Almasah signs main contractor and design companies to complete its projects

The total value of this contract is Dhs295m.

Almasah Chairman, Dr. Abou Taleb Talebi, says that this announcement further highlights Almasah's commitment to its investors.

"Our main objective is to move ahead with our projects to ensure they are delivered to our investors within the agreed time frame,"

he says.

"The appointment of this consortium secures the different aspects of construction under one agreement so the projects can move fourth uninhibited."

The consortium comprises a joint venture between Axis Identity Group, Markizz and Al Ghaith, which will work as the projects' main contractor to construct the building as well as to oversee and design the projects' interiors.

Mr Atif Naweed, the Managing Partner of Markizz, represented the consortium in signing the agreement in the presence of Mr F C Foo, the Group Chairman.

On behalf of the team, Mr K L Che, the Group CEO expressed the Group's assurance towards the success of the projects.

Axis Identity Group, Markizz and Al Ghaith have been involved in numerous projects in the UAE, among them being the Emaar Business Square, Al Turath Culture Village, Elite Hotel and RAK Hilton.

Together they will work on Cadi 5, Jouri 5 and Judi Palace which are residential buildings located in the Jumeirah Village.

Foundation work will be completed during the second half of this year, at which stage main construction will begin, and final delivery for the projects will be in the second and third quarters of 2010.

Al Masah presently has a total of 19 projects under construction with a total value of Dhs3.7bn.