The developer is looking to finance the Dh5 billion project through a mix of bank loans and equity contributions and aims to sell about 60 per cent of the land plot earmarked for private investors within the next 18 months. The developer is currently in talks with a consortium of UAE banks to finance the project.

UAE-based general contracting firm, Gulf Contractors Company (GCC) has bagged the enabling works contract on this scheme. Enabling works on the project are set to be complete by January 2020. Under the scope of the contract, over 2.5 million cubic metres of material will be excavated and placed to create the formation level for over 40-kilometres of roadways and more than 800 residential properties by GCC.

Client has signed up National Marine Dredging Company to carry out marine works at its $5-billion island development in Abu Dhabi, which boasts a mix of serviced plots, high-end and mid-range properties, community facilities, an office park, as well as retail and food and beverage (F&B) outlets. Under the Dh50-million contract, Company will complete over 7-km widening work besides enhancing existing waterways designed to improve overall waterfront living experience, restoring water circulation to previously stressed mangrove forests and also providing support to the propagation of new forests. The contract also includes the planting of thousands of new mangrove trees. Marine works get completed, it will enhance the natural waterfront surrounding Jubail Island, dramatically improving the experience for residents and visitors and, most importantly enhancing the island's environmental biodiversity.