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FINANCIAL NEWS
Dubai’s ALEC awarded USD1.08b new contracts
17 Feb 2015
(MENAFN) The subsidiary of the Al Jaber Group, ALEC, was awarded a figure of USD1.08 billion for novel projects over the last three months, Gulf News reported.
Marina Gate Residences, ALEC’s initial project, constitutes of a contract valued at USD272.22 million. Construction of the first tower Marina Gate 1 is set to start in March 2015, Marina Gate 2 in the second quarter of this year.
ALEC’s second project is Dubai Festival City set as an extension of the City’s Mall. The contract is worth USD163.33 million. The project includes demolition works and a construction period of sixteen months.
Bvlgari Resort Hotel and Marina Village, sited at Jumeirah Beach Road, constitutes ALEC’s third project with a contract valued at USD381.11 million with a construction period of 23 months.
Bluewaters Whart Retail Project is ALEC’s fourth project in which the company was awarded USD326.67 million Wharf Retail Construction Works for a new Bluewaters development in Dubai.
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