 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai was signed between Dubai Courts and Park Line LLC. The project aims to develop one of the world's largest automated car park facility within the existing premises of the Dubai Courts.
The 30-year Concession Agreement for the project, under the directive of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of the Judicial Council of Dubai, was signed by His Excellency Taresh Eid Mohammad Al Mansouri, Director General of Dubai Courts, Ravi Sreehari, CEO for the Middle East and Africa region of ITNL, and Ahmed Alkhoshaibi, Group CEO of KBW Investments and Managing Director of NGP Limited, on May 4, 2016. Park Line LLC, is a Special Purpose Company set up by NGP, a KBW Investments company, and ITNL Infrastructure Developers LLC, a subsidiary of IL&FS Transportation Networks Limited (ITNL).
HRH Prince Khaled Bin Alwaleed bin Talal, founding Chairman of KBW Investments, said, "The Dubai Supreme Courts development, an expansive project that will be a hallmark achievement in NGP's portfolio, demonstrates the UAE's forward-thinking movement toward smart and sustainable building. KBW Investments takes pride in being at the forefront of technological advancements in UAE infrastructure."
The Dubai Supreme Court project, having a built up area of 55,742 square meters, will include development of a new Supreme Court building, comprising 4,420 square meter that will house over 50 Supreme Court Judges, 18,600 square meters of office space and 3154 square meters of retail.
The project is scheduled for completion in 30 months. The Dubai Supreme Court project will be the first government building with an automated car parking facility, thereby offering adequate parking area for visitors and employees of Dubai Courts. The new development is proposed to be located on part of the existing Court's employee car park area, which currently houses 250 car parking spaces.
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About NGP Limited
NGP Limited (NGP), a KBW Investments company, is a leading robotic parking technology manufacturer and supplier with operational projects in eight countries. KBW Investments, founded and chaired by HRH Prince Khaled bin Alwaleed bin Talal, works across a number of sectors including construction, finance, consultancy, and development. With a diversified portfolio presence in three continents, the Group's focus is synergistic acquisitions and company formations to continue to build on existing strengths and further develop KBW Investments brands. The Group, actively investing in both large-scale companies and early stage startups, is headquartered in Dubai, United Arab Emirates.
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For more information about KBW Investments and the group portfolio www.kbw-investments.com
© Press Release 2016
