Abu Dhabi Crown Prince Sheikh Khalifa bin Zayed al-Nahyan issued a decree on 7 September setting up a new company for the development of Lulu island into a major tourism resort. To be called the General Corporation for Development & Investment of Lulu island, the new project company has a capital of AED 100 million ($27 million - MEED 16:8:02).
In August last year, three contracts worth a total of AED 68 million ($18 million) were awarded covering minor construction packages on the project. The largest contract, estimated to be worth AED 35 million ($9 million), went to the local Al-Hamed Development & Construction for the design and construction of 12 single-storey pre-fabricated buildings.
A second AED 15 million ($4 million) contract, covering the construction of 13 restaurants, a cafe and related facilities, was awarded to a team of the Lebanese Arabian Construction Companywith Force 10of Australia. The local Al-Jaber Establishmentwas awarded the earthworks package for the proposed facilities under an AED 18 million ($5 million) contract.
Plans were first unveiled in the early 1990s to transform the island into a major tourism resort at a cost of $2,000 million (MEED 6:5:94).
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
Take advantage of our introductory offers below for new subscribers and purchase your access today! If you are an existing client, please reach out to your account manager.
