Arabtec announces new AED 1.1bn project in Dubai
Arabtec Construction, a subsidiary of UAE-based engineering and construction group Arabtec Holding, announced that it had been awarded an AED1.1 billion ($300 million) residential project in Dubai.
The listed group made the announcement on Thursday through a statement published on the Dubai Financial Market.
The new project comprises a twin-tower residential development in central Dubai. Each of the towers will be 50 storys high and the development will span an area of 227,800 square metres.
The company did not provide an exact date for when construction would begin, but stated that the project will be delivered in approximately two and a half years.
“We are delighted to have been chosen to execute this important project, adding further to the strong momentum [with] which we began 2016,” said Saeed Mohamed Al Mehairbi, acting CEO of Arabtec Holding.
Earlier in January, the company was awarded an AED2bn contract to build 1,071 villas on YAS Island, in the UAE’s capital, Abu Dhabi.
Arabtec had reported losses valued at AED2.3bn in 2015, but has been among the strongest performers on the stock exchange since the beginning of 2016.
The firm’s stocks were among the most heavily traded on the bourse on Wednesday, climbing by 1.7 per cent.