|
contents | business | |||||||||
| Leighton signs joint venture agreement in Abu Dhabi Tourism Development & Investment Company (TDIC), the tourism asset development arm of the Abu Dhabi Tourism Authority (ADTA), has entered into a joint venture agreement with Gulf Leighton, one of the GCC's largest multi-disciplined contractors, to create a major new force on the UAE capital's construction scene. The new 50:50 joint venture, TDIC-Leighton Contracting LLC, has been formed to undertake contracting for civil engineering and infrastructure, building, and mechanical and electrical projects, project and construction management and facilities management services for TDIC. Initial projects covered by the agreement include the 6.5 kilometre, Saadiyat Link road which will connect Abu Dhabi's Shahama district to Saadiyat Island, the 27 square kilometre island lying offshore Abu Dhabi city and which is being transformed into a signature leisure, cultural and residential destination. The Saadiyat Link road will transverse the island and connect to the 10-lane Saadiyat Bridge, which is already under construction from Abu Dhabi's Mina Zayed area. The Saadiyat Link, which includes five lanes in each direction, is due for completion in 2009. Other projects covered by the agreement including the Eastern Mangroves Hotel and the new TDIC headquarters being built adjacent to Maqta Bridge – the main gateway to Abu Dhabi city. The agreement is expected to generate annual revenue from a minimum of US$270 million in the first year, to a minimum of US $1.4 billion in the fifth. write your comments about the article :: © 2007 Construction News :: home page |