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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

Fred Durie, CEO at Nshama.
Fred Durie, CEO at Nshama.

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.

READ: ECC chosen as main contractor for Nshama’s UNA project

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.

 

READ: Nshama launches Rawda 2 apartments at Town Square Dubai

“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.

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Construction Week - Issue 749
Sep 15, 2019