Chinese firm wins $150m EPC contract for Dubai's California Village
China Machinery and Engineering Corporation will build and finance up to 85% of Bahrain-based GFH's mixed-use gated community in Dubailand
A Chinese company has won Bahrain-headquartered Global Financial Group’s (GFH) engineering, procurement, and construction (EPC) contract for its California Village project in Dubai.
China Machinery and Engineering Corporation (CMEC) will build, and finance up to 85% of the Dubailand development, at a cost of $150m (AED551m).
Under the contract, Chinese banks will deliver finance through an insurance policy that will be issued by state government agencies.
California Village is a high-end mixed-use gated community comprising 200 private villas and 400 branded residences. It is located across the IMG Worlds of Adventure theme park along Dubai’s Sheikh Mohammed bin Zayed Road.
CMEC will implement all work related to the completion of villas, apartments, and related facilities and amenities.
Commenting on the contract, Hisham Alrayes, chief executive officer of GFH, said the company would explore further work with CMEC as it eyes investments of up to $1bn across the Gulf.
He continued: “California Village will mark our first cooperation and we expect to build on this relationship with CMEC and other Chinese partners to undertake works that reach up to $1bn, covering other projects currently under discussion in the Gulf region.
“We look forward to obtaining the necessary approvals and concluding this important milestone successfully.”