The four-year project covers three areas of interest – the innovation hub, academic campus, and accommodation – in the Abu Dhabi project
US-based Block 7 investments has awarded an engineering, procurement, and construction contract worth $1.8 billion to Malaysian group Serba Dinamik, for an innovation hub and academic campus in Abu Dhabi. The contract also covers related facilities and information technology infrastructure for the project.
The four-year project covers three areas of interest – the innovation hub, academic campus and accommodation comprising apartments and hotels, over a total built-up area of 455,000 sqm, the company stated. The innovation hub development will include offices, restaurants, and exhibition and IT centres.
Under the terms of the contract, scope of work includes but is not limited to designing, engineering, procuring, supervising, managing, supplying, transporting, constructing, commissioning, and the remedying of any defects in connection with the project. Work is set to begin in May 2020.
It added: “The project forms part of Block 7’s initiatives to create a global incubator for the advancement of innovators for the technology, property, financial as well as energy sectors, to be positioned as a new landmark for Abu Dhabi.”
In a bourse filing, the company stated that the award will not have any effect on the issued share capital and the shareholdings of substantial investors.