Work on a stalled property development in Abu Dhabi’s Port Zayed is set to resume after its owners and builders settled a long-running dispute.
Work on Meena Plaza, a partially-built four high-rise towers complex in the centre of city’s former container port, will restart on October 1 after a gap of two years, the Malaysian contractor Zelan said.
The block of three apartment towers and one office tower, which is being developed by Meena Plaza, a company owned by the private Abu Dhabi developer Tamouh and other investors, was started at the end of 2007 but stalled in 2012.
The 246,500m2 project includes a helipad, sun bathing deck, a covered jacuzzi and wading pool as well as a cinema and private medical centre.
But in November 2012 Meena Holdings ordered work to stop.
After protracted negotiations between the two companies, local media reports say Meena Holdings paid Zelan around $32m to resume work on the project.
“Zelan will recommence works for the project on Oct 1, 2014 and is required to complete the project within 15 months,” a Zelan statement said.
Port Zayed has been earmarked for redevelopment since container operations were moved to Abu Dhabi’s Khalifa Port operation in 2012.