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Johannesburg - Construction group Murray & Roberts on Friday announced it had won a R3.82bn contract in the Middle East.
"Murray & Roberts is pleased to announce the award of the contract for construction of the St Regis Hotel and Residences on Saadiyat Island in Abu Dhabi for the Tourism Development and Investment Company," it said.
According to the group, the project will be a joint venture with Al Habtoor at a total value of AED1.8 billion. (1 United Arab Emirates dirham = 2.12164329 South African rands)
This is good news following the loss of some key projects in the Middle East.
In March this year, the group had lost a R5bn Abu Dhabi-based project - the construction of a six tower Tameer Towers hotel in the heart of Abu Dhabi in the oil-rich United Arab Emirates.
This followed the bad news in January, where a joint venture between M&R and Bahrain's Nass lost a $545m contract to build the Salam resort, a luxury beachfront project close to the Bahrain Formula One track. In December last year, the key Trump Towers Dubai building project, another project in which M&R was involved, was cancelled.
The St Regis Hotel contract will commence on site in August 2009 and is scheduled for completion in 2011.
- Fin24.com