Dubai – Mubasher: Mag Property Development has commenced the main construction works of phase 1 of 'Mag City' project which is situated in Mohammed Bin Rashid Al Maktoum City.
In August, the Emirati firm has signed a contract worth $500 million (AED 1.84 billion) with China National Chemical Engineering Group Co (CNCEC) to be the project’s main contractor, said a recent press release.
Under the deal, the first phase will be executed at a value of AED 550 million, while the remaining phases will be executed at a value of AED 1.380 billion pursuant to the dually-signed letter of intent.
It is worthy to mention that the implementation phase includes accomplishing the works through stages starting 2023 until the end of 2024.
