Al Jaber Group signs $480m Saadiyat Point contract
Major private development award signals the start of the Saadiyat rush
Jaber Building, an Al Jaber Group company, has secured a contract worth $480m to build the Saadiyat Point, or Hidd Al Saadiyat, a villa development on the northerly most tip of Saadiyat Island, owned by the private Abu Dhabi company, Saadiyat Investment & Development Company (SDIC).
The contract specifies Al Jaber Building, a leading UAE contractor, for the construction, completion and handover of a 1.5km2 beach villa development with seven kilometers of waterfront.
Hidd Al Saadiyat is a huge project boasting a 456,500m2 built-up area including 462 luxurious villas along together two community centers. Construction is set to be completed in just over 1,000 days.
Following the signing, HE Hamad Rashed Al Neaimi, chairman of SDIC, said: “We are pleased to appoint Al Jaber Building.
"This is a place for those who have fond memories of the Island and its traditions, and who are passionate about preserving it for the enjoyment of future generations.”
HE Mohammed Al Jaber, vice chairman of Al Jaber Group, added: “Al Jaber Building, with its record of developing more than 7,000 villas is looking forward to helping SDIC with this exciting project.”
Intended to set a benchmark for high-end residential units, completion is scheduled for March 2016.