Arabtec wins Dh1.1bn deal to build twin Dubai towers

UAE contractor Arabtec has won a contract to build a pair of twin, 50-storey towers in central Dubai. The company said that the contract was for a residential development worth Dh1.1bn and that the towers will have a built-up area of 227,000 square metres. In a statement, the company said it was a “prestigious” project […]

UAE contractor Arabtec has won a contract to build a pair of twin, 50-storey towers in central Dubai.

The company said that the contract was for a residential development worth Dh1.1bn and that the towers will have a built-up area of 227,000 square metres.

In a statement, the company said it was a “prestigious” project but did not name the client.

It said that construction will begin straight away, and that the work will take two and-a-half years to complete.

Arabtec Holding’s acting chief executive, Mohamed Al Mehairbi, said: “We are delgihted to have been chosen to execute this important project, adding further to the strong momentum in which we have begun 2016.”

Already this year, Arabtec has announced the award of a Dh2bn contract from Aldar Properties to build 1,017 villas at the West Yas development on Yas Island, and its consortium with Turkish contractor TAV Construction has secured a $1bn (Dh3.67bn) to build a new terminal at Bahrain International Airport.

Arabtec endured a tough 2015, though, posting a full-year loss of Dh2.3bn as sales declined by 12 per cent to Dh7.3bn.

mfahy@thenational.ae

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Source: Business

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