Dubai / Emirates Business
Dubai Islamic Bank (DIB) has announced that it has awarded the contract to Engineering Contracting Company (ECC L.L.C.) valued at AED687 million to construct the Badr Project Phase 1. The project is part of a self-contained residential community that consists of five distinct zones with apartment buildings as well as a number of villas and other community buildings and recreational facilities. Abdulla Al Hamli, Managing Director
at DIB, and Hatem Kamal Farah, Chairman and CEO at ECC LLC inked the
deal in a signing ceremony held at DIB headquarters.
The Badr Project boasts an unmatched location at the intersection of two key traffic arteries, namely Sheikh Mohammed Bin Zayed Highway E311 and Al Khawaneej or Airport Road, giving it easy and quick access to most of Dubai and to routes of other UAE cities.
Abdulla Al Hamli, Managing Director at DIB, said, “Following a thorough tender process to identify the right construction partner, we selected ECC LLC as the lead contractor to bring the Phase 1 of this project to completion. With regard to Badr, we are confident that given its location, quality of project, attractive price points, it will be high on the priority list of investors. ”
It is neighboured by well-established residential areas such as Mirdif, Rashidiya, Muhaisnah1/Mizhar and Towar. The community will have a Mediterranean theme, inspired by elements of Andalusian, Spanish and Italian architecture that marries the urban environment experience with a focus on encouraging outdoor activities and healthy living through its well-connected facilities. The master development, Badr, with a total built-up area of 13.8 million sqft will be developed across five phases and the first phase with a built-up area of 2.2 million sqft is expected to be completed by 2018. Phase 1 is located centrally within the overall project adjacent to a central park with mixed-use and retail facilities. And as such, Badr Project Phase 1 promises to be one of the rarest and unmatched quality living experience.
“At Dubai Islamic Bank, we are deeply committed to investing in the long-term development of Dubai’s infrastructure,” This initiative is, yet again, an indication of our belief in the strong fundamentals of UAE’s economic landscape and its ongoing appeal to both local and international investors,” said Dr. Adnan Chilwan, Group CEO, DIB.
“Moving forward, by leveraging our vast experience and knowledge, we will continue to support Dubai’s ambitions and aspirations in the lead-up to Expo 2020 building a climate that not only fuels global commercial interest but also attracts residents who want to make the emirate of Dubai and the UAE their permanent home,” he added.