Vault and FECON signed a strategic partnership agreement on August 4— VNS Photo

HA NOI (Biz Hub) — United Arab Emirates-based Vault Investments L.L.C (Vault), and Foundation Engineering and Underground Construction (FECON) signed a strategic partnership agreement on investment research on a construction complex on Phu Quoc Island on August 4.

As part of the research, they would study an urban, entertainment and sports complex spanning 175ha on the island in southern Kien Giang Province.

FECON said the complex would include sports zones for horse racing, car racing, shooting as well as some water sports, which were quite new for many local people. They also plan to have a smart urban zone, a cinema, a gallery, performance stages, a café and a restaurant.

More importantly, they would study ways to use clean energy in all activities at the complex with a solar energy producing zone of 10 MWh capacity.

FECON said the complex would feature or develop more attractions on the island.

Vault was the investor in the project and Fecon was its local development partner.

Vault is the investment fund arm of Nakheel, which is among the five largest property developers in the UAE, and is best known for its land reclamation projects, including the Palm Islands, the Dubai Waterfront, the World, and the Universe islands.

Local FECON Foundation Engineering and Underground Construction JSC is a construction company deeply specializing in foundation engineering and underground construction. 

Establishing in 2004 by highly qualified engineers and experts in foundation engineering and underground construction area, FECON has become one of the leading companies of foundation engineering and underground construction in Viet Nam. — VNS