MAF awards $225m community deal to ACC JV
Abu Dhabi, January 9, 2013
Dubai-based leading developer Majid Al Futtaim Properties has awarded an Dh826 million ($224.8 million) contract for the construction of Waterfront City in Lebanon to an ACC-Matta joint venture.
The contract covers the enlarged first phase of the unique project that is set to line the Dbayeh Seaside in Lebanon.
Waterfront City marks the rise of a new community that will offer an unparalleled living experience. The enlarged Phase 1 will offer the full promenade experience, with residential, retail, restaurants, amenities and new public spaces; with handover of this phase commencing in early 2015.
The nomination for phase 1 of the project was made following an extensive and thorough evaluation and selection process, which involved 7 construction companies.
ACC-Matta was able to show a full understanding of the developer’s vision, an understanding of sustainable practices, along with a solid track record of delivery on projects of similar scope and scale.
Samer Bissat, senior project director at Waterfront City said: “Today is a proud moment for Waterfront City on two levels. Firstly, this appointment is for the full delivery of an extended Phase 1.”
“Secondly, it is another substantial investment into the Lebanese economy both in terms of money spent and job creation during construction and permanent roles on completion – this project marks the second investment in Lebanon made by Majid Al Futtaim Properties: The first being Beirut City Centre, which will be completed early next year and will create 1,500 permanent jobs.”
Maher Merehbi, ACC's CEO, said: “We are proud to be associated with this large and challenging project. Large scale and fast track projects in the Gulf are ACC's specialty and we will deploy all the resources required to meet the time and quality requirements of MAF Properties.”
Designed by SB Architects, Waterfront City is a luxurious mixed-use community development that will cover 250,000 sq m of land. The project is set to include a wider range of residential apartments, a large retail mall, two international hotels, a new office Business Park, public spaces and a distinct marina promenade anchored by residential, shops and food & beverage outlets.
Arabian Construction Company (ACC) is a dynamic and progressive organisation recognised as a leader in the region’s construction industry.
ACC has been operating since 1968 through a comprehensive regional network across the Middle East. From power generation and desalination plants to factories, hotels, hospitals, defence works, public buildings and intricately sophisticated smart buildings, ACC's track record features a prestigious list of efficiently delivered projects. – TradeArabia News Service