Emaar Properties has awarded Al Ghandi and Consolidated Contractors International (AGCC) a deal worth Dh844 million for The Hills project in Dubai.
The company confirmed the appointment in a statement to the Dubai Financial Market.
The Hills consists of four towers – two 15-storey and two 12-storey buildings – overlooking Emirates Golf Club close to the Jumeirah Lakes Towers district.
“Construction of The Hills at Emirates Living has already commenced and is on track for delivery next year as per the sales agreement,” a spokesman for Emaar Properties said.
Emaar Properties launched The Hills project in June 2013. One of the towers will be a hotel operating under its Vida Hotels brand and a second will contain Vida serviced apartments.
The other two will offer one, two and three-bedroom apartments.
In the first three months of 2015, Emaar Properties had posted a net profit of Dh1bn, a 7 per cent increase on the corresponding figure for 2014. Year-on-year revenue grew by 26 per cent to Dh3 billion.
AGCC is one of several UAE-based partnerships operated by the Athens-based Consolidated Contractors Company, which was ranked as the 63rd biggest contracting group in the world by Engineering News Record in 2014, with sales of US$5.3bn.
Youssef Ghantous, CCC’s general manager of civil projects in the UAE, said that the company already has two jobs in hand for Dubai Properties, both of which were won last year. It is building the Dubai Opera House due for completion early next year, and the Burj Vista towers, due to hand over in early 2017.
Despite this, he said “things are quite slow” in the UAE contracting market, and that margins are under pressure because of the level of competition for the work that is available.
“We used to get more work in oil and gas, but there are hardly any projects and if there are there is a line-up of bidders competing.”
mfahy@thenational.ae
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