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Al Habtoor Leighton Group signs letter of intent for the AED 8.85 billion Dubai Pearl 26 November 2008

Al Habtoor Leighton Group signs letter of intent for the AED 8.85 billion Dubai Pearl

The Al Habtoor Leighton Group has signed a letter of intent for the AED 8.85 billion Dubai Pearl mixed-use development for Pearl Dubai FZ LLC.

The project involves the construction of an integrated city overlooking the Palm Jumeirah development in Dubai.
< Dubai Pearl will feature an iconic building structure comprising four 73-storey mixed-use towers, world-renowned fashion and technology brands, and the Baccarat Hotel and Residences, and will provide a 24-hour living city with commercial, retail, residential and leisure facilities.

The project will include luxury hotel brands, a 2000-seat state-of-the-art theatre, a luxury fashion precinct with a premier shopping mall as well as a walkable environment representing one of the most unique facets of the development.

Al Habtoor Leighton will commence work on the project in January.

Managing Director of the Al Habtoor Leighton Group, David Savage, said the combined strength of Al Habtoor and Leighton was a key factor in securing the project.

“The Al Habtoor Leighton Group is one of the few contractors with the capacity and capability to take on a project of this magnitude.

“We look forward to working with Dubai Pearl to deliver this iconic project,” he said.

“This is yet another example of the Group’s overall strength, and is another vote of confidence in the strength of the UAE market. This puts our uncompleted work at record levels, with Dubai remaining the largest component of our business. The award of this project confirms our position as the UAE’s leading construction group,” he said.

Pearl Dubai FZ LLC is one of the UAE’s leading real estate developers. Last month Dubai International Financial Centre (DIFC) announced that it had taken an AED 3 billion investment in the project through DIFC Investments’ real estate fund.

“This deal underlines Dubai Pearl’s strong commitment to the UAE economy and puts us in a unique position to make a significant contribution to the real estate sector,” said Abdul Majeed Ismail Al Fahim, Chairman, Pearl Dubai FZ LLC.

“The Al Habtoor Leighton Group was selected for its commitment to Dubai Pearl’s vision of quality and in line with our pledge to deliver an international landmark that will continue to strengthen Dubai’s position as a global city of excellence,” said Santosh Joseph, Founder, President and Chief Executive Officer, Pearl Dubai FZ LLC.

Combining an active business district with a quality urban lifestyle, Dubai Pearl will offer easy access to New Dubai’s premium commercial and residential areas such as Dubai Media City and Dubai Internet City, as well as the Palm Jumeirah.