ICD selects Ssangyong joint ventures for Dubai projects

04 January 2016

Contracts cover work on Palm Jumeirah and at DIFC

The Investment Corporation of Dubai (ICD) has selected contracting joint ventures for early works contracts for two of its projects in Dubai. These initial agreements are expected to lead to main construction contract awards later this year.

Both joint ventures include South Korea’s Ssangyong Engineering & Construction. ICD bought a controlling stake in the company for about $181m in February 2014.

For the expansion of the Atlantis resort on the Palm Jumeirah ICD has selected a joint venture of Ssangyong and the local/Belgian Bel Hasa Six Construct.

 Status of dubai projects

For the ICD Brookfield Place at Dubai International Financial Centre, which ICD is developing in joint venture with Canada’s Brookfield, a joint venture of Ssangyong and Brookfield Multiplex has been selected. Brookfield bought Australian contracting and development company Multiplex in 2007.

Known as the Royal Atlantis Resort and Residences, the Atlantis expansion will be built next to the existing Atlantis hotel, which opened in 2008 on the crescent of the Palm Jumeirah.

The new 800-room, 46-storey hotel will be managed by Bahamas-based luxury hotel developer and operator Kerzner International. The development will also include 250 luxury residences, as well as retail outlets. The property is scheduled for completion by 2017.

New York-based Kohn Pedersen Fox Associates is the architect for the project, and Canadian-owned WSP/Parsons Brinckerhoff is providing a broad range of engineering and environmental consultancy services. London-based GA Design has been appointed to do the interiors for the resort and US-based SM Design is working on the interiors for The Residences.

UK-based Faithful+Gould is the project manager. Kerzner International is the development manager. The project client is the Investment Corporation of Dubai. ICD bought an equity stake in Kerzner International Holdings in 2014.

The ICD Brookfield Place project involves building a 50-storey office tower, with a hotel and retail outlets. It is understood that the UK’s Foster + Partners and US-based Aecom are among the consultants working on the project.

Ssangyong is also expected to bid for the contract to build ICD’s One Zabeel tower project in the World Trade Centre area. ICD invited selected contractors to submit prequalification documents for the contract in February last year.

Ssangyong is also in a joint venture with Beijing-based China State Construction Engineering Corporation that is the frontrunner for the contract to build Nakheel’s Gateway towers project at the base of Dubai’s Palm Jumeirah. The scope of work involves building three high-rise towers, with an expected cost of about AED3bn ($817m).


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