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FINANCIAL NEWS
Al Shafar wins $51.7m contract in Abu Dhabi
06 Jun 2010
(MENAFN) Damac Properties has announced it has awarded the main contract, worth $51.7 million, for its Marina Bay development at Al Reem Island in Abu Dhabi to Al Shafar General Contracting, Reuters reported.
The first stage of the construction process is scheduled to take 22 months. Mobilization on site is expected within a few weeks, the company said in a statement.
Marina Bay is a mixed use development which will feature a 25-storey tower of one, two and three bedroom apartments. In addition there will be retail and commercial space with shops and restaurant outlets along the ground and mezzanine levels.
Marina Bay’s prime location within the Al Reem master development means that residents will have views across the canals that run through the entire development and also out across the Marina itself.
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