Arcapita picks its partner
Locally-based Arcapita has concluded a conditional construction partnering agreement with the South African/local joint venture of Murray & Roberts Contractors (Middle East) and Nass Contracting for its estimated $100 million headquarters project.
The project, located on Arcapita's Bahrain Bay development, will be the first in the kingdom and one of the first in the Gulf to be implemented on a partnering basis (MEED 30:6:06).
The conclusion of the conditional contract allows Arcapita and the venture to proceed to the pre-construction phase. In this phase, the client and the venture will work together in finalising key procurement packages. 'By early 2007 [when the contract is due to be signed], 80 per cent of the project's cost will be bolted down and a system will be in place to finalise the rest,' David Mosey, head of projects and construction at Trowers & Hamlins, told MEED on 22 November. 'The final contract will include financial incentives for the contractor if it manages to bring the costs down further.' Trowers & Hamlins is Arcapita's legal adviser on the project, which calls for the construction of a headquarters with a total built-up area of 51,500 square metres, including 21,500 square metres of car parking space.
Arcapita is also proposing a partnering arrangement on the neighbouring Four Season hotel project, tendered at the same time as the headquarters. However, a contractor selection has still to take place. The Netherlands' Royal Boskalis Westminster is carrying out the dredging and reclamation on phase 1 of Bahrain Bay. The US' Skidmore, Owings & Merrill is the architect; the UK's Atkins is the local architect and engineer; and the US' Turner Construction International is the project manager (MEED 19:5:06).
www.meed.com/construction
Locally-based Arcapita has concluded a conditional construction partnering agreement with the South African/local joint venture of Murray & Roberts Contractors (Middle East) and Nass Contracting for its estimated $100 million headquarters project.
The project, located on Arcapita's Bahrain Bay development, will be the first in the kingdom and one of the first in the Gulf to be implemented on a partnering basis (MEED 30:6:06). The conclusion of the conditional contract allows Arcapita and the venture to proceed to the pre-construction phase. In this phase, the client and the venture will work together in finalising key procurement packages. 'By early 2007 [when the contract is due to be signed], 80 per cent of the project's cost will be bolted down and a system will be in place to finalise the rest,' David Mosey, head of projects and construction at Trowers & Hamlins, told MEED on 22 November. 'The final contract will include financial incentives for the contractor if it manages to bring the costs down further.' Trowers & Hamlins is Arcapita's legal adviser on the project, which calls for the construction of a headquarters with a total built-up area of 51,500 square metres, including 21,500 square metres of car parking space. Arcapita is also proposing a partnering arrangement on the neighbouring Four Season hotel project, tendered at the same time as the headquarters. However, a contractor selection has still to take place. The Netherlands' Royal Boskalis Westminster is carrying out the dredging and reclamation on phase 1 of Bahrain Bay. The US' Skidmore, Owings & Merrill is the architect; the UK's Atkins is the local architect and engineer; and the US' Turner Construction International is the project manager (MEED 19:5:06). www.meed.com/constructionThis content is only available to full MEED package subscribers (MEED magazine and MEED.com).
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