Shaikh Holdings awards Dh412m Sanctuary Falls project to Arabtec

Shaikh Holdings, a leading Dubai-based real estate investment and development company, has awarded Arabtec Construction LLC a Dh412 million contract to commence construction of its prestigious Sanctuary Falls villa development, a landmark boutique community in Jumeirah Golf Estates.

In awards Dh850 million Sanctuary Falls project, aimed at creating a new landmark in the community as a first resort-style golf residential community in the UAE property.

Launched in July 2007, the development has already received strong interest from both local and international Dubai home buyers and has been awarded "Best Golf Development" in the Arabian CNBC Property Awards 2007.

"We have taken our time to research Dubai property and nominate the best quality of contractors and subcontractors, as our partners in the development of the Sanctuary falling," said Emran Sheikh, Director General, Sheikh Holdings.

The community features a collection of 96 resort-style villas overlooking the Earth golf course, designed by Greg Norman.

Arabtec Holding Co, the UAE's largest construction company at market value, said yesterday it expects revenue this year will increase by 40 per cent, slower than in 2007.

"We expect revenue in 2008 to grow by 40 per cent to Dh6 billion ($ 1.63 billion) ... is determined more projects," CEO Riad Kamal said Reuters.

Revenues rose 52 percent last year to Dh4.27 billion and the profit more than doubled to Dh535.2 million people, according to Reuters.

"Profit growth depends on many factors, such as the cost of Dubai building materials, wages and possible delays in deliveries, which are out of our hands," Kamal said.