Dubai's Majid Al Futtaim (MAF) Properties has awarded an AED826m (US$224.8m) contract for the construction of the first phase of Lebanon’s Waterfront City project to a joint venture between Beirut-based contractors Arabian Construction Company (ACC) and Matta et Associes (MATTA).
Phase 1 of the 250,000 sqm project, which will line the Dbayeh seafront, is due to be completed in early 2015.
Designed by SB Architects, Waterfront City will include residential, retail, restaurants, amenities, public spaces, a large retail mall, two international hotels, a new office business park, public spaces and a marina promenade.
MAF Properties’ other project in the country, the US$300m Beirut City Centre shopping mall, began construction in September 2009 and is scheduled to be completed in early 2013.
Located in the capital’s Hazmieh district on the Damascus-Beirut road, it will house a total of 200 stores over three levels, plus 40 international food and beverage outlets.
It is the first shopping destination to be built by mall developer MAF in Lebanon and will also include a VOX Cinemas multiplex and a Magic Planet family entertainment centre.
Samer Bissat, a senior project director at MAF Properties, said that Beirut City Centre would create 1,500 jobs.