Pearl Dubai FZ LLC, one of the UAE's leading real estate developers, has awarded an AED8.85 billion ($2.4 billion) main contract for the construction of its iconic Dubai Pearl project, to the Al Habtoor-Leighton Group, the UAE's largest construction group. The deal is the largest single contract of its kind in the region and arguably one of the largest in the world for a real estate project. Construction is due to begin in January 2009. “While these are challenging times, Dubai Pearl's confidence in the robustness of Dubai's real estate sector remains high. This deal underlines our strong commitment to UAE economy and puts in a unique position to make a significant contribution to the real estate sector,” said Abdul Majeed Ismail Al Fahim, chairman, Pearl Dubai FZ LLC. “Al Habtoor-Leighton Group was selected for its commitment to Dubai Pearl's vision of quality and in line with our pledge to deliver an international landmark that will continue to strengthen Dubai's position as a global city of excellence,” added Al Fahim. With a built up area of more than 15 million square feet, Dubai Pearl will be a world-class destination overlooking the Dubai coast. The contract's main components cover structural and civil works, MEP (Mechanical, Electrical and Plumbing), finishes, landscaping and internal infrastructure. “Dubai Pearl is committed to delivering the best to its clients and Al Habtoor-Leighton Group has successfully established itself as one of the region's leading construction companies. The company was selected for its experience on some of the region's leading projects, their technical and financial capabilities, the availability of their resources and cost,” said Santhosh Joseph, founder, president and chief executive officer, Pearl Dubai FZ. __
