1. INTRODUCTION 2. ECONOMIC BACKGROUND 3. PROJECT BACKGROUND 4. FINANCIAL IMPACT ON THE PROJECT AND COST CONTROL APPROACH 5. ECONOMIC, SOCIAL AND POLITICAL FACTORS ON THE PROJECT 6. ROLE OF CONSTRUCTION TECHNOLOGY & SUSTAINABILITY 7. CONCLUSION 8. APPENDIX 9. REFERENCE
1. INTRODUCTION: The project titled ‘The Agora Mall’ in Dubai is taken up for the construction project analysis. The project initiated in 2006 at the prime boom time taken up the ground works by early 2007 but ultimately got suspended in 2012 due to prolonged financial and other related issues which are covered in detail in the following sections. The present stage of the project is at basement level that too under partial completion and awaiting financial assistance from a leading bank in Dubai with whom the Employer has a financial tie up. The project been promoted by Ahmed Ramadhan Juma (ARJ) group having head office in Dubai, United Arab Emirates and according to the company website was found in 1964 headed by the Chairman and comprise of board members from the family and the core management team comprise of financial managers and engineers with the total work force around 1000 personnel covering the various trades operated by the organisation. The above mentioned project falls under the real estate division of the organisation developing retail, commercial & residential properties in Dubai’s prime areas such as Silicon oasis, Dubai marina and Jumeriah where the topic project is located. The project was the brain child of the founder and the Chairman of the ARJ group in the year 2006 who passed away in 2010 during its construction period and was taken up by his two sons who were the then board of directors promoted as Chairman and Managing Director respectively. The presenter of this project analysis was an employee of the Local Consultant at the capacity of Quantity surveyor till 2009 and was still in touch with the ex-colleagues to know about the status of the projects which were handled as Quantity surveyor. 2
Not much of information can be gathered neither in the newsletter or construction magazine due to stringent government policy in publishing the economy of the country and can find only few of the well known mega projects been portrayed as delayed leaving the rest under general statistical coverage. Further in due respect to the concerned organisation’s policy in safeguarding their privacy matters, no back up documents related to stoppage can be provided leaving only few references cited about the project for information. 2. ECONOMIC BACKGROUND: Though the employer had many ongoing commercial and residential developments at the period, this was the first major commercial development in the retail sector which had already set as a rising trend in Dubai’s economic development. The location of the project happen to be the biggest advantage as being the prime residential area comprising westerners and cash rich locals. The location also had other economic advantage of having only a handful of boutique shops and singled out Mercato Mall to cater the vast and potential population living around that area. The project was targeted as a lucrative high end shopping mall and expected to set a bench mark to retail arcades. The project once completed is expected to house the world leading brands under one roof added with ample car parking facility and its vantage location in Jumeriah was expected achieve high economic value. The project was expected to receive 50% funding from financial institution and the rest by the organisation leaving on other partnership. The management team of the organisation was confident on the economic returns through leasing the space to leading brands which at that time found to be highly viable on the growth progress achieved in Dubai especially in tourism and retail trade. 3
3. PROJECT BACKGROUND: The management team was the authority of the project and was responsible in...