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$220 MILLION CONTRACT

Arabtec wins major hotel project in Dubai

Dubai, June 5, 2013

Arabtec Construction, a leading Mena construction company specialising in complex projects, has been awarded the main construction contract for a five-star hotel and serviced apartments tower located in the Business Bay district of Dubai. 
 
The Dh810 million ($220.5 million) project is set to commence in Q2 2013 with a 24-month duration and expected completion in Q2 2015, said a statement.
 
Located in the heart of Dubai, the development has a built up area of 125,000 sq m (1.5 million sq ft); and encompasses two towers with 447 rooms and 136 serviced apartments. 
 
Hasan Abdullah Ismaik, managing director and CEO of Arabtec Holding, said:  “We are pleased to have been awarded a prestigious project of this nature with a distinctive design. This new landmark is expected to play a vital role in supporting the local tourism and hospitality sector, which continues to grow in line with the UAE vision and economic goals.” 
 
Ismaik added: “The company is in a very strong position to leverage an extended period of increased activity across the region.  With an enhanced senior leadership team, armed with solid financial and risk management capabilities, we are forging ahead with our growth strategy aimed at maintaining the development of existing businesses and expansion into higher-margin areas of construction.” 
 
He continued: “Our recently announced dividend policy, which targets a dividend pay-out of at least 10 percent per annum of our total share capital, aims to provide our shareholders with a regular return on their investment as they participate in our growth. We are now starting work on several major projects, so the company should see a positive impact on earnings towards the end of the year.”
 
The planned dividend payout of at least 10 percent per annum of its total share capital is expected to take effect from 2013, subject to shareholder approval at its next Annual General Meeting, the statement said.
 
Arabtec recently reported a 20 percent rise in first quarter 2013 revenue to Dh1.55 billion and the company’s growing portfolio comprises a variety of the world’s iconic developments such as the world’s tallest tower Burj Khalifa, Emirates Palace, the Fairmont Abu Dhabi and the Louvre Abu Dhabi museum amongst other landmarks attracting tourist from across the world. 
 
The hotel and serviced apartments will be equipped to provide both business and leisure travellers with an exclusive hospitality experience. From its modern business facilities, meeting rooms, banquet halls, to its state of the art gym, spa and fine dining, the hotel and serviced apartments are ideally placed to service the growing number of Dubai visitors, the statement added. -TradeArabia News Service



Tags: hotel | Arabtec |

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