Wednesday, August 01, 2007

Al Mazaya appoints GCC as main contractor for Dh.1.25b project

The General Construction Company (GCC) has been appointed as the main contractor for the Al Mazaya Business Avenue project at the Jumeirah Lakes, worth Dh.1.25billion. The contract work has been handed over to GCC by Al Mazaya Holding.

The project comprises three towers of forty five storey each, for commercial purpose. The cost of construction is said to touch Dh.799million. The project is scheduled for delivery by 2009.

The Executive Manager and CEO of Al Mazaya Holding, Khalid Esbaith, said “The economic growth of UAE has prompted several international firms to open branches in the UAE and Dubai. However, there is a lack of office space. Al Mazaya Business Avenue will help in alleviating the shortage of commercial office space to a great extent.”

Among the three towers of the project, the first tower was snapped by the Hilal Al Zarroni Group and Dynasty Enterprises for $111 million, the second building was stumped by Hilal Al Zarooni and Baraq Group for $109 million. The third tower will be let out as a long term investment for Al Mazaya to generate revenue.

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