Almasah International Real Estate, a leading real estate company, has said it is retaining five separate foundation contracting companies, while also appointing two main contractors.

The five foundation contracting companies will commence foundation and piling work on nine of its projects, to the value of Dh62.4 million ($17 million).

Additionally, the company has appointed two main contractors, Sun Engineering and Reem Contracting, to begin the main construction works on their Dolce Vita project in Dubai Marina, and the Sahara Living Villas in Dubai Industrial City - totaling Dh191 million in value.

Almasah chairman, Dr Abou Taleb Talebi, said that these announcements further highlight Almasah’s commitment to investors and their dedication to delivering projects in a timely manner.

“Our main objective is to move ahead with our projects and in less than three months we have assigned contractors to begin construction on 19 separate projects,” he said.

“Current market prices for building materials and the abundant availability of a labour force are the positive benefits of the current UAE economy, which helps to ensure our projects will move ahead.”

Italian Foundation Company, Pliex Foundation, Zetas, Dutch Foundation and International Foundation will share contracts on the new developments.

All nine projects are residential buildings and include Jouri 1, 2, 3, 4 and Cadi 1, 2 & 4 in Jumeirah Village; Chess Tower in Sports City; and Sahara Living Villas in Dubai Industrial City.

In February, Almasah announced the same five contractors were awarded contracts worth Dh86.7 million, to begin foundation work on 10 different projects in Jumeirah Village and Dubai Marina. The awarding of these new contracts, bring the total value of their work with Almasah to Dh149.1 million.

Once complete, the collective projects will comprise 5,573 units, with a total value of Dh3.7 billion.

The projects are scheduled for delivery in different dates according to the size of each project, as handing over will take place during the end of 2010 and throughout 2011. – TradeArabia News Service