The local/UK Al-Futtaim Carillionhas beenawarded a contract worth AED 1,200 million ($326 million) to build a waterfront retail centre at Dubai Festival City (DFC). The contract calls for the construction of a 1.8 million-square-feet retail and entertainment centre. The centre will include over 400 retail and restaurant outlets and provide under-cover parking for 8,000 cars (MEED 23:4:04).
The deal also includes the construction of a five-star, 500-room Intercontinental hotel, a second four-star hotel and a high-rise office complex. The project is due to be completed by the fourth quarter of 2005 with a view to opening the centre by early 2006. Substructure work for the package is nearing completion by Swissboring, part of Italy's Trevi Group. DFC, located by Garhoud bridge, will be developed in 15 zones and require investment of $4,000 million over 10 years. The project calls for the construction of a global village, an amphitheatre, a 55-storey tower and entertainment facilities. The client is Al-Futtaim Investments, part of the local Abdullah al-Futtaim Group.
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