Saturday, May 09, 2009

Burj Al Alam contract to be awarded within four weeks

The main construction contract for the Burj Al Alam, the 501-meter tall commercial tower at the Business Bay district of Dubai, due to be one of the tallest buildings in the world, will be awarded within four to five weeks.

The Sales Co-ordinator of the project at Fortune Group, Muhammed Athar, said that the company is carrying on the final stages of negotiation with contractors, but declined to reveal the names of the firms who had been bidding for the deal.

About Dh.1bn had been kept aside from the original budget, and the construction is now likely to touch Dh.3bn. This is mainly due to lower building material costs, and the contractor for the project would be announced within five weeks, Athar said.

Athar also pointed out that the finances would be managed by the company's own resources, although other sources may be considered, if required.

Launched in 2006, Burj Al Alam was more than 50 percent sold. The foundations work was done by Middle East Foundations and is now complete. The tower, as per the scheduled, will be ready by the first quarter of 2012.

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