Hamilton is named as PM on Omniyat Binary Tower

Project manager takes contract on US $149 million development while Durech is named as consultant

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By  Angela Giuffrida Published  June 24, 2006

Hamilton has won the contract to project manage Omniyat Properties’ new US $149 million (AED550 million) office tower in Dubai’s Business Bay, while Durech has been appointed as consultant. Eight contractors, including Dutco Balfour Beatty Group, have been short-listed to undertake the foundation work for The Binary Tower, a development of two conjoined 21- and 25-storey towers. “The first contract for the foundation and shoring work will be awarded over the next two months and construction will begin in September,” said Mehdi Amjad, president and CEO, Omniyat Properties. “We try to focus on a carefully selected list of contractors with a great reputation — either local or international.” The Binary is Omniyat Properties’ third tower project in Dubai. Spread over 39,019m2, it will contain office and retail space along with restaurants, a day care centre, banks, a medical centre and the Middle East’s first artificial beach deck on the roof of the 21-storey tower. It is due for completion in the first quarter of 2009. “This will take the value of our projects in Dubai to $1.36 billion. Our goal is to be the most respected and admired property developer in the region and the first choice of customers in the region. We will achieve this through exciting projects such as The Binary,” added Amjad. The company’s two other office towers in Business Bay —One Business Bay and Bayswater — are currently under construction by Dutco Balfour Beatty. Both projects, worth a total of $232 million, were unveiled in February. One Business Bay is a 30-storey tower with a design that resembles a diamond coming out of the ground, while Bayswater is a mid-market development targeted at medium-sized companies. Omniyat Properties, which was formed as a result of Almasa spinning off a five-year-old real estate investment division, was launched last December with an initial issued capital of $40 million, and an authorised capital of $81 million.

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