A builder looks out across some of the 900 million square metres of Dubailand.
A builder looks out across some of the 900 million square metres of Dubailand.

Property

Arabtec awarded Dubailand contract

Arabtec Holding is awarded a Dh1.6 billion deal to build 1,437 villas at the Bawadi project in Dubailand.

Angela Giuffrida

August 03, 2008

Arabtec Holding, the largest construction firm in the UAE by market value, has been awarded its second contract in a month from Emaar Properties - a Dh1.6 billion (US$435.6 million) deal to build 1,437 villas at the Bawadi project in Dubailand. The company said today it would also be responsible for designing the properties at the project, which Emaar was developing in a joint venture with the Dubai Holding subsidiary, Tatweer, for about Dh60bn. Emaar and Tatweer are developing 6.5 million square metres of land at Bawadi, a project that has an overall investment of Dh200bn and is set to be the largest hospitality and leisure development in the world. Arabtec's new contract brings the value of its jobs in hand to about Dh38bn. Other residential wins this year with Emaar include a Dh559m deal awarded last month for the construction of 550 villas at the Warsan development in Dubai, as well as a contract to build 68 homes at the Dubai Polo and Equestrian Club in Arabian Ranches. Arabtec is also building 1,500 homes at the Al Furjan development in Dubai - another Nakheel project - in a deal worth Dh3bn. And it is working on a Dh411m villa project for the Sanctuary Falls development within Jumeirah Golf Estates. The company set up a division called Arabtec Living to focus specifically on the construction of villas. The division has a workforce of about 15,000 employees. "We only take on projects for which we know we can provide the workforce," said Tom Barry, the general manager at Arabtec. Mr Barry added that the company used a building system called "tunnel formwork", which allowed for the quick construction of villas, for its projects with Emaar. "This is a planned building mechanism that is used from project to project," he said. "We can build about 10 villas a day using this system, then the plumbing and mechanical engineering work follows." In light of soaring construction costs, Arabtec also negotiates price escalation deals with its clients. "[Prices for] building materials such as cement and rebar (steel reinforcement bars) are very volatile so we try to negotiate with clients that we proceed with the project using a cost weighting system - so if prices go up, then the client reimburses us at the end of the project." Last month Arabtec was also awarded a Dh638m contract by Cayan Investment and Development for the construction of two residential towers at Dubai Marina. But its largest contract this year was a Dh10bn deal to build the 400-metre-tall Okhta Centre in St Petersburg on behalf of Gazprom Neft, the oil subsidiary of the Russian national gas company, Gazprom, and the City of St Petersburg. Arabtec, which is the UAE's only publicly listed construction firm, recently recorded a consolidated profit of Dh505m for the first half of this year, an increase of 191 per cent from Dh173m during the same period last year. @Email:agiuffrida@thenational.ae

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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg