Chinese Construction Giant Backs $1B Dubai Resort Project

Law360, New York (June 25, 2013, 7:29 PM EDT) -- China State Construction Engineering Corp. has agreed to make its first investment in the Middle East by plunking down funds for a piece of a $1 billion hotel and residence tower in Dubai, a project in which it also serves as lead contractor, the company announced Tuesday.

Per the deal, a unit of China State Construction will form a special purpose vehicle with SKAI Holdings Ltd., the developer of the hotel. Financial details of the deal and China State Construction's investment were not disclosed.

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