Leighton signs letter of intent to develop $A3.75B Dubai city

The massive project is being carried out by a real estate development consortium called Pearl Dubai FZ, which has signed the letter with Leighton’s United Arab Emirates subsidiary, Al Habtoor Leighton.Leighton said the development itself, called Dubai Pearl, would feature a central building structure comprising four 73-storey mixed-use towers.Plans for Dubai Pearl also include luxury hotel brands, a 2000-seat state-of-the-art theatre, and a luxury fashion precinct with a premier shopping mall.Al Habtoor Leighton will commence work on the project in January 2009. Al Habtoor Leighton managing director David Savage said the combined strength of Al Habtoor and Leighton was a key factor in securing the project. “The Al Habtoor Leighton Group is one of the few contractors with the capacity and capability to take on a project of this magnitude,” he said. “This is another vote of confidence in the strength of the UAE market. This puts our uncompleted work at record levels, with Dubai remaining the largest component of our business. The award of this project confirms our position as the UAE’s leading construction group.” Pearl Dubai FZ chairman Abdul Majeed Ismail Al Fahim said the deal underlined Dubai Pearl’s strong commitment to the UAE economy and put the developer in a unique position to make a significant contribution to the real estate sector.

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