Thursday, December 04, 2008

Azizi Investments to continue with Palm Jebel Ali projects as scheduled

Azizi Investments revealed yesterday that none of its projects in the Palm Jebel Ali has been scaled down and that work will continue as scheduled.

The clarification came, following the announcement made by Nakheel that few of its projects in Palm Jebel Ali may be scaled down.

Azizi Investments have a total of five projects planned at the Palm Jebel Ali. The concept design of Azizi Crystal at Crescent A of the Palm received approval last week.

The Company in its statement yesterday, said that the developments at Palm Jebel Ali are located in Crescent A and Crescent E, wherein work by Nakheel is progressing as scheduled.

The land will be handed over to Azizi Investments by Nakheel next year. Crescent A is scheduled to be complete, latest by March, and construction work will commence by April. The project would require 2 years for completion, said a spokesperson from the company.

The land in Crescent E will be handed over by the third quarter of 2009.

The projects by Azizi Investments on the Palm Jebel Ali are the Azizi Diamond, Azizi Fontanne, Azizi Crystal and Azizi Platine on Crescent A, and Azizi Onyx on Crescent E. The company is committed to deliver the project as scheduled.

"We are focusing on quality of design, quality of build and outstanding customer service. We understand the need for Nakheel to scale back on its projects, given the current economic climate, but we are pleased that this does not affect our progress," the company said.

The company also confirmed that it is moving ahead with projects at Mina Rashid and Al Furjan and other Nakheel projects that remain unaffected.

The company also said that the Dh.3.5bn worth construction contract for the 12 plots that it owns at Al Furjan would be awarded soon. The company is under negotiations with various companies, including Arabtec, Al Naboodah and Al Shafar General Contracting for awarding the contract. The soil testing and piling work has been completed.

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