Rak Properties awards $136m contract to Al Ali for Marbella homes
Contractor to deliver construction, infrastructure, and landscaping services for Abu Dhabi bourse-listed real estate developer
Ras Al Khaimah-based Al Ali Construction and Development has won a $136m (AED500m) construction, infrastructure, and landscaping contract to work on Abu Dhabi Securities Exchange-listed Rak Properties’ Marbella-branded homes.
Comprising 205 villas and townhouses, the project is situated in the Ras Al Khaimah’s Hayat Island and ranges from two- and three-bedroom townhouses, to four- and five-bedroom villas and one eight-bedroom ‘VIP’ home.
Commenting on the project, Samuel Dean Sidiqi, chief executive officer of Rak Properties, said: “With Phase 1 already selling out quickly, demand remains strong for waterfront homes such as Marbella Villas from both domestic and international buyers.”
Al Ali’s latest contract win comes days after the company signed a $147.8m (AED543m) deal with Rak AMI Hotel to build the 418-key Mövenpick Resort Al Marjan Island hotel, construction on which is scheduled to complete in Q1 2021.
The contractor has previously built Phase 2 of Double Tree by Hilton Resort and Spa in Al Marjan Island, which had a development value of $1.8bn (AED6.6bn).
Rak Properties recorded a decline of 21.4% in its 2018 profits, reaching $41.1m (AED151m) during the year, compared to $52.3m (AED192m) in 2017, which the company attributed to an "unusual drop in sales and leasing transactions".