Construction in Dubai still going strong
December 10, 2008 by UAERush · Leave a Comment
Al Habtoor Leighton has won three major contracts worth Dh16.75bn in less than a month, pushing the company’s orderbook to Dh30bn according to Gulfnews. The company has so far seen little impact of the global financial crisis, and the orderbook reflects the reality in the construction sector, defying the slowdown in construction projects.
The latest contract involves construction work on Dubai International Airport’s Concourse 3 at a cost of Dh4.9bn. This contract is awarded to Al Habtoor Leighton only two weeks after Al Habtoor Leighton and Pearl Dubai FZ LLC signed a letter of intent for the Dh8.85bn Dubai Pearl.
Al Habtoor to construct Dubai Pearl
November 27, 2008 by UAERush · Leave a Comment
Pearl Dubai has awarded a Dh 8.85bn contract to Al Habtoor Leighton Group for the construction of the Dubai Pearl-project, located next to Palm Jumeirah. This contract the largest single contract in the region, and makes Al Habtoor the main contractor of Pearl Dubai covering components such as structural works, civil works, and internal structure. The construction work is expected to start 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.
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.
Press release
Pearl Dubai to develop Dh2.5b Baccarat projects
July 20, 2008 by UAERush · Leave a Comment
In a move to bring a touch of Parisian glamour to the UAE, Pearl Dubai, a consortium of investors developing the Dubai Pearl, has announced the development of a Dh2.5 billion Baccarat Hotel and Residences.
Nestled in the hub of the Dubai Pearl free zone, the Baccarat residences will include over 300,000 square feet of luxury designed by French crystal makers Baccarat.
Private swimming pools, roof gardens, crystal chandeliers and sweeping staircases are all part of the plan.
Baccarat is best known for its tableware, vases and jewellery - and is a firm favourite with royal households around the world.
Unique blend
Abdul Majeed Al Fahim, chairman of Pearl Dubai, said: “The Baccarat Hotel and Residences will reflect the brand’s singular blend of art and glamour and enhance the dynamics of the local environment.”
Scheduled for completion on 2011, the Dh1.5 billion hotel will boast 342 rooms and over 500,000 sq ft of floor space.
Pearl Dubai teamed up with US-based real-estate investment group Starwood Capital Group to develop the properties.
At the signing ceremony, Barry Sternlicht, chairman of Starwood Capital Group, said: “For centuries Baccarat has built a reputation of providing elegant luxury products, and now we are thrilled to have the opportunity to craft these same elements in a prestigious destination such as Dubai Pearl.”
Speaking to Gulf News, Al Fahim said: “We are looking at a brand that is going to have a roll-over impact on the market and be applicable elsewhere. All of my business models are about sustainability. This is what our project stands for… It’s going to be a livable and breathable city with a good atmosphere for walking.”
Dubai Pearl will combine an active business district with a quality urban lifestyle.
