Abu Dhabi developer Sorouh said on Monday it had been awarded construction contracts worth AED2.89bn ($786m) to build homes for UAE nationals.
Sorouh said it has been awarded two new contracts by the Urban Planning Council (UPC) comprising a total of 1,470 villas to be delivered over the next two years.
The new contracts, Al Ghuraibah (Al Ain) and Al Sila’a (Western Region) will be developed in line with UPC’s Al Ain and Al Gharbia’s 2030 Master Plans, the company said in a statement.
Both projects are due to be completed by the third quarter of 2012.
The developer, which earlier on Monday said it expects to complete projects worth $3.54bn by 2014, also said funding of the second phase of the Watani project comprising 400 units had been signed.
This follows the success of phase one which was awarded to the company during Cityscape Abu Dhabi 2010.
Watani was Sorouh’s first master planned Emirati community project and is located close to Abu Dhabi Golf Club and is being developed over four phases with a total project value of AED5.4bn.
Saeed Eid Al Ghafli, chairman of Sorouh, said: “It is a great honour to have been awarded these highly prestigious new projects which form a critical component of Abu Dhabi’s Vision 2030.
“These exciting new projects allow Sorouh to diversify its revenue streams by utilising the skills, the expertise, and the proven track record required to deliver these projects.”
The UPC said the Sorouh deal was one of four aimed at delivering an additional 7,500 new homes for Emirati families across Abu Dhabi, Al Ain and Al Gharbia.
Other projects will be completed by Tamouh Investments, Royal Development Company, and Al Qudra Real Estate.
The projects bring the total number of new villas being built in the emirate through the Emirati Family Housing Programme to more than 13,000.
Falah Al Ahbabi, general manager, UPC, said: "Building quality housing for Emirati families is integral to implementing Vision 2030. The key objective of these projects is to develop multiple housing options for future Emirati generations and preserve and promote the traditional Emirati identity and preferred style of living."For all the latest business 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.
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