Site clearance, plus ground works begin at Dubai Pearl
Defying the credit crisis, developers of Dubai Pearl secure funding.
Defying the credit crisis, the developers of Dubai Pearl have secured funding, and awarded a construction contract worth US $2.4 billion to local firm Al Habtoor-Leighton.
The deal is the largest single contract of its kind in the region and arguably one of the largest in the world for a real estate project. Construction is due to begin in January 2009.
“While these are challenging times, Dubai Pearl’s confidence in the robustness of Dubai’s real estate sector remains high. This deal underlines our strong commitment to UAE economy and puts in a unique position to make a significant contribution to the real estate sector,” said Abdul Majeed Ismail Al Fahim, who is chairman of Pearl Dubai FZ LLC, developer of the similarly named Dubai Pearl.
“Al Habtoor-Leighton Group was selected for its commitment to Dubai Pearl’s vision of quality and in line with our pledge to deliver an international landmark that will continue to strengthen Dubai’s position as a global city of excellence,” added Al Fahim.
Enabling works are already being carried out on site by Al Habtoor STFA Soil Group (HSSG), part of the Al Habtoor Leighton Group. The works include site grading, shoring, earthwork, excavation, dewatering and piling work.
The enabling works saw the demolition of the two existing structures which had been part of the previous Dubai Pearl before it had been abandoned by another developer. These structures were blasted in a controlled explosion.
With a built up area of more than 15 million square feet, Dubai Pearl will be a world-class destination overlooking the Dubai coast.
The contract’s main components cover structural and civil works, MEP (Mechanical, Electrical and Plumbing), finishes, landscaping and internal infrastructure.
“Dubai Pearl is committed to delivering the best to its clients and Al Habtoor -Leighton Group has successfully established itself as one of the region’s leading construction companies.” said Santhosh Joseph, , Pearl Dubai FZ LLC.
Earlier this year, Dubai Pearl had invited leading international and regional contracting companies to bid.
Points bidders had to consider included quality, adherence to timelines and total cost.
Managing Director of the Al Habtoor Leighton Group, David Savage, said the combined strength of the JV was a key factor in securing the project in these difficult financial times.
“The Al Habtoor Leighton Group is one of the few contractors with the capacity and capability to take on a project of this magnitude.
“We look forward to working with Dubai Pearl to deliver this iconic project,” he said.