Dubai – Mubasher: GFH Financial Group on Sunday announced awarding a major engineering, procurement, and contracting (EPC) deal to China Machinery and Engineering Corporation (CEMC) for its project in Dubai.

The $150 million contract involves the construction and financing of up to 85% of GFH’s California Village in Dubailand.

“The contract will see financing provided by Chinese banks under an insurance policy to be issued by state government agencies of China,” GFH said in a statement.

As per the deal, CEMC will be responsible for all the main activities pertaining to completing villas, apartments, facilities and other amenities at the Dubailand-based project.

With over 200 private villas and 400 branded residences, California Village is a the high-end mixed-use development and gated community in Dubailand.

The project’s units are located opposite the well-known IMG park on Mohammed Bin Zayed highway in Dubai, Bahrain-based GFH revealed.

Owned by the Chinese government, CEMC is listed on the Hong Kong Stock Exchange with a market capitalisation of $15 billion.