SIII selects Saudi firm as main contractor for Dream Island Project
Strategic Internet Investments (SIII) has entered into an agreement with the Saudi Arkan Group for Projects for the technical planning, tendering, and project controlling services of the Dream Island resort complex.
Dream Island is to be a 16.5-hectare man-made island approximately 250 meters offshore along the northeast coast of Manama, Bahrain. The project will be $132 million mixed-use resort development, comprised of a world-class hotel and spa, beach villas and marina residence.
Under the agreement Arkan Group will be the primary contractor/consultant responsible for architectural design, structural planning and the mechanical and electrical planning services of the Dream Island Project.
Services to be provided by the Arkan Group will include the internal planning and engineering design development and the preparation of tender specification for the required subcontracting of engineering design works of the Dream Island leisure and entertainment areas, the hotel and chalet rental homes, support buildings, technical equipment, support facilities, and civil works for infrastructure.
Compensation to be paid to the Arkan Group will be financed by the company through the issuance of 1,137,500 Series A Convertible Preferred Shares in the capital of SIII at a deemed price of four dollars per share.
Upon issuance, the payment shares will be deposited into escrow and released to the Arkan Group over the term of the contract according to work properly performed and delivery of required engineering drawings and plans. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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