Contractor appointed for $1.4bn Jubail Island project in Abu Dhabi

The Jubail Island project is being built on a natural island in Abu Dhabi emirate. (WAM)
Updated 19 May 2019
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Contractor appointed for $1.4bn Jubail Island project in Abu Dhabi

  • Project will be open to foreign property investors
  • Gulf Contractors Company to carry out enabling works

LONDON: A contractor has been appointed to carry out initial works for a $1.4 billion island development in Abu Dhabi.

Gulf Contractors Company won the enabling works contract for the Jubail Island project in the UAE capital, the company behind the development said.

The works under the contract are scheduled for completion in January 2020, according to the Jubail Island Investment Company (JIIC), the UAE state news agency WAM reported.

Enabling works generally involve major earthworks and grading of a site, ahead of the installation of infrastructure such as roads, utilities, and other facilities. 

Over 2.5 million cubic meters of material will be excavated and placed to create the formation level for over 40 kilometers of roadways and more than 800 residential properties as part of the contracted works, according to WAM.

The giant Jubail Island project will span six “investment zone villages” and will be home to between 5,000 and 6,000 residents, according to the developer. 

The project, which has 13 kilometers of waterfront and is being built on a natural island in Abu Dhabi emirate, is slated for completion in the fourth quarter of 2022.

“Offering housing, commercial, leisure and freehold investment opportunities particularly for Emiratis and expatriates is a central planning element for Jubail Island,” said Mounir Haidar, managing director of JIIC.

“Today’s announcement confirms the timely delivery of the newly launched project in conformity with leading construction and environmental standards.”

Abu Dhabi in April amended its real estate laws, lifting restrictions on foreigners owning freehold properties in certain free zones in the emirate.


Urgency needed to boost Palestinian economy: IMF chief

Updated 26 June 2019
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Urgency needed to boost Palestinian economy: IMF chief

  • The MF has been warning of severe deterioration in the Palestinian economy
  • ‘If there is an economic plan, if there is urgency, it’s a question of making sure that the momentum is sustained’

MANAMA: IMF chief Christine Lagarde said Wednesday that major economic growth was possible in the Palestinian territories if all sides showed urgency, as she took part in a US-led conference boycotted by the Palestinian leadership.
The International Monetary Fund has been warning of severe deterioration in the Palestinian economy, with tax revenue blocked in a dispute with Israel which has also imposed a crippling blockade on the Gaza Strip for more than a decade.
“If there is an economic plan, if there is urgency, it’s a question of making sure that the momentum is sustained,” said Lagarde.
The IMF chief is attending a conference in Bahrain to discuss the economic aspects of a United States plan for Israeli-Palestinian peace, which has already been rejected by the Palestinians as it fails to address key political issues.
Lagarde said for the US plan to work “it will require all the goodwill in the world on the part of all parties — private sector, public sector, international organizations and the parties on the ground and their neighbors.”
Citing examples of post-conflict countries, Lagarde said that private investors needed progress in several sectors including strengthening the central bank, better managing public finance and mobilizing domestic revenue.
“If anti-corruption is really one of the imperatives of the authorities — as it was in Rwanda, for instance — then things can really take off,” she said.
The plan presented by White House adviser Jared Kushner calls for $50 billion of investment in the Palestinian territories and its neighbors within a decade.
The proposals for infrastructure, tourism, education and more aim to create one million Palestinian jobs.
Gross domestic product in the Gaza Strip declined by eight percent last year, while there was only minor growth in the West Bank.
Kushner, opening the conference on Tuesday, called the plan the “Opportunity of the Century” — and said the Palestinians needed to accept it before a deal can be reached on political solutions.
The Palestinian Authority has rejected the conference, saying that the US and Israel are trying to dangle money to impose their ideas on a political settlement.
Washington says it will unveil the political aspects of its peace deal at a later date, most likely after Israel’s September election.