Contracts for Waterfront to be awarded soon

Around US $3.2 billion (AED 12 billion) worth of contracts will be awarded on Nakheel's Waterfront development over the next two months.

The bulk of the contracts will be for infrastructure and utilities work and will include the construction of four intersections.

A contract for the construction of 49 ‘showhome' villas will also be awarded in February, while another will be awarded for a further 1,400 villas in March.

Construction is already under way in district B and C of the development's Madinat Al Arab component. This includes the construction of Omran, a workforce accommodation complex that will eventually house 60,000 labourers.

Civil and infrastructure works are also under way in this part of the project, while the construction of the Palm Cove Canal, which runs parallel to the coastline, began in February 2007.

Work has also begun on three 160-metre canal bridges.

Contractors involved in the project so far include Samsung, Dutco Balfour Beatty, Wade Adams and Emirates Road Contracting.

"We've approached contractors on the basis that they're our partners. Which is why we've attracted top-flight companies," said Matt Joyce, managing director, Waterfront.

Joyce added that Nakheel is also formulating deals with contractors that will give them better protection from cost escalation.

"We've spent a lot of time formalising ‘locked-in' agreements for building materials such as steel. If you ‘lock-in' with contractors early enough the price escalation risk can be removed. We have a team of quantity surveyor's who are analysing the market conditions."

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