Comes ahead of Expo 2020
Completion of the project, which will feature seven towers, has been pushed back from Q4 2020 to Q4 2021
The move is the latest in state efforts to restructure the construction giant
The 52 million sqm city is Oman’s largest public-private partnership project
The project includes the construction of 12 bridges spanning 3,700 metres
The contracts include projects on Saadiyat Island, Yas Island and Al Falah
Adel Al Wahedi replaces Peter Pollard, who has been made the group CEO
Shafiq Abdelhamid replaces Obaid Bin Touq, who resigned from the company last month
The struggling construction company was liquidated two year ago
Enabling works are scheduled for completion in January 2020
His resignation came after the company posted a 49.5 per cent drop in Q1 net profit
The cycling track, jogging route and outdoor gyms are slated for delivery next year
Obaid Bin Touq was appointed to the role late last year
Tawfiq Abu Soud had only been appointed as the CEO in January this year
Standing at a height of over 250 metres, it will carry up to 1,900 passengers at a time
Contractors and suppliers will also have to pay subcontractors within 30 days of receipt of government payments
Three of the Bin Laden family were arrested in last year’s corruption purge, and have now relinquished their 36.22 per cent stake in the family business to a subsidiary of the finance ministry
The projects were presented at an event in Riyadh designed boost the kingdom’s contracting sector
DSI, hit hard by the construction slowdown in the region, has seen several leadership changes
Construction, the largest single sector, declined by 13 per cent to $45.8bn last year
Road improvements will see widened streets and more flyovers to improve access
The latest contract marks Arabtec’s third award from Dubai Expo 2020
The company, which has accumulated losses of over Dhs1bn, is currently in the midst of a restructuring
The contract for Uptown Tower has been awarded to BESIX’s Dubai-based entity Belhasa Six Construct
The luxury tower, which rises 240 metres tall, will include a 289-room St. Regis hotel and 432 residences
Contracts cover construction of units at Akoya and in Business Bay
The firm’s construction arm will build 352 new villas at the master planned Villanova project
The troubled contractor is currently going through its second restructuring process in two years
While 865 developers were registered with the Dubai Land Department in 2018, one in four had projects currently active
The announcement comes as DSI shares remain suspended on the Dubai Financial Market