Al Habtoor Leighton, which has a fit-out JV with ISG, will be main contractor on biggest scheme in UAE
The company that ISG teamed up with earlier this year to undertake fit-out work in the Gulf has won a huge $2.4bn (£1.58bn) contract to build a giant commercial scheme in Dubai.
Al Habtoor Leighton, a partnership between local outfit Al Habtoor and Australian contractor Leighton, has been confirmed as main contractor on the $4bn (£2.63bn) scheme.
The deal bucks the recent trend of negative news about the state of the Dubai construction market and is set to be the largest contract of its kind throughout the UAE when work begins next January.
Known as the Dubai Pearl development, the scheme will cover 1.4m m2 and include four 73-storey towers and a hotel.
Abdul-Majeed al-Fahim, the chairman of the developer Pearl Dubai FZ LCC, said: “Whilst these are challenging times, Pearl Dubai's confidence in the robustness of Dubai's real estate sector remains high.”
In April, Al Habtoor Leighton and ISG tied the knot on a deal to form a new company called Al Habtoor ISG. At the time, ISG chief executive David Lawther said the company would carry out fit-out and project management work in the commercial, hotel and residential sectors. He added that the new company would also work for Al Habtoor Leighton.