Gulf Construction Online - DIFC names property advisor

Regional News

DIFC names property advisor

01 August 2002

US firm Turner Construction and DTZ Middle East have been named as the lead property advisors on Dubai's multi-billion-dollar financial district project.

The project is envisioned as a world-class financial district in line with those in New York, London, Singapore and Hong Kong.

To be located on a 3.5 million sq m site adjacent to the Emirates Towers, the Dubai International Financial Centre (DIFC) facilities will provide a base for financial institutions operating in the region.

The two key companies are expected to launch and manage the initial phase. The immediate task is to establish and manage a strategic selection process to pick a master planner. The pre-qualification process is already well under way.

Turner, which operates through a network of offices in the Middle East, is now in its centenary year with a current portfolio of management projects worth some $6.6 billion. DTZ is now one of the world's leading property advisers with 125 offices in 34 different countries.

Meanwhile, three international firms have been shortlisted for the position of master planner on the project. Skidmore, Owings & Merrill, Gensler & Associates International and Kohn Pederson Fox Associates were selected by the DIFC's Real Estate Development Unit. The final appointment will be made by September-end.

The DIFC master plan should be delivered by the beginning of December, said Marwan Khalifa Al Felasi, the project manager for DIFC's real estate plans. "As an essential first step, we are establishing an appropriate master plan for the entire DIFC land, where we will define the layout, structure and mix of buildings and amenities for the development. We are working with Turner International and DTZ Middle East to fast-track the planning process," he said.