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FINANCIAL NEWS
Damac awards $120m contract for Jeddah project
04 Jul 2010
(MENAFN) Damac Properties said that it has awarded a $120 million contract to Drake and Scull International Centre for construction of its key Al Jawharah project in Jeddah, Saudi Arabia, Reuters reported.
The project will see teams mobilize on site within weeks to complete the construction of the 42 storey building in around 28 months, said a statement from Damac. The new contract comes after the completion of enabling works on the site, it added.
Located on the Jeddah Corniche alongside the Red Sea, Al Jawharah will be a spectacular residential tower offering luxurious five bedroom penthouses and apartments ranging from one to four bedrooms.
Many indicators point to Saudi being one of the markets most likely to see price increases in the next 12 months and this coupled with Jeddah?s growing popularity and importance as a business hub means that developments like Al Jawharah which combine luxury, style and location will be hugely sought after.
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