Balfour Beatty bags $408m project in Dubai Creek

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Balfour Beatty bags $408m project in Dubai Creek

Dutco Balfour Beatty (DBB) has been awarded a $408m contract to manage the construction of a large-scale mixed use development alongside Dubai Creek, the salt water inlet in the north of the emirate.

The client for the scheme is Meraas, a development company owned by the government of Dubai, and the scheme is part of the Khor Dubai Creek development. The scope of the work will include collection of parks, hotels, cafes, cinemas, markets and shops, as well as marina facilities.

Altogether, the development will stretch for 670m along the waterfront. It is scheduled to be completed in 2017.

Earlier this year, DBB was awarded a $24m contract by the Dubai Roads and Transport Authority to build a 700m long, three-lane bridge as part of the Wafi Interchange Improvement Project.

Balfour Beatty’s well publicised problems in its UK market has been replicated in its Middle East division, where problems with two schemes has led to a£15m loss.

The builder, which operates in the UAE through DBB and BK Gulf, reported that its regional arm made the underlying losses because of writedowns in M&E contracts caused by disputes with main contractors.

Last month, Balfour issued a statement that said:“The mechanical and electrical engineering market remains very difficult, with some of the same issues faced by the UK M&E business existing in the Middle East, such as disputes and delays with main contractors who have taken on complex and difficult jobs.

“In particular two significant projects have caused writedowns, even though we believe a significant proportion of these will be ultimately recoverable,” it added.

A Balfour Beatty spokesman declined to name the projects which had caused the writedowns, calling the information “commercially sensitive”.

DBB is a joint venture between Balfour Beatty, the UK’s largest contractor, and Dubai based Dutco, which was formed in the 1970s.

Source: Global Construction Review

Link: http://tinyurl.com/ksk5hkx

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.