Majid Al Futtaim Properties (Maf) has awarded the Dh826 million (US$224.9m) contract to develop the first phase of its 250,000-square-metre Waterfront City in Lebanon to a joint venture between Arabian Construction Company and Matta et Associes.
Under the terms of the deal announced yesterday the two Beirut-headquartered construction companies beat five other firms to win the contract to build 10 apartment blocks as well as shops and restaurants 12 kilometres from the capital Beirut.
The SB Architects-designed scheme is Maf's second major project in Lebanon after its 60,000-square metre Beirut City Centre shopping centre that is slated to complete early next year.
ACC-Matta said it would complete construction and start handing over the apartments to purchasers in early 2015.
"This is another substantial investment into the Lebanese economy both in terms of money spent and job creation during construction and permanent roles on completion," said Samer Bissat, a senior project director at Waterfront City.
Last summer, Maf announced that it had sold 82 per cent of the units it had released in six of the blocks in the first phase of the project. However, anti-government protests in Beirut last autumn are thought to have discouraged some potential investors.