UAE-based developer Sweet Homes has awarded a US $123 million (AED450 million) contract to Sharjah-based Master Civil Construction Company for the construction of three towers in its $463 million Rainbow Towers project.
The contract includes the construction of towers B10, B14 and B15.
The award comes at a time when most companies are putting their projects on hold or cancelling them because of the economic slowdown and global financial crisis.
The move follows the completion of a $3.3 million shoring and excavation contract undertaken by Piling Tech for the initial groundwork of the three towers.
Located along Emirates Road in Ajman, Rainbow Towers will comprise nine 31-storey residential buildings and is set for completion by the last quarter of 2010.
The contractor has committed to completing construction within 24 months.
Eng. Adnan Saffarini Office has been appointed as the design and supervision consultant for the project.
"Rainbow Towers is our first real estate venture and it is only fitting that we partner with the best and most experienced firms to ensure the implementation of best-of-breed industry standards in our projects' construction processes," said Fahad Sattar Dero, CEO, Sweet Homes Group.
"Piling Tech had finished the shoring and excavation as they have promised in three months, and we now expect Master Civil Construction to provide outstanding services, transform our vision into reality, and aid us in our aims to be one of the first developers to deliver a world-class project in Ajman."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.
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