Dubai firms award Dh30bn plus contracts for mega projects

GCC Powers of Construction 2016: The funding equation”, the consultancy said that the largest award is the Royal Atlantis on the Palm Jumeirah, followed by the first tower at the Dubai Creek Harbour development and the Palm Gateway Towers, a three tower residential complex.

Dubai companies have awarded projects worth Dh30.46 billion in the first months of 2016, according to a report by consultancy firm, Deloitte.

In its annual publication: “GCC Powers of Construction 2016: The funding equation”, the consultancy said that the largest award is the Royal Atlantis on the Palm Jumeirah, followed by the first tower at the Dubai Creek Harbour development and the Palm Gateway Towers, a three tower residential complex.

It added that other major building schemes are the Burj 2020 development, a district that will include one of the world’s tallest commercial towers, and the Route 2020 metro link developed by the Roads & Transport Authority (RTA), which will link the existing Red line to the Expo site.

In March 2016, Abdul Mohsen Ibrahim Younes, CEO, RTA’s Rail Agency, told Emirates 24|7 that they were planning to award the contract for Route 2020 shortly.

In Abu Dhabi, some schemes that could be awarded this year are the second phase of the national railway network by Etihad Rail and the Sheikh Khalifa Medical City budgeted at Dh5.5 billion.

The report states that total awards in 2015 across the Gulf Cooperation Council countries amounted to Dh605 billion, a “good year when you consider historical trends.” More info

By Parag Deulgaonkar  arabianbusiness.com