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Sat 9 Feb 2008 04:00 AM

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Abyaar tasks Al Habtoor with Acacia Avenues job

Abyaar Real Estate Development has signed a Letter of Intent (LOI) with Al Habtoor Engineering for the construction of two residential towers at the Acacia Avenues project in Dubai.

Abyaar Real Estate Development has signed a Letter of Intent (LOI) with Al Habtoor Engineering for the construction of two residential towers at the Acacia Avenues project in Dubai.

The contract for the two towers, Olgana and Hilliana, is worth more than US $190 million (AED700million). Arabtec, Multiplex and SS Lootah were also shortlisted for the job, which is expected to take 25 months to complete.

Middle East Foundation was awarded the $6.8 million piling contract for the project last October.

Piling work is expected to be completed in June, and construction will begin soon after.

Olgana, which will be made up of 137 apartments and 50 villas, will be constructed as part of the first phase of the project.

Hilliana will be built during the second phase and will consist of 137 serviced appartments.

The 94,000m2 development will be built next to Knowledge Village, and will have access to the Dubai Metro when it is completed.

The total value of the project is $544 million.

"This is our first project with Al Habtoor Engineering and it is part of our commitment to our investors to deliver high-quality products," said Dr Abdul Elbilly, CEO, Abyaar.

The Hilliana and Olgana projects are currently our most luxurious products and we hope that our alliance with Al Habtoor Engineering will be on the long-term."

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