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Damac awards contract for Saudi project
Damac Properties has awarded the main contract for construction to commence at its Al-Jawharah project.
July 5, 2010 9:22 by Samuel Potter
Luxury lifestyle developer Damac Properties has announced that it has awarded the main contract for construction to commence at its Al-Jawharah project in Jeddah.
After the completion of enabling works on site, Drake and Scull International Centre for Contracting Ltd. has been awarded the main contract worth SR450 million, which will see teams mobilize on site within weeks to complete the construction of the 42-story building in around 28 months.
Commenting on the contract award General Manager of Damac Properties Ziad El-Chaar said: “This is a significant contract award for us and we are delighted to be working with Drake and Scull who share our vision for the dynamic and dramatic design of Al-Jawharah tower. We are working with Drake and Scull on a number of our projects in Dubai and this project in Saudi Arabia will further strengthen our working relationship.”
Drake – which specializes in mechanical, engineering and plumbing (MEP) businesses — is planning to buy two Saudi companies this year.
With a growing population of over 25 million, 70 percent of which is under the age of 30, the world’s largest oil exporter will need to build one million new homes by 2014, HSBC said in a report last year.
In June, Dubai’s Drake & Scull said it won two contracts worth 240 million dirhams for two Abu Dhabi projects, bringing its deal wins for the year to 1.4 billion dirhams.