Royal Development Holding awards $215mln main contract for Al Reem Island branded residential project

By Zawya

By Staff Writer

Royal Development Holding, the real estate arm of Abu Dhabi-listed Emirates Stallion Group (ESG), in partnership SAAS Properties have appointed the main contractor for branded Seamont Autograph Collection Residences on Al Reem Island.

Fibrex, an Abu Dhabi-based tier 1 contractor, is scheduled to commence in October, with a 27-month programme targeting completion in December 2028, ESG said in a statement to the Abu Dhabi Securities Exchange.

The contract is valued at 790 million UAE dirhams ($215 million).

Tariq Nazzal, CEO of Royal Development Holding, said the award of the main works contract marks one of the most significant milestones in delivering Seamont Autograph Collection Residences, taking the project into full-scale construction.

Last week, Royal Development had launched the second phase of its $395mln Radisson Residences project on Al Reem Island.

ESG is a subsidiary of IHC, is a diversified UAE group comprising more than 50 subsidiaries across manpower and accommodation, real estate, design and manufacturing, landscaping, and agriculture.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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