The building of the entire Ajman Uptown project by Sweet Homes Group, the UAE developer, will be carried out by the company's construction division, Sweet Homes General Contracting. The contract is worth Dh2.2 billion (US$598 million).
Ajman Uptown has been valued at Dh3bn and will include about 1,500 villas and seven four-storey buildings.
The contractor will be responsible for the entire township project, from soil improvement and foundation work to construction. The engineering firm, Adnan Saffarini, has been appointed as the primary consultant for the planning, design and supervision of the development.
The developer is in the process of hiring suppliers and subcontractors for the job, which is expected to be completed in three years.
Spread over 37 hectares of land, Ajman Uptown will also include a hotel and hotel apartments, a shopping mall, hospital, school, health club and two mosques.
"It is indeed an exciting phase for the group to start working on the realisation of this project," said Fahad Sattar Dero, the chief executive of Sweet Homes Group. "Our keenness to develop projects of remarkable concept, design and quality has motivated us to expand our operations.
"As we mark the launch of Sweet Homes General Contracting, I proudly announce that Sweet Homes has taken an enormous step, which will take us further into our foremost goal of providing promising investment opportunities with high percentages of returns."
Sweet Homes announced late last year that it would invest Dh1.8bn this year in various residential, commercial and mixed-use developments across the UAE. The firm is also targeting projects in Qatar, Oman and Saudi Arabia.
agiuffrida@thenational.ae
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.