22/07/2018 07:33 AST

Bahrain-based GFH Financial Group (GFH) said it has awarded a turnkey engineering, procurement and contracting (EPC) deal to China Machinery and Engineering Corporation (CMEC) for the construction and financing of up to 85 per cent of its Dubailand-based project - California Village - for $150 million.

One of the high end mixed-use development and gated community located in Dubailand, California Village will boast more than 200 private villas and 400 branded residence opposite to the well-known IMG park on Sheikh Mohammed Bin Zayed Highway in Dubai.

CMEC, which is listed on the Hong Kong Stock Exchange with a market capitalization of $15 billion and owned by the State Government of China, will assume all activities necessary at the Dubailand-based project for the completion of villas, apartments, facilities and other amenitiess, said a statement from GFH.

As per the contract, the project will get financing from Chinese banks under an insurance policy to be issued by Chinese state government agencies. On the deal, CEO Hisham Alrayes said: "We are pleased to create this important strategic relationship with CMEC, who is a leading global EPC provider."

"California Village will mark our first cooperation and we expect to build on this relationship with CMEC and other Chinese partners to undertake works that reach up to $1 billion in value covering other projects currently under discussion in the Gulf region," he noted.

"We look forward to obtaining the necessary approvals and concluding this important milestone successfully," he added.


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