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Group Five Dubai Contracts Pushes Towards The R2 Billion Mark

Release Date: 07/03/2006 09:48
Code(s): GRF
Wrap Text

Group Five Dubai Contracts Pushes Towards The R2 Billion Mark Group Five Limited (Registration number: 1969/000032/06) (Incorporated in the Republic of South Africa) (Share Code: GRF & ISIN Code: ZAE000027405) ("the Company") Media release 7 March 2006 GROUP FIVE DUBAI CONTRACTS PUSHES TOWARDS THE R2 BILLION MARK Group Five Middle East, in consortium with its sponsor Al Naboodah, has been awarded two further contracts in Dubai with a combined value of AED 1,07-billion (R1,7-billion). The value to Group Five is R572-million. This brings the total value of contracts awarded to Group Five since opening its offices in 2004 to almost R2-billion. The group is currently working on the central utilities complex and the mega cargo terminal at Dubai International Airport. The two new contracts are for a duty free warehouse at the airport valued at AED70 million (R115m) and an airfield and infrastructure at the new Jebel Ali Airport City about 40km from Dubai International. The value of Group Five"s portion of this contract is R510 million. "As we said at results time, our Dubai business is doing extremely well. We are very focused in what work we take on to make sure we can deliver on time and benefit from the higher margins that can be extracted from these projects. We have a trusted partner in Al Naboodah and look forward to continued success in this region," said Group Five CEO Mike Lomas. The duty free warehouse forms part of the major expansion project by the Department of Civil Aviation Dubai at the Dubai International airport. The contract is for the foundations and concrete structures for the warehouse that has a footprint of 27 600m2, five levels of office blocks, two levels of stacking and a central stacking area. Construction started at the end of January 2006 and will be completed by October this year. The proposed Jebel Ali Airport City will cover 140 square kilometres and will include not just an airport, but also several smaller "cities" that will cater to the financial, industrial, service and tourism industry"s needs connected to the aviation industry. The core of the "city" will be one of the world"s largest airports. Commercial City, which will be the financial and business heart of the airport city, will include over 850 tower blocks between 50-300 metres in height. -ends- Issued by: HG Strategic Communications 011 482 4918 Heidi Geldenhuys 083 325 8924 Enquiries: Mike Lomas 011 806 0245 Date: 07/03/2006 09:48:04 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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