Al Habtoor snatches Skycourts deal

by Andrew Mernin Thursday, 01 March 2007

UAE engineering giant Al Habtoor has scooped a lucrative contract to develop Dubailand's AED1.5bn (US$408m) Skycourts residential project.

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Launched by National Bonds Corporation (NBC) - the UAE's Sharia-compliant national savings company - Skycourts will consist of six towers comprising over 2300 upscale apartments in Dubailand's residential complex.
Nasser Bin Hassan Al-Shaikh, vice chairman and CEO of NBC, said: "It takes partners of high calibre and proven track record to accomplish such projects. With their international expertise, local knowledge and successful involvement in huge projects, Al Habtoor is one of our preferred partners."

Scheduled for delivery in 2009, the freehold project was sold out in six days after NBC offered priority booking to bond holders last year.

Al Habtoor Engineering, whose portfolio includes Dubai's seven-star Burj Al Arab hotel, is currently working on the Dubai Tower in Doha - set to become the tallest tower in Qatar - and the extension of Dubai International Airport.

"We are delighted to be associated with NBC in constructing one of the residential landmarks in Dubai," said Riad Sadik, managing partner of Al Habtoor Engineering.

"Skycourts will be a valuable addition to the Al Habtoor portfolio, which already boasts of many of the best in the world," he added.

Al Habtoor Engineering is part of Al Habtoor Group - one of the largest family businesses in the Middle East - that has operations in the hospitality, real estate, education and publishing sectors amongst others.

Residents of Skycourts will have access to a range of world class recreational facilities including health clubs, swimming pools, gardens, shops and cafes.



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