UAE: Araco wins contract for $155m Satwa project
The Satwa development, which is being developed by Kuwait's Al Nafisi National Real Estate Group, is valued approximately at $155m
Dubai-based engineering consultant, Abdul Rahim Architectural Consultants (Araco), has won a contract to design and lisence 14 buildings in the emirate’s Satwa area.
The project is valued at approximately at $155m (AED570m), and is expected to cover a construction area of 12ha.
The scope of work of the tender, which was awarded by Kuwait-headquartered developer Al Nafisi National Real Estate Group, covers architectural activities; structural works; mechanical, engineering, and plumbing (MEP); design and engineering; the obtaining of permits; and complete oversight of the construction process.
Araco had to see of stiff competition from a range of experienced engineering consultancies in order to secure the contract.
Rahim Bani Zaman Lari, managing director and founder of Araco, said: “We are very proud to have won the bid, and the trust of Alnafisi Group. We look forward to assisting and achieving the Alnafisi National Real Estate Group Co vision in Dubai.”
Talal Yousef Al Nafisi, member of the board of directors of Al Nafisi National Real Estate Group, added: “We were very impressed with the thoroughness of Araco’s bid, and knew our project and vision here in the UAE will be in safe hands because of Araco’s extensive experience in the country and region.
“Dubai’s investment environment is still regarded as the most attractive for such projects in the region. The quality and variety of the real estate sector only adds to the return on investment which continues to be and promises to be one the highest in the region.’’
Al Nafisi National Real Estate's portfolio includes a selection of high-profile investments across its home market of Kuwait, the UAE, and other countries. The developer owns several planned buildings, and represents a number of investors from Kuwait's Al Nafisi family.