{"id":41865,"date":"2017-01-25T19:32:48","date_gmt":"2017-01-25T12:32:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=41865"},"modified":"2017-01-25T16:39:21","modified_gmt":"2017-01-25T09:39:21","slug":"hlg-lands-dh401m-contract-to-build-al-garhoud-towers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hlg-lands-dh401m-contract-to-build-al-garhoud-towers\/","title":{"rendered":"HLG lands Dh401m contract to build Al Garhoud Towers"},"content":{"rendered":"


\nDubai-based HLG Contracting has landed a Dh401 million contract to build a trio of linked towers near Dubai airport.The contract was awarded by Hasabi Real Estate for the Al Garhoud Towers project. One of the three towers will contain a 250-bed, four-star hotel; a second will house a three-star, 350-bed hotel; and the third will have 100 serviced apartments.The towers will share a common podium that will contain facilities including a reception and lounge area, food and beverage outlets and other amenities. There will also be three basement levels containing parking and back-of-house facilities.Construction work on the project begins this month and is scheduled to take just under 18 months to complete, finishing in the second quarter of next year. HLG Contracting was formed when Australian firm Leighton Contractors, now Cimic, in 2007 bought a 45 per cent stake in Al Habtoor Engineering for Dh2.6bn (US$707m). The subsequent financial crisis took its toll on the investment and the Australian firm subsequently extended a number of loans and lines of credit to the business, as well as writing down the carrying value of its investment. Accounts filed by Cimic in February last year showed that it was then owed 1.2bn Australian dollars (Dh3.1bn) by HLG, including A$726.3m of loans that were due to mature in September this year.In November last year, Khalaf Al Habtoor issued a statement saying that he had divested his shares in the business. He said that he “took a strategic decision to depart” to concentrate on his other businesses in hospitality, real estate, automotive, education and publishing. “I am delighted to have founded such an exceptional construction company in 1970 which to date has built many landmarks in the UAE,” Mr Al Habtoor said.His stake was transferred to HLG’s long-standing chairman, Riad Al Sadik. Cimic’s stake remains at 45 per cent.HLG Contracting employs 21,000 staff across the Middle East.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…HLG lands Dh401m contract to build Al Garhoud Towers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-based HLG Contracting has landed a Dh401 million contract to build a trio of linked...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-41865","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aTf","jetpack-related-posts":[{"id":89316,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uae-based-hlg-contracting-announces-new-name-and-brand\/","url_meta":{"origin":41865,"position":0},"title":"UAE-based HLG Contracting announces new name and brand","date":"May 24, 2018","format":false,"excerpt":"\r HLG Contracting becomes BIC Contracting, the company's second name change is less than two years\r \r Source : arabianbusiness.com\r Read more...UAE-based HLG Contracting announces new name and brand","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24060,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hlg-chief-released-from-custody-as-habtoor-exits-joint-venture\/","url_meta":{"origin":41865,"position":1},"title":"HLG chief released from custody as Habtoor exits joint venture","date":"August 26, 2016","format":false,"excerpt":"\r The chief executive of Habtoor Leighton Group (HLG) who was arrested in Dubai this month has been released without charge.His release coincided with the exit of Al Habtoor Holding from the joint venture construction company behind some of Dubai's biggest projects \u2014 including one that was billed as the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23251,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/habtoor-leighton-group-chief-executive-arrested-in-dubai\/","url_meta":{"origin":41865,"position":2},"title":"Habtoor Leighton Group chief executive arrested in Dubai","date":"August 18, 2016","format":false,"excerpt":"\r The chief executive of Habtoor Leighton Group (HLG) has been arrested in Dubai.Jos\u00c3\u00a9 Antonio L\u00f3pez-Mon\u00c3\u00ads, the chief executive and managing director of the contractor was arrested on Wednesday according to an Australian stock exchange filing.\"As a result of a complaint filed with police in Dubai, the CEO and MD\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49144,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/meraas-bluewaters-island-in-dubai-moves-into-the-building-finishes-stage\/","url_meta":{"origin":41865,"position":3},"title":"Meraas' Bluewaters Island in Dubai moves into the 'building-finishes' stage","date":"March 22, 2017","format":false,"excerpt":"\r The developer of the Dh6 billion Bluewaters Island off the coast of the Jumeirah Beach Residence island in Dubai said work is nearing completion. Meraas Holding said construction work on the island is now 75 per cent complete, with the project moving on from its structural phase to building\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24036,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/habtoor-leighton-group-chief-released-without-charge\/","url_meta":{"origin":41865,"position":4},"title":"Habtoor Leighton Group chief released without charge","date":"August 26, 2016","format":false,"excerpt":"\r The chief executive of Habtoor Leighton Group (HLG) who was arrested in Dubai this month has been released without charge.His release coincided with the exit of Al Habtoor Holding from the joint venture construction company behind some of Dubai's biggest projects.Jose Antonio Lopez-Monis, the chief executive and managing director\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4299,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/habtoor-leighton-group-stays-quiet-on-prospects-for-initial-public-offering\/","url_meta":{"origin":41865,"position":5},"title":"Habtoor Leighton Group stays quiet on prospects for initial public offering","date":"February 10, 2016","format":false,"excerpt":"\r \r The UAE-based contractor Habtoor Leighton Group (HLG) owes its Australian parent A$1.2 billion (Dh3.13bn) even as it received an equity injection of A$33.5 million from shareholders last year.HLG was meant to be \"IPO-ready by 2016\", according to previous statements made by its partners. However, newly filed accounts by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41865"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=41865"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/41865\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=41865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=41865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=41865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}