UAE Developer switches contractor for completion of landmark project
The local Arabian Construction Company (ACC) has received a letter of intent, worth an estimated AED 350 million ($95 million), to carry out phase two of the Abu Dhabi trade centre development. The other main contender for the 18-month design and build contract was Belgium’s Six Construct, which is currently working on the phase one contract in joint venture with France’s Campenon Bernard-SGE (MEED 27:3:98).
The phase two development involves construction of four towers on top of a shopping mall, which is now nearing completion. Two towers will house offices and be 14 storeys high, a third of 13 storeys will contain furnished apartments and a fourth and final tower, also of 13 storeys, will be an extension to the neighbouring Beach Rotana hotel. ACC will also build a car park and a lobby, which will connect the new hotel tower to the existing hotel.
The phase two works will be financed by a AED 409 million ($111 million) term loan facility. National Bank of Abu Dhabi (NBAD) has been mandated to arrange the loan, which will have a maximum tenor of eight years (see Banking & Finance).
The first phase development, due to open in late 2000, involves the construction of a shopping mall at an estimated cost of AED 500 million ($136 million). It comprises two levels of underground car parking, a ground floor, two mezzanine levels and one storey above.
The US’s HOK prepared the preliminary architectural design. Canada’s Cansult is acting as the client’s consultant.