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FINANCIAL NEWS
Baniyas project starts second phase
06 Feb 2011
(MENAFN) The chief executive of Baniyas Investment, Wael Tawil, said that work on the $816.8 million Abu Dhabi Island project (Bawabat al Sharq) started its next phase of construction, reported The National.
Tawil said that Bawabat al Sharq is a 108 hectares development project in Baniyas of 1,300 residential units, a 70,000 square meter mall and a football stadium for 20,000 spectators.
Tawil said Royal International won a contract worth $51.7 million to construct the second stage of the project which would have 129 villas and 14 apartment blocks.
The CEO said that the first phase of the project which included building of 164 apartments and 56 villas was completed in October 2010.
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