The opening of Dubai’s long-delayed Palazzo Versace hotel and resort came a step closer yesterday, when Enshaa awarded a contract to provide district cooling to the Dh2.3 billion project.
Enshaa said that it had awarded Emirates District Cooling (Emicool) the contract to provide chilled water to the Palazzo Versace Dubai Hotel and Condominiums and the D1 Tower, which it is building on Dubai Creek opposite Festival City.
Under the terms of the contract, Emicool will design, build, finance and operate the 7,300 refrigerated tonne plant that will use treated sewage water for its cooling towers and which will start supplying chilled water for air conditioning by September 2014, Enshaa said yesterday.
The ambitious hotel scheme was first launched in 2006 by Emirates Sunland Group, a joint venture between the Enshaa subsidiary Emirates International Holding and the Australian developer Sunland Group.
The grand Versace-designed project of 169 apartments, a 215-room hotel and an 80-storey block of flats, was reported to have included plans for the world’s first refrigerated beach. It was originally due to be completed in 2009.
In 2011 Enshaa took full control of the development as part of an asset swap with Sunland for its stake in Palazzo Versace Gold Coast as work on the Dubai project stalled.
Enshaa blamed the delays on a lack of power, water and other utilities on the site.
The Enshaa chief executive Raza Jafar welcomed the cooling deal as “step forward”.
lbarnard@thenational.ae
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
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Stage 2
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