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GRF
GRF
Group Five Dubai Contracts Pushes Towards The R2 Billion Mark
Group Five Limited
(Registration number: 1969/000032/06)
(Incorporated in the Republic of South Africa)
(Share Code: GRF & ISIN Code: ZAE000027405)
("the Company")
Media release
7 March 2006
GROUP FIVE DUBAI CONTRACTS PUSHES TOWARDS THE R2 BILLION MARK
Group Five Middle East, in consortium with its sponsor Al Naboodah, has been
awarded two further contracts in Dubai with a combined value of AED 1,07-billion
(R1,7-billion). The value to Group Five is R572-million.
This brings the total value of contracts awarded to Group Five since opening its
offices in 2004 to almost R2-billion.
The group is currently working on the central utilities complex and the mega
cargo terminal at Dubai International Airport. The two new contracts are for a
duty free warehouse at the airport valued at AED70 million (R115m) and an
airfield and infrastructure at the new Jebel Ali Airport City about 40km from
Dubai International. The value of Group Five"s portion of this contract is R510
million.
"As we said at results time, our Dubai business is doing extremely well. We are
very focused in what work we take on to make sure we can deliver on time and
benefit from the higher margins that can be extracted from these projects. We
have a trusted partner in Al Naboodah and look forward to continued success in
this region," said Group Five CEO Mike Lomas.
The duty free warehouse forms part of the major expansion project by the
Department of Civil Aviation Dubai at the Dubai International airport. The
contract is for the foundations and concrete structures for the warehouse that
has a footprint of 27 600m2, five levels of office blocks, two levels of
stacking and a central stacking area.
Construction started at the end of January 2006 and will be completed by October
this year.
The proposed Jebel Ali Airport City will cover 140 square kilometres and will
include not just an airport, but also several smaller "cities" that will cater
to the financial, industrial, service and tourism industry"s needs connected to
the aviation industry. The core of the "city" will be one of the world"s largest
airports. Commercial City, which will be the financial and business heart of
the airport city, will include over 850 tower blocks between 50-300 metres in
height.
-ends-
Issued by:
HG Strategic Communications 011 482 4918
Heidi Geldenhuys 083 325 8924
Enquiries:
Mike Lomas 011 806 0245
Date: 07/03/2006 09:48:04 AM Produced by the JSE SENS Department
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