Emaar's major plans for 2002 include the establishment of a new bank in the UAE and the construction of two golf courses and an equestrian centre in the emirate of Dubai (MEED 18:1:02; 7:12:01).

The new financial institution is expected to be set up by the summer. The golf course and equestrian centre project is estimated to cost at least $250 million and will include the construction of 50 chalets, 400 townhouses, 1,800 villas and related facilities.

The larger of the two proposed golf courses will be the 7,200-yard Palm course, which will be built to international standards. A 6,400-yard golf course is also proposed as part of the development.

Parsons International and Hill International, both of the US, are advising Emaar on the proposed scheme.

An award is due for the phase 1 south contract on the Dubai Marina project. The local/Australian Nasa Multiplex, with the local/UK Al-Futtaim Tarmac,is in line for the estimated AED 410 million-430 million ($112 million-117 million) contract, which will cover the construction of the second batch of towers. The project manager is a joint venture of EC Harris and Mace International, both of the UK.