Sunaina Rana / Emirates Business
The UAE construction industry is currently moving up its growth ladder, thanks to buoyant infrastructure projects that are in the pipeline as part of the country’s Vision 2021. One of the ventures on the cards is Boulevard Point in Downtown Dubai.
UAE-based construction firm Arabian Construction Company (ACC) has been awarded the contract to build the 63-storey residential tower in the area.
“This is a milestone for the company, we are very glad to have been awarded the contract for Boulevard Point. This project is truly a testament to our hard work and skills in building prestigious, high-rise developments in the city,” said Maher Merehbi, Chief Executive Officer at ACC.
According to Dodge Data and Analytics’ 2016, it has been predicted that this year would be one of the most significant and strong years for the industry. Also, Construction Outlook report predicted a 6% growth, with the value of construction starts reaching an estimated $712 billion.
Focussing on the Boulevard Point, the new tower will be situated next to Fountain Views, for which ACC won contract in 2014 and will be company’s third project in Dubai’s Downtown area. The Boulevard Point project involves construction of a 63-storey residential tower with 297 one-, two-, and three-bedroom apartments overlooking Mohammed bin Rashid Boulevard.
The high-end residential development contains dedicated private parking, luxurious outdoor swimming pools and landscaped podium, multi-function rooms, gym, sauna and steam rooms, children’s play areas, retail on the ground floor and in the podium.
The number and value of residential projects is expected to continue to rise in the future. It has been reported that the UAE has invested heavily towards strengthening its infrastructure in recent years, to deal with the rapid population growth in Abu Dhabi and Dubai, hosting of Expo 2020, as well as to position itself as a shipping and aviation hub.
According to Alpen Capital’s 2015 report, the residential segment accounted for the second highest number of completed projects in 2013 and 2014 (approximately 20 projects valued at US$ 1,380 million were completed in 2014). However, the share of the residential sector, as a percentage of the total projects undertaken, is likely to reduce to make way for the growing share of the hospitality and education segments, which saw a heavy upward trend in 2014.
“We are grateful that developers have elected to put their trust in us to build such large-scale developments,” he added. ACC has constructed some of the most impressive high-rise buildings across the GCC and MENA regions, including a number of the tallest towers in the UAE. Famous names include the Almas Tower, Princess Tower, Sky Tower, Gate Towers, Etihad Towers, Fountain Views, Sky Views, World Trade Center Abu Dhabi and Rose Rotana.