Bahrain-based GFH Financial Group (GFH) has announced that it has awarded a contract to China Machinery and Engineering Corporation (CMEC) for the construction and financing of up to 85 percent of its Dubailand based project, California Village, for about $150 million.
The turnkey engineering, procurement and contracting (EPC) contract will see financing provided by Chinese banks under an insurance policy to be issued by Chinese state government agencies.
California Village is a gated community located in Dubailand with more than 200 private villas and 400 branded residence opposite to the IMG Worlds of Adventure theme park.
State-owned CMEC, which is listed on the Hong Kong Stock Exchange with a market capitalisation of $15 billion, will assume all activities necessary at the Dubailand-based project for the completion of villas, apartments, facilities and other amenitiess.
Hisham Alrayes, CEO of GFH, said: “We’re pleased to create this important strategic relationship with CMEC, who is a leading global EPC provider. California Village will mark our first cooperation and we expect to build on this relationship with CMEC and other Chinese partners to undertake works that reach up to $1 billion in value covering other projects currently under discussion in the Gulf region.
“We look forward to obtaining the necessary approvals and concluding this important milestone successfully.”
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