Nshama to award $980m worth of contracts over next three years
UAE-based developer Nshama revealed that it will award around $980m (AED3.6bn) worth of contracts over the next three years for its Town Square Development
UAE-based developer Nshama revealed that it will award around $980m (AED3.6bn) worth of contracts over the next three years for its Town Square Development in Dubai, the company’s chief executive confirmed.
So far, Town Square has $1.2bn (AED4.5bn) worth of construction works ongoing, with $189m (AED695m) worth of infrastructure works awarded, Fred Durie, chief executive officer at Nshama, told Construction Week in an exclusive interview.
The total value of awards to date sits at $1.4bn (AED5.2bn), which represents around 30% of the whole construction cost for the development.
“So by the end of 2020, we would have had almost $2.4bn (AED9bn) worth of contracts awarded overall,” Durie said.
“This year, we would probably award two or three major contracts. We are just finalizing design and tendering, and you can also expect a launch towards the end of the summer,” he added.
According to Nshama, several residential neighbourhoods are currently in different stages of completion at Town Square Dubai.