Aldar awards $1.1bn contract to Arabtec venture
Dubai, June 17, 2013
Abu Dhabi's Aldar Properties has awarded a Dh4 billion ($1.09 billion) contract to a joint venture led by Dubai contractor Arabtec for a mixed-use development project in Kazakhstan, the companies said.
The consortium of Arabtec and Consolidated Contractors Group (CCC) will build the Abu Dhabi Plaza in Astana, which is a 500,000 sq m development comprising five towers, a joint statement by Aldar and Arabtec said on Monday.
Construction will start shortly and is expected to be completed by 2017.
Commenting on the project, Aldar Properties chairman Ali Eid AlMheiri said, “The Abu Dhabi Plaza development is a vital part of a major development thrust for Astana and indeed the country as a whole. It is testament to the commitment of UAE companies to support Kazakhstan as it pushes forward with its ambitious economic growth plans."
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