It contained profanity!!!!!!!!!
This is a great turnaround story. I think it will double in 12 months.
Regards
Multiplex wins $389m Dubai job
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By Carolyn Cummins Commercial Property Editor
December 6, 2005
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MULTIPLEX has set its sights on the United A rab Emirates, winning a $389 million contract to build an 86-storey office and residential tower in Dubai.
The project will add to the construction group's existing jobs in Dubai: 15 residential apartment towers for phases one, two and three of the Burj Residences project, as well as a six-tower residential project on Dubai Marina.
The client is Union Properties, a member of the Emirates Bank Group and listed in Abu Dhabi, and the site is in the Dubai International Finance Centre area. Index Tower will have 25 floors of offices and 50 floors offering 520 apartments and penthouses, with parking, shops, services and a landscaped podium.
Multiplex said Foster & Partners of London produced the architectural concept for the project, and architects Woods Bagot and structural engineers Bruechle, Gilchrist & Evans had been engaged to complete design development.
Goldman Sachs JBWere property analysts said the Dubai contract was significant for Multiplex as it indicated that the troubles at its Wembley Stadium project in London had not stopped it winning work in the UAE.
"The UAE is potentially a very volatile market," the broker said.
"Multiplex has no capital risks in this market but the longevity of the boom is questionable.
"Multiplex needs UAE to remain robust to maintain its $7 billion backlog and fulfil our profit forecasts."
There also remain continuing suggestions of problems relating to Australian subcontractors still unpaid for work done years ago. Former Multiplex director Ian Widdup has confirmed the latest allegations, saying at the weekend that subcontractors had been treated unconscionably.
In response to allegations it owed money to a former contractor, Multiplex said: "The fact is, in the past five years, we have completed some $10 billion worth of work and the number of times we have entered into litigation with a subcontractor is very small.
"These claims … are a decade, if not more, old. It is unfortunate that these issues are being dealt with in the media, rather than the very extensive mediation, arbitration and legal processes that have been available to all parties. We believe that we acted responsibility in these matters."
Aside from the proposed Dubai project, Multiplex has also unveiled plans to construct a £100 million, 42-storey apartment and retail complex at the Elephant and Castle site in the London Borough of Southwark.
As for the $1.8 billion Wembley Stadium project, Multiplex said it remained confident the ground would be ready to host the FA Cup final in May next year.
Multiplex securities closed up 3c to $3.36 yesterday.
MXG
multiplex group
