A British Joint Venture has won a GBP 91 million sterling (about U.S. $ 225?
A British Joint Venture has won a GBP 91 million sterling (about U.S. $ 225 million) contract to build a dry dock complex in the Gulf State of Dubai. The agreement was signed at the Embassy of the United Arab Emirates in London on Wednesday (12 September 1973) by H.E. Sheikh Hamdan bin Rashid Al Maktoum, Chairman of the Dubai Dry Dock Company Limited, H.E. the U.A.E. Ambassador to the United Kingdom Mr. Mahdi el Tajir, Mr. C.G.F. Hazell of Taylor Woodrow International and Mr. C.T. Wyatt of Costain Civil Engineering, representing the two companies involved.
The agreement follows the letter of intent last January, under which the two companies undertook construction work to the value of GBP 51 million sterling (U.S. $125 million). The total cost was then put at GBP 70 million sterling (U.S. $170 million). It has been stressed that the GBP 91 million is a "ceiling" figure, allowing for any cost escalation.
The project, which will include a 4,000 metre (about 4,300 yards) breakwater and the necessary support buildings for maintenance, stores, engineering, general services, and administration, will be completed within three to four years. The complex will provide repair and maintenance facilities, with berthing for eight very large crude oil carriers. Several international offers are being considered on who will run the repair and maintenance side.
The Dubai Government has a 70 percent holding in the Drydock Company, whose Chairman, Sheikh Hamdan bin Rashid, is the Minister of Finance, Economy and Industry. The project is described as part of the policy to invest the country's oil revenue for ensuring facilities for future commercial developments. The new dry dock means Dubai will be prepared for the coming of the first million-ton oil supertanker.