Daman Investments has announced the immediate termination of Oger Dubai as the main contractor on the Buildings by Daman project.

Daman has made best efforts "to resolve the serious issues related to the disappointing performance of the contractor but was unable to do so. As a result, this decision was based on Daman’s obligation to safeguard the interests of the shareholders and stakeholders in the project," said a statement.

Buildings by Daman project is a multi-purpose mixed-use complex located at the Dubai International Financial Centre.

"Standing by their firm commitment to complete the project to the high quality standards originally envisaged and to rectify this situation, Daman Investments has initiated steps to appoint a new main contractor for the project," it said.

Upon the appointment of the new contractor within the coming weeks Daman will providing further information regarding progress on the project, it said.

The 225-m-high Buildings by Daman - located in the heart of the DIFC precinct- is a 65-floor mixed use residential and commercial complex. It includes freehold apartments, offices, a luxury hotel and retail space, encompassing 1.6 million sq ft of GFA, and 3.3 million sq ft of built up area surrounded by sculptured gardens and water features.

The project is being built on a 220,000-sqe ft plot of land which was acquired through a tender process during 2004. -TradeArabia News Service