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UAE-Turkey set up new contractor

Zabeel Investments has formed a joint venture with Turkey's Sembol Construction for the creation of a new contracting firm, ZSML.

The 50-50 partnership move comes in response to Dubai's continued building boom as well as emerging opportunities in Abu Dhabi, Ras Al Khaimah and Ajman.
"You consistently hear of new ventures and developments starting up across the UAE," said Mohammed Ali Al Hashimi, executive chairman, Zabeel Investments.

"Our decision to launch a joint venture fits perfectly with our diversification and investment plan. Construction is a viable sector, now and for the foreseeable future, and this strategic partnership will play a role in Dubai's evolving dynamism."

ZSML has projects worth US $544 million (AED2 billion) in the pipeline, including Nakheel's Palm Deira Sales Centre and the Zabeel Investments hotel and villa resort on the crescent of the Palm Jumeirah.

The partnership was also spurred by a need to improve build quality and delivery timelines.

"ZSML will operate under the same guidelines as Sembol Construction Company in that we won't work on a project unless we know that we can deliver on time and within budget," said Fettah Tamince, chairman, Sembol Construction.

Al Hashimi added that neither Zabeel Investments or ZSML would be restricted from working with other contractors or developers.

"While part of the Zabeel Investments portfolio, ZSML is a separate company, with its own directives ... and during the next two years we expect turnover to cross the $817 million mark."

"Gone are the days of the individual building owner. It's about building infrastructure, and ZSML will bring international expertise, combined with local know-how, to a market which demands greater levels of quality and timeliness," he added.

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