RAK Properties awards $109m deals
Dubai, December 29, 2009
Abu Dhabi-listed RAK Properties said on Tuesday it signed deals worth a combined Dh400 million ($108.9 million) with three contractors to build 20 residential blocks in its mixed-use project Mina Al Arab.
The developer awarded the contracts to DTC, Al Tameer and AAA Contracting to accelerate construction of the buildings, which are scheduled for completion in the second half of 2011, it said in a statement posted on the Abu Dhabi bourse's website.
The Mina Al Arab project is valued at Dh10 billion. The company is based in Ras al-Khaimah, a member of the United Arab Emirates federation.-Reuters