Arabtec wins $6.1bn contract from Aabar
Dubai, February 2, 2014
Dubai-based builder Arabtec said it would build 37 towers worth Dh22.44 billion ($6.1 billion) for Abu Dhabi state fund Aabar in Abu Dhabi and Dubai.
Arabtec is to construct thirty seven mixed-use, residential, and hotel towers in Abu Dhabi and Dubai, including nine mixed-use towers in the Tomouh City of Lights development in Abu Dhabi, with a total plot area of 900,000 sq ft and a built area of 14,000,000 sq ft. In addition, Arabtec will construct four mixed-use towers in Reem Island development.
The residential component of the memorandum includes fourteen towers: two in Rawdhat Abu Dhabi, (total plot area of 64,673 sq ft); seven in Al Raha Beach (total plot area of 1million sq ft), three in Maysan (total plot area of 1.6 million sq ft), and two in Shams (total plot area of 200,000 sq ft), with a total plot area of 1.9 million sq ft and a built area of 14 million sq ft.
The memorandum signed by Arabtec and Aabar also includes the construction of a five star hotel under the management of “Hard Rock International” in prime location on the Abu Dhabi Corniche, with a total plot area of 18,858 sq f. The Hotel will be the first Hard Rock Hotel in the region.
In Dubai, Arabtec will build three mixed-use towers in Business Bay, and six new hotels and serviced apartment towers in Aljaddaf district, adjacent to the Culture Village development. Occupying a total plot area of 300,000 sq ft and a built area of 3 million sq ft, these include a 5 star hotel to be managed by Swissotel, a 4-star hotel managed by Hilton, a 3-star hotel managed by Park Inn, as well as three serviced apartment buildings to be operated by Fraser Suites.
The new hotels in Aljaddaf district are the latest addition to Arabtec’s hotel and hospitality portfolio which includes Abu Dhabi’s iconic seven-star Emirates Palace Hotel, as well as a host of towers and resorts for world-renowned hospitality brands in the UAE, including the Palazzo Versace in Dubai, the Fairmont Hotel Abu Dhabi and Serviced Apartments, and the Tiara hotel on Palm Jumeirah in Dubai.
Khadem Al Qubaisi, chairman of Aabar Properties said the company will assign all construction work in Aabar’s $20 billion real estate portfolio in the UAE, USA, Morocco, Jordan, Serbia and other countries to Arabtec.
Hasan Abdullah Ismaik, managing director and CEO of Arabtec Holding, said: “We are already off to a strong start of the year. This project award to the tune of Dh22.440 billion, and last week’s Dh5.7 billion contract for themed entertainment resort in Jordan, are strong signs that our robust performance in 2013 will gain further momentum in 2014. We look forward to another exceptional year for Arabtec.”
Construction work is scheduled to begin in the first quarter of 2014 and all projects will be delivered before 2020. - TradeArabia News Service & Reuters