Escan awards Fujairah towers project to Al Qabdha
Al Fanar Towers is Escan's latest project worth AED1.2billion
Escan Investment and Real Estate Development has announced that Al Qabdha Building Construction will be the main contractor for its latest project in Fujairah.
The contract, worth AED1.2billion, is a huge achievement for Al Qabdha, selected for its experience and expertise in the region, as well as its ability to offer the best price for its services.
The development, known as Al Fanar Towers, will encompass one residential tower, one commercial tower and a shopping mall, amounting to a total built up area of 241,500m2.
Scheduled for completion in 2013, it will be the first set of high rise towers in what is becoming one of the most important cities in the Middle East, attracting an increasing number of tourists, investors and developers due to its strategic location and unique charateristics.
Next to the Arabian Sea on the Gulf of Oman, Fujairah is the UAE'S only Emirate to be situated on the east instead of in the Persian Gulf, as well as being the only Emirate that is almost totally mountainous.
Escan’s board member and acting CEO, Saeed Al Mehairie, said: “We continually seek out the most interesting and unique development opportunities possible to be able to offer our clients unrivalled diversity in their investment options.
“We chose Al Qabdha to be the main contractors because they are very big and experienced players in the industry, and they were able to offer us the best price for the project.”
Work on the development has already begun, with 3,000 piles laid in preparation for a 1,200-capacity underground car-park adjacent to the residential tower.
Set in the city centre, the towers will be located 20 minutes away from Dubai International Airport via the new Dubai-Fujairah highway, with highway access to all other Emirates.