£550m JV contract in Abu Dhab
18 February 2009
Carillion joint venture signs £550 million contract in Abu Dhabi
Leading Middle East company, Al Futtaim Carillion, has signed a £550 million contract with ALDAR to deliver the prestigious Al Muneera development in Abu Dhabi, for which Heads of Terms were agreed and announced last November during a visit by UK Prime Minister, the Right Honourable Gordon Brown.
Al Muneera forms a key part of ALDAR's £10 billion Al Raha Beach development. The contract involves the provision of a 14-story office building, sixteen apartment buildings of between 11 and 14 floors, 148 town houses and eleven luxury villas facing the development's canal and waterfront.
Al Futtaim Carillion will have a peak workforce of some 7,000 people engaged in the construction of the Al Muneera development, which is already in full swing and due for completion in April 2011.
This is Al Futtaim Carillion's second major project for ALDAR in Abu Dhabi, having been awarded a £250 million contract for the Marina Hotel on Yas Island, in June 2008.
Commenting, Carillion Chief Executive, John McDonough, said: 'Over the last 35 years, Al Futtaim Carillion has established a strong reputation for delivering high quality projects for blue-chip and Government customers. Our selection for this prestigious project further enhances that reputation.
'We look forward to working closely with ALDAR on the Al Muneera project and to developing a strong, long-term relationship to support delivery of the substantial programme of developments that ALDAR has in Abu Dhabi over the next ten years.
'As the enormous growth we have seen in Dubai over recent years slows down, we expect strong growth in Abu Dhabi to keep us on track to achieve our objective of broadly doubling Carillion's share of revenue from our joint venture businesses in the Middle East from £337 million in 2007 to around £600 million by the end of 2009'
For further information contact
John Denning, Director Group Corporate Affairs, Carillion plc +44 (0)1902316426
Notes to editors
Carillion is the UK's leading support services company with a substantial portfolio of Public Private Partnership projects and an extensive construction business. The Group has annual revenue of around £5 billion, employs some 50,000 people and operates across the UK, in the Middle East, Canada and the Caribbean.
Al Futtaim Carillion is a 51:49 per cent joint venture between the Al Futtaim Group and Carillion.
In the UK, Carillion's principal market sectors are Defence, Education, Health, Facilities Management & Services, Rail, Roads, Building, Civil Engineering and Utilities Services.
In the Middle East, Carillion's principal market sectors are Construction and Facilities Management. In Canada and the Caribbean, the Group's main sectors are Health, Roads Maintenance and Construction.
Carillion's portfolio of equity investments in Public Private Partnership projects includes projects in the UK and Canada, particularly in the Defence, Education, Health and Transport sectors.
In the inaugural 2008 Sunday Times Best Green Companies Awards, Carillion secured first place in category for large and medium-sized companies with high environmental impact and second place overall.
This and other Carillion news releases can be found at www.carillionplc.com
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This information is provided by RNS
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