Dubai-based Future Metro and China Gezhouba Group Corporation (CGGC) signed an alliance agreement in Dubai on 30 August, 2017 for jointly undertaking projects in the UAE.
The agreement was signed by Abdul Hamid Moukayed, chairman of Future Metro, and Li Ke, branch manager of CGGC.
Under the terms of the agreement, the alliance will undertake several mega projects in the UAE. CGGC, a construction and engineering contracting company, will reportedly invest up to $2bn in UAE projects.
Speaking about the agreement and the market, Moukayed said: “This is just the beginning of a wonderful friendship. The market in the UAE is extremely promising. For those who have doubts as to what’s coming ahead, I assure you that this industry and this country is not short of opportunities.”
He added that over the coming months Future Metro will be conducting several meetings with the decision holders and that the company will be focusing on EPC (engineering, procurement and construction) and finance.
On the nature of the projects the company will execute, Moukayed told MEP Middle East on the sidelines: “We will provide a turnkey solution. Starting with the early studies of business models, [securing] good partnership with governmental or semi-governmental entities, proceeding towards efficient design. And then procuring the right construction techniques. Finally, [focusing] on finance element, which is important in any project.”
Moukayed also announced that Future Metro recently won the contract for the Royal Atlantis residence project.