(MENAFN) Dubai's Majid Al Futtaim (MAF) Properties stated that it has granted a contract worth USD224.8 million for the establishment of the first phase of Lebanon's Waterfront City project, reported Arabian Business.
According to Samer Bissat, a senior project director at MAF Properties, the contract has been awarded to a joint venture between Beirut-based contractors Arabian Construction Company (ACC) and Matta et Associes (MATTA), adding that the first phase is scheduled to complete at the start of 2015.
The 250,000 sqm Waterfront City will comprise residential and retail units, restaurants, amenities, public spaces, a large retail mall, two international hotels, a new office business park, public spaces and a marina promenade.
MAF Properties has other projects in Lebanon, including the USD300 million Beirut City Centre shopping mall, which will include 200 stores over 3 levels, in addition to 40 international food and beverage outlets. The project is due to complete during the current year.