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FINANCIAL NEWS
Abu Dhabi awards $545m contracts to Sorouh
03 Jul 2010
(MENAFN) Abu Dhabi’s Sorouh Real Estate said that it has received two government contracts worth $544.7 million to build over 1,000 new homes for Emirati nationals, Gulf News reported.
The deal will be funded by the emirate’s Urban Planning Council, and aims to construct residential housing away from Abu Dhabi city, in a bid to boost housing supply within the emirate, the largest of the seven which make up the UAE.
Developers across the UAE have suffered the impact of the global financial crisis which put an end to a six-year construction boom. While Dubai has suffered the most, Abu Dhabi, home to most of the country’s oil, has fared better.
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