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Abu Dhabi's Imkan to award four project contracts in 2018

Imkan's chief executive officer said the company would launch more construction projects this year

Imkan's CEO is banking on growth in Abu Dhabi.
Imkan's CEO is banking on growth in Abu Dhabi.

Abu Dhabi property developer Imkan will award four construction contracts this year, with the company banking on a boom in the UAE capital.

Chief executive officer Walid El-Hindi said Imkan would award four contracts for work on a number of confidential projects that will be revealed later this year.

“This month alone we will be signing one additional contract,” El-Hindi told Construction Week at Abu Dhabi Cityscape on 17 April.

READ: Imkan launches first mixed-use project for $545m Makers District

“Over the next four months we will sign two more contracts for two other projects, which we will be revealing at that point in time and not before. A total of four projects will be signed this year, and next year we anticipate many more projects to be signed.”

El-Hindi would not be drawn on whom these contracts would be awarded to, nor would he disclose any further details of the projects in the developer’s pipeline that are yet to be officially announced.

In addition to awarding four contracts this year, El-Hindi said an unspecified number of tenders would also be issued through 2018 and 2019.

“We have many, many projects under construction to come this year,” he said.

“We have now surpassed our second test, which is not only launching a company and selling our products, but actually constructing our products. The last test will be delivery of the construction projects and that test is yet to come.”

El-Hindi said he was banking on up to a decade of growth in Abu Dhabi to support Imkan’s raft of construction projects.

“When we researched Abu Dhabi, what we found was an amazing potential for a city that is coming to fruition in the next five to ten years. I think Abu Dhabi will become one of the top cities in the world. It is establishing itself as a cultural hub, and with culture at the base of a city, I think there is no limit to how great this city can be. We’re banking on that for Imkan.”

Meanwhile, Imkan  has reported good progress on four construction projects in the UAE and Egypt.

Work on Makers District, Nudra, and Sheikha Fatima Park in Abu Dhabi, and Alburouj in Cairo, Egypt, is underway.

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Construction Week - Issue 753
Nov 09, 2019