Pearl Dubai FZ LLC, one of the UAE’s leading real estate developers, has awarded an AED8.85 billion (US $2.4 billion) main contract for the construction of its iconic Dubai Pearl project, to the Al Habtoor- Leighton Group, the UAE’s largest construction group.
The deal is the largest single contract of its kind in the region and arguably one of the largest in the world for a real estate project. Construction is due to begin in January 2009.
“While these are challenging times, Dubai Pearl’s confidence in the robustness of Dubai’s real estate sector remains high. This deal underlines our strong commitment to UAE economy and puts in a unique position to make a significant contribution to the real estate sector,” said Abdul Majeed Ismail Al Fahim, Chairman, Pearl Dubai FZ LLC.
“Al Habtoor-Leighton Group was selected for its commitment to Dubai Pearl’s vision of quality and in line with our pledge to deliver an international landmark that will continue to strengthen Dubai’s position as a global city of excellence,” added Al Fahim.
With a built up area of more than 15 million square feet, Dubai Pearl will be a world-class destination overlooking the Dubai coast.
The contract’s main components cover structural and civil works, MEP (Mechanical, Electrical and Plumbing), finishes, landscaping and internal infrastructure.
“Dubai Pearl is committed to delivering the best to its clients and Al Habtoor -Leighton Group has successfully established itself as one of the region’s leading construction companies. The company was selected for its experience on some of the region’s leading projects, their technical and financial capabilities, the availability of their resources and cost,” said Santhosh Joseph, Founder, President and Chief Executive Officer, Pearl Dubai FZ LLC.
Earlier this year, Dubai Pearl had invited leading international and regional contracting companies to bid for the project. Parameters communicated to bidders included quality, adherence to timelines and cost.
Managing Director of the Al Habtoor Leighton Group, David Savage, said the combined strength of Al Habtoor and Leighton was a key factor in securing the project. “The Al Habtoor Leighton Group is one of the few contractors with the capacity and capability to take on a project of this magnitude. “We look forward to working with Dubai Pearl to deliver this iconic project,” he said.
“This is yet another example of the Group’s overall strength, and is another vote of confidence in the strength of the UAE market. This puts our uncompleted work at record levels, with Dubai remaining the largest component of our business. The project confirms our position as the UAE’s leading construction group,” he said.
Enabling works are being carried out on site by Al Habtoor STFA Soil Group (HSSG), part of the Al Habtoor Leighton Group. The works include site grading, shoring, earthwork, excavation, dewatering and piling work.
The enabling works saw the demolition of the two existing structures by UAE’s Al Rashid and UK’s Control Group in September, while piling works are already underway.
Combining an active business district with a quality urban lifestyle, Dubai Pearl will offer easy access to New Dubai’s premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as the Palm Jumeirah.
The development will feature an iconic building structure comprising of four 73-storey mixed-use towers, world-renowned fashion and technology brands, the Baccarat Hotel and Residences and will provide a 24-hour living city with commercial, retail, residential and leisure facilities.
The project will include luxury hotel brands, a 2000 seat state-of-the-art theater, a luxury fashion precinct with a premier shopping mall as well a walkable environment representing one of the most unique facets of the development.
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