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Dubai: Shaikh Holdings, a leading Dubai-based real estate investment and development company, has awarded Arabtec Construction LLC a Dh412 million contract to commence construction of its prestigious Sanctuary Falls villa development, a landmark boutique community in Jumeirah Golf Estates.
The award-winning Dh850 million Sanctuary Falls project, aims to create a new benchmark in community living by being the first resort-style residential golf community in the UAE.
Launched in July 2007, the development has already received keen interest from both local and international home buyers and was awarded 'Best Golf Development' in the CNBC Arabian Property Awards 2007.
Arabtec will commence construction of the 96 distinctly styled resort villas of Sanctuary Falls in April 2008, and expects completion by first quarter 2010.
"We have taken our time to research and appoint the best quality contractors and subcontractors as our partners for the Sanctuary Falls development," said Emran Shaikh, CEO, Shaikh Holdings.
Widely recognised as the sector leader in construction, Arabtec has an industry reputation for high-quality villa construction, attention to detail and on-time delivery.
The community features a collection of 96 resort-style villas overlooking the Earth golf course, designed by Greg Norman.
Slower growth: Arabtec sees Dh6b revenue
Arabtec Holding Co, the UAE's largest construction firm by market value, said yesterday it expects revenue this year to grow 40 per cent, slower than in 2007.
"We expect revenue in 2008 to grow by 40 per cent to Dh6 billion ($1.63 billion) ... driven by more projects," Chief Executive Officer Riad Kamal told Reuters by telephone.
Revenue soared 52 per cent last year to Dh4.27 billion and profit more than doubled to Dh535.2 million, according to Reuters data.
"Profit growth depends on many factors, such as the cost of building materials, wages and possible delays in deliveries, which are out of our hands," Kamal said.
- Reuters
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