The Dubai Arena ... Kier has won the construction contract.
UK firms get $600m for Dubai jobs
01 August 2017
The UK Export Finance (UKEF) is providing more than $600 million in support for UK construction firms to deliver three major infrastructure projects in Dubai, said a senior official.
Britain’s export credit agency will be backing UK construction companies Carillion and Kier which have won contracts in the UAE worth hundreds of millions, said International Trade Secretary Liam Fox.
Carillion and Kier will deliver new housing, a major stadium complex and one of the emirate’s biggest office developments. Specifically, Kier has won contracts for the construction of the Dubai Arena, a 17,000-seater entertainment and sports venue, and two staff accommodation buildings. UKEF will be guaranteeing $455 million for Kier to carry out the projects, revealed Fox.
Carillion, which is also a Queen’s Award winner, will design and build the latest phase of One Central, Dubai World Trade Centre’s new mixed-use development in Dubai’s central business district.
Carillion has already delivered the first and second phases of the development, and this new contract that will see it construct two new office towers, thanks to UKEF support of $180 million, he added.
The crucial support from UKEF comes as the government has launched a new initiative bringing together the UK’s leading firms from the infrastructure industry with government in a new partnership to help UK companies secure major international contracts.
“With these flagship infrastructure projects, Kier and Carillion are helping to directly shape Dubai’s economy by boosting tourism and business infrastructure,” said Fox.
“This is yet another example of the UK’s global leadership in the infrastructure sector, and the Department for International Trade, as an international economic department, is proud to be helping these two outstanding firms succeed abroad with the backing of UKEF,” he added.
The Dubai Arena, with a capacity of 17,000 persons, when operational in 2019, will host major concerts and sports events. UK Export Finance has provided Meraas, the project sponsor, with $220 million in finance to support Kier’s contract to design and build the venue.
Kier has also won contracts to deliver two staff accommodation projects for Nshama, which UKEF will support with financing worth $235 million.
The latest phase of the Dubai World Trade Centre is part of an 182,600-sq-m development and includes two high-specification office buildings of 15 and 11 storeys. UKEF will provide $180 million in finance to support Carillion’s contract, haing already provided $285 million in finance for the first two phases of the project which Carillion has completed.
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