MEED reported that the UAE’s Manazel Real Estate plans to retender major 2 construction contracts worth AED 4.8 billion on its Building Materials City development in Abu Dhabi after terminating its construction contracts with the local Fibrex.
According to sources working on the project, Manazel wants new contractors to finish the project because of significant delays and Fibrex’s poor quality of workmanship.
The source said that “Manazel was having doubts about the contractor’s performance. The decision has been made to terminate Fibrex.”
Fibrex is already working on the 2 contracts that it won in 2008. The first contract, valued at about AED 1.1 billion involves building 2 office towers. The second contract, valued at about AED 3.7 billion is for 6 residential towers. The value of the new contracts is unclear as Fibrex has already completed part of the work on the project.
The Building Materials City development, also known as 9712 BMC is in the Mohammed bin Zayed City area of Abu Dhabi opposite the Mussafah industrial area. The project has at least three phases of residential and office towers as well as 100,000 square meter mall.
(Sourced from MEED)
