IMKAN makes commitment to support AlJurf’s partners
EXCLUSIVE: IMKAN Properties' Walid El Hindi speaks to CW about the impact of the COVID-19 outbreak on AlJurf's costs
Abu Dhabi real estate developer IMKAN Properties has predicted further challenges on the value construction and consultancy packages at its AlJurf development but remains commited to supporting the project, as the COVID-19 outbreak continues to evolve, chief executive officer of the company, Walid El Hindi, told Construction Week.
Hindi addressed the need to put protective measures in place, including "mitigation measures, as well as commercial and contractual remedies" to cope with the impact of the global pandemic, adding that doing so will help update the developer's forward planning, enabling effective action as and when related issues airse.
IMKAN Properties had appointed Omnium International as AlJurf's cost management partners in 2018, and recently, appointed the quantity surveyor firm to provide post contract cost consultancy services for the development, Construction Week earlier reported.
As part of its post contract cost consultancy services, Omnium International is providing deliveries of initial packages including Phase 1 Enabling Works, Phase 1 Infrastructure, Phase 1 Villas and a land reclamation package for the forming of an approximately 40ha island.
Speaking about the impact on value construction and consultancy packages at the AlJurf development, Hindi told Construction Week: "We recognise that cash flow will be key for many of our delivery partners and will look to provide appropriate support as the effects of the pandemic evolve."
Despite the novel coronavirus outbreak, IMKAN Properties expects to maintain project momentum and expects the same from all its partners and consultants, Hindi adds.
"We are committed to continuing to provide and receive regular updates in relation to COVID-19 from all of our partners, which will enable us to identify potential scenarios and act effectively."
Noting that the current situation in regard to the current construction and consultancy packages is "dynamic" in nature, Hindi said: "The associated risks and mitigation measures are reviewed regularly with an emphasis on maintaining project progress whilst managing exposure to commercial risk."
AlJurf, which is a 370ha fully-integrated second-home destination along Sahel Al Emarat, lies with Ghantoot along the coastline of the Arabia Gulf, and is also known as the Riviera of the UAE.