GFH awards EPC contract to CMEC for California Village project
Project will also secure financing from Chinese banks under an insurance policy to be used by Chinese state government agencies
Bahrain’s GFH Financial Group (GFH) has signed a $150m deal with China Machinery and Engineering Corporation (CMEC). As per the terms of the agreement, CMEC will offer turnkey engineering, procurement and contracting (EPC) services for the construction and financing of up to 85% of GFH’s California Village project in Dubailand.
California Village is said to be a high-end, mixed-use gated community that will host 200 private villas and 400 branded residences opposite IMG park on Sheikh Mohammed Bin Zayed Highway in Dubai.
“We are 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 $1bn in value covering other projects currently under discussion in the Gulf region,” said Hisham Al Rayes, CEO of GFH.
According to a statement from GFH, CMEC will be responsible for all activities at the project site for the completion of villas, apartments, facilities and other amenities. The project will also secure financing from Chinese banks under an insurance policy to be issued by Chinese state government agencies.
“We look forward to obtaining the necessary approvals and concluding this important milestone successfully,” added Rayes.
