Dubai-based Arabtec to build villas worth AED1.7 billion for Emiratis
Arabtec Construction, a subsidiary of UAE-based engineering and construction group Arabtec Holding, on Sunday (March 20) announced that it has won an AED1.7 billion contract from the UAE federal government to build 1,100 houses in the eastern emirate of Fujaira.
According to the agreement, the developer will build 1,100 villas for the UAE nationals in a total built-up area of 430,000 square metres on a plot area of 215 hectares.
It would begin the construction immediately and expects to take nearly 2.5 years for the completion.
“We are proud that the Ministry of Presidential Affairs has chosen Arabtec to execute this project of national importance,” said Saeed Mohamed Al Mehairbi, Acting CEO of Arabtec Holding in a statement to Dubai stock exchange.
Earlier this month, the company was awarded an AED1.1bn project to build a twin-tower residential development in central Dubai.
In January, the company, 36-per cent owned by Abu Dhabi state fund Aabar Investments, was awarded an AED2bn contract to build 1,071 villas on YAS Island, in the country’s capital, Abu Dhabi.