THE NED

HIT was approached by Oryx Corniche Development QPJSC (OCD) and UCC to undertake a cost estimate exercise. The purpose of the said exercise was to provide guidance to OCD and UCC on the current market price to construct the works and on the price difference, if any, from the Letter of Award stage of the project to the IFC stage. Such a cost estimate was used to settle the final execution value.

HIT’s assessment of market conditions was instrumental in enabling the client and contractor to reach an amicable agreement on the revised contract sum in record time; thus, enabling works on site to continue and meet the very stringent deadlines.