FCT signs MoU for $2.6bn Abuja project


The efforts to transform Abuja into a
truly world class capital city has
received a boost with the signing of
Memorandum of Understanding,
(MoU) between the Federal Capital
Territory, FCT Administration and a
Dallas, Texas, USA- based
conglomerate, the Balkan
Development Center Ltd for the
building of a $2.6 billion Abuja Town
Centre.
The ceremony, which sign-posted
one of the biggest inflow of
investments to the country, took
place at Dallas City, USA between the
FCTA delegation led by the Minister,
Senator Bala Abdulkadir Mohammed
and the Balkan Development Centre
Ltd Management, led by its Executive
Chairman, Gene Phillips.
To cap the impressive event, the
Mayor of Dallas, Dwayne Caraway
hosted the FCT minister to a dinner
in the City of Dallas.
The huge project covers investment
in real estate, shopping malls,
offices, power generation,
infrastructure and so on. The
development of the town centre is
expected to significantly raise the
tourism, entertainment and
commercial profile of Abuja.
FCT minister, visibly impressed with
the project had constituted a high-
powered committee to study and
make recommendations on its
feasibility and suitable site location.
He assured that all obstacles would
be removed by the FCT
Administration to make way for a
smooth take-off and success of the
project.
The President of the Balkan
Development Center, Gene Phillips
gave the estimated time frame for
the completion of the project as six
years. According to him, once the
land is obtained, it would take the
company six months to complete
the engineering design and another
three months for the take off of
actual physical construction at the
site. After that stage, the project
would be executed in three phases,
spreading over a cumulative period
of six years.
Phillips explained that multi-layer
underground car parking facilities
would be built at the centre to
accommodate the large number of
vehicles that would be accessing the
centre.
The project, when completed would
stand out as a global edifice. He
assured that the project would be a
huge success and the type that
would befit Abuja ’s projected status
as a world class capital city.
The company plans to build the
downtown facilities in the Federal
Capital City, possibly within the
Central Business District. Estimated
to occupy a land space of 31
hectares, the design of the project
includes 5,000 housing units. The
town centre, when completed would
be the business and entertainment
hub of the Federal Capital City, Abuja.
Upon take-off, the project is
expected to employ thousands of
Nigerian professionals, as well as
upwards of 10,000 semi-
professionals and unskilled workers.
When completed it is estimated that
the economic impact of the project
will run in trillions of dollars and last
to serve future generations of
Nigerians.
The Abuja Town Centre is estimated
to occupy a land space of 31 hectares
while the design of the project
includes thousands of housing units.




Source:Sun News