By Angela Giuffrida
Developer summons contractors to ensure projects are executed on time and to budget
Emaar plans to slash retention payments and issue advance payments on projects, following a crunch meeting with contractors last week.
Contractors were summoned to a meeting to thrash out a plan aimed at ensuring that the developer’s projects are cost effective and finish on time.
Other measures aimed at improving the overall execution of projects were also discussed at the meeting, which was hosted by Emaar’s UAE managing director, Ahmed Al Matrooshi.
“Emaar has a standard conditions of contract and has been looking at ways in which these could be improved,” said one of the contractors at the meeting.
“The meeting was about improving the relationship between contractors and Emaar. We offered suggestions as to how the conditions of contract could be improved — they have given us advanced payment and have reduced the amount of retention,” he added.
Contractors in attendance included: Dutco Balfour Beatty Group; Al Jaber Grinaker; Al Naboodah Laing O’ Rourke; Ascon; Murray & Roberts; Nasa Multiplex; Saleh Construction and Ginco Contracting Company.
Al Matrooshi said that the forum was designed to explore ideas and perpectives among all parties involved in its developments and adopt a ‘win-win’ situation for all.
“We recognise the vital role our contractors play from start to finish in all our projects, and the part they play in Emaar’s success,” he said.
“However, we are continuously looking for ways to improve, and by working with our main partners we believe that we can realise this goal.”
Emaar is currently the largest private sector construction client in the UAE, with residential developments that include Arabian Ranches, Dubai Marina, Emirates Hills, The Views, The Meadows, The Springs, The Lakes and The Greens. It is also developing Burj Dubai, the Dubai Mall and the Old Town in Downtown Dubai.