Al Habtoor Leighton Group wins Pearl Dubai contract
By Richard High27 November 2008
The Al Habtoor Leighton Group has won a US$ 2.4billion contract to construct the mixed-used Dubai Pearl development in the United Arab Emirates (UAE).
It is believed to be the largest single contract of its kind in the region and potentially in the world for a real estate project.
Al Habtoor-Leighton won the right to construct the 4.57 million m2, US$ 4 billion project, by UAE developer Pearl Dubai, which overlooks the Palm Jumeirah development on Dubai harbour.
The project includes four 73-storey mixed towers, which will contain commercial and retail space, alongside the Baccarat Hotel and Residences and a 2000-seat theatre.
Leighton Holdings, which owns 45% of the Al Habtoor Leighton Group, will earn US$ 1.69 billion from the construction work over 3 1/2 years, taking its project pipeline to almost US$ 40 billion, including several billion dollars worth of work in the Middle East.
In a statement, Al Habtoor Leighton Group said work on the project would start in January.