By Nick Ames
Long-running dispute between owners and builders of development in Abu Dhabi's Port Zayed is resolved
A stalled property development in Abu Dhabi’s Port Zayed is set to resume after its owners and builders settled a long-running dispute.
Work on Meena Plaza, a partially-built four high-rise towers complex in the centre of the city’s former container port, will restart on 1 October after a gap of two years, Malaysian contractor Zelan said.
The block of three apartment towers and one office tower, which is being developed by Meena Plaza, a company owned by the private Abu Dhabi developer Tamouh and other investors, was started at the end of 2007.
The 246,500m2 project includes a helipad, sun bathing deck, a covered jacuzzi and wading pool as well as a cinema and private medical centre.
Meena Holdings was ordered to stop work in November 2012.
But after protracted negotiations between the two companies, local media reports say Meena Holdings paid Zelan around $32mn to resume work on the project.
"Zelan will recommence works for the project on 1 Oct, 2014 and is required to complete the project within 15 months," a Zelan statement said.
Port Zayed has been earmarked for redevelopment since container operations were moved to Abu Dhabi’s Khalifa Port operation in 2012.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.