SPK-Bina Puri JV In Abu Dhabi's Largest Development Project

ABU DHABI, June 19 (Bernama) - SPK-Bina Puri JV is poised to keep the Malaysian flag flying high in this capital of the United Arab Emirates (UAE) when it starts work on Al Reem Island, the country's largest development project.The company, a joint venture between Pembinaan SPK Sdn Bhd and Bina Puri Holdings Bhd, has been awarded a contract valued at 490.779 million dirham (about RM$444 million) by Tamouh Investments, the principal developer which is developing 60 percent of the island.SPK-Bina Puri JV managing director Saiful Aznir Shahabuddin said the company's role was to design, construct and complete Phase 1 B1 and B2 of the residential, commercial and recreational development tower of Al Reem Island.The deal will incorporate a basement car park with two levels of podium and two twin towers extending to 44 levels, he said at a contract agreement signing ceremony between the company and Tamouh Investments here yesterday.The agreement is for the execution and implementation of Al Reem's Phase 1 (Marina Square) Plot 1 Zone B covering residential, commercial and recreational development.Also present at the ceremony were Malaysian ambassador to the UAE Datuk Abdul Mubin Razali, Bina Puri Holdings' executive chairman Datuk Mohamed Feisal Ibrahim, and Tamouh's chief operating officer Lee Allan Smith and project director Allan S.C. Tan.Last year, Tamouh awarded Malaysia's IJM Corporation a 1.3 billon dirham mixed development contract to construct Zone C in the Marina Square plot.Once completed, the natural Al Reem Island, located 350 metres away from Abu Dhabi's north-eastern coast, will be transformed into a complete city.The 6.5 million-square metre island will be turned into a prolific action centre which will include a business district and residential area with facilities like schools, golf courses, art galleries, lush landscapes, shopping malls, healthcare and commercial sports.Tamouh's chief executive officer Joe Ong said the Marina Square, consisting of 70 percent residential and 30 percent commercial development, will include a shopping arcade, a five-star hotel, service apartments, food and beverage outlets, mosques, clinics and eight cineplexes.He said the company was committed to completing Marina Square, the first plot of Al Reem Island.The Marina Square covers an area of 13.2 million square feet and is slated for completion in 2009 while the entire island will be fully developed within 15 years.Apart from Tamouh, two other prominent developers of the island are Sorouh and Reem Investments, each handling 20 percent of the project.Tamouh was established in 2004 as part of the Royal Group, a conglomerate of more than 30 companies based in Abu Dhabi.Since its formation, Tamouh has taken a leading role in transforming the skylines of not only the UAE, but also the Middle East, with real estate developments.SPK currently has four core businesses -- construction, technology, homes (property development), and oil and gas.The construction division has more a track record of over 10 years with more than RM1 billion of completed projects to date.Bina Puri is a construction player with more than 30 years of experience, mainly in civil engineering and building works.It started to venture overseas 10 years ago and had completed diversified multi-million ringgit construction projects which included infrastructure works like highways, airport works, waterworks, hospitals and land reclamation projects, both locally and overseas.