Almasah retains same firms for nine projects

Almasah International Real Estate, a Dubai-based real estate company, has announced that it is retaining five separate foundation contracting companies to commence foundation and piling work on nine of its projects, at a value of Dh62.4 million.

Italian Foundation Company, Pliex Foundation LLC, Zetas, Dutch Foundation and International Foundation will share contracts on the new developments. Additionally, the company has awarded a Dh191m contract to two main contractors, Sun Engineering and Reem Contracting, to begin the main construction works on Dolce Vita project in Dubai Marina, and the Sahara Living Villas in Dubai Industrial City.

Almasah Chairman, Dr Abou Taleb Talebi, said: "Our main objective is to move ahead with our projects and in less than three months we have assigned contractors to begin construction on 19 separate projects. Current market prices for building materials and the abundant availability of labour force are the positive benefits of the current UAE economy, which helps to ensure our projects will move ahead."

All nine projects are residential buildings and include Jouri 1, 2, 3 and 4, and Cadi 1, 2 and 4 in Jumeirah Village; Chess Tower in Sports City; and Sahara Living Villas in Dubai Industrial City. In February, Almasah announced the same five contractors, who were awarded contracts worth Dh86.7m, to begin foundation work on 10 projects in Jumeirah Village and Dubai Marina. The awarding of the new contracts bring the total value of their work with Almasah to Dh149.1m.

Once complete, the projects will comprise 5,573 units, with a total value of Dh3.7 billion. They are scheduled for delivery from the end of 2010.

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