DIB (DISB.DU) said that it has awarded a contract to Engineering Contracting Company valued at AED687 million to construct Badr Project Phase 1 on DIB-owned land. The project is part of a self-contained residential community that consists of five distinct zones with apartment buildings as well as a number of villas and other community buildings and recreational facilities. The master development, Badr, with a total built-up area of 13.8 million sqft will be developed across five phases and the first phase with a built-up area of 2.2 million sqft is expected to be completed by 2018. Phase 1 is located centrally within the overall project adjacent to a central park with mixed-use and retail facilities. The Badr Project is located at the intersection of two key traffic arteries, namely Sheikh Mohammed Bin Zayed Highway E311 and Al Khawaneej or Airport Road. (Company disclosure)