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Nakheel awards Dh380m deal to Indian company

- August 19, 2005, 11:44 pm

India’s Larsen & Toubro Ltd (L&T) said yesterday, it has won an order from Dubai-based property developer Nakheel, valued at Dh380.20 million (Rs4.5 billion), to build a residential property in Dubai.

The project involves construction of Mogul Gardens -2 at Discovery Gardens located between Interchanges 5 and 6 off Shaikh Zayed Road.

Discovery Gardens is a cluster of residential buildings grouped into various themed look that are expected to be offered to investors on sale.

To be completed in 560 days from the date of signing, the project involves construction of 27 residential blocks with a total built-up area of 178,050 square metres. In all there will be 1,908 apartments. The project will be executed by L&T’s Construction Division, ECC.

Out of the total of Rs4.5 billion, L&T’s value of works will be Rs3.4 billion, the rest being the value of works to be executed by subcontractors.

With this order L&T has further strengthened its presence in the Gulf region.

Recently L&T and its Oman-based subsidiary have secured five contracts cumulatively valued at Rs4.67 billion to provide a water supply distribution system to Saham and Khaburah towns in Oman; and in Dubai for construction of two 39-storey commercial and office buildings, and two 35-storey and 25-storey luxury condominiums.

In the UAE, the company’s Construction Division won three orders in the urban infrastructure sector accounting for Rs2.72 billion (Dh228.9 million).

Two contracts valued at Rs1.17 billion (Dh 98.9 million) cover construction of two 39-storey commercial and office buildings in Dubai for Han World Enterprises Inc and for Technobuild Space Limited.

The complexes will be built at Jumeirah Lakes in the Nakheel area within 20 months.

Nakheel, which is behind iconic developments such as the Palm islands, has investments to the tune of $12 billion (Dh.44 billion) in Dubai.

Source - Gulf News

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