Financial Daily from THE HINDU group of publications
Tuesday, Oct 11, 2005
Financial Daily from THE HINDU group of publications Tuesday, Oct 11, 2005 |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Real Estate & Construction Emaar, Samsung sign $876-m deal Vimala Vasan
Abu Dhabi , Oct. 10 EMAAR, one of the region's leading real estate developer, has signed a landmark Dh 3.216-billion ($876 million) deal to officially appoint Samsung Corporation as the main contractor for the Burj Dubai, the world's tallest structure. Following the appointment announcement in December 2004, Emaar went through a process of validating various portions of the contract, while work on the project had already started. This process culminated in Seoul, Korea where the Emaar Chief Executive Officer, Mr AJ Jaganathan, and the Samsung Corporation's Chief Executive, Mr S. D. Lee, signed the groundbreaking deal, according to a statement from Emaar. Construction of the tower has already reached the 12th floor and is progressing at a rate of one floor per week. The Burj Dubai is already visible from Dubai's main thoroughfare the Sheikh Zayed Road and is expected to change the skyline of Dubai when it is completed by the end of 2008. The Chicago-based Skidmore, Owings & Merrill (SOM) has designed the tower while the New York-based Turner Construction International is the project and construction manager.
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