Dubai’s Emaar awards contracts for Jeddah Gate projects

11/08/2016 Argaam

Dubai-listed Emaar Properties has appointed Lebanon-based Arabian Construction Company (ACC) to carry out the construction work on two towers in its Jeddah Gate development in Saudi Arabia, MEED reported, citing a company spokesman.

 

The scope of the contract includes work on the $100 million Vida Jeddah Gate hotel, which is 14 stories high, and the $78 million Vida Residences, which is 25 floors high.

 

Work on the two towers has already begun, with delivery scheduled for the final quarter of 2018, it was reported.

 

Emaar’s Jeddah Gate project is located on a 400,000-square-meter site in Jeddah’s downtown area, close to the Haramain high-speed train station. The developer has already handed over homes in the first residential project, Abraj al-Hilal 1.

 

Last month, Emaar Properties posted an 8 percent rise in net profit at AED 1.3 billion for the second quarter.

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