By Ed Attwood
MoU marks first contract awarded for second phase of Dubai megaproject.
Dubai master developer Meydan has taken the next step in the development of the second phase of its Nad Al Sheba megaproject by announcing a construction contract with Chinese conglomerate Guangsha Middle East Construction.
Guangsha will carry out the construction and development of Meydan Metropolis Business Park Phase 1.
Although the value of the MoU was undisclosed, Meydan chairman Saeed Humaid Al Tayer told reporters on Wednesday that he expected the work to be completed in a fifteen to 24 month timeframe.
"We are not yet in a position to discuss the value of the contract because we are still negotiating with suppliers and contractors," Al Tayer stated.
The Meydan chairman added that the first phase of the project had already been sold out.
"We have been extremely positive and have reason to believe that the market will bounce back and the buildings that are being built already have clients," Al Tayer commented.
The Meydan masterplan involves the construction of four giant phases, the first of which - the racecourse - was completed in time for the Dubai World Cup race in March this year.
This contract means that Meydan will now commence work on Metropolis, with Godolphin Parks and Horizons to follow.
Earlier this year, Al Tayer told Arabian Business that some parts of the Meydan plan had been slightly delayed due to the downturn, without elaborating on which.
The first phase of Metropolis Business Park will involve the construction of 16 commercial buildings for office and retail use.
Emirates NBD and Amlak Finance are among the firms that have already invested in the phase.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.