UAE developer Manazel Real Estate has terminated two contracts with the local Fibrex at its Building Material City development in Abu Dhabi.
The two construction contracts are for the construction of nine office towers and 17 residential towers. Manazel picked Fibrex to carry out the two contracts in late 2008, and both were still at an early stage.
“It is the global crisis which has caused Manazel, like any other developer, to refocus planning of particular projects,” says Manazel in a statement given to MEED. “There is no intention to retender towers, nor are there any current intentions to retender or adopt [a] tendering strategy.”
Fibrex is still working on another construction contract at Building Material City. It is building a shopping mall and two 20-storey office towers with a built-up area of 260,000 square metres.
The real estate developer has not terminated this contract, as reported in MEED on 6 November (MEED 6:11:09).
Manazel expects that the shopping mall and two towers will open in the first half of 2010.
Fibrex is also working as the contractor for Manazel on its Reef Villas development. Reef Villas involves the construction of 2,400 villas and 1,800 apartments.
Manazel says that Fibrex will hand over the first villas at Reef later this year.