(MENAFN - Khaleej Times) An Arabtec Holding unit on Tuesday announced that it has been awarded a Dh2.59 billion construction contract on Abu Dhabi's Al Reem Island.
The project will consists of a five-star hotel and a residential tower, and will be built within three years, it said in a statement, adding that the deal had pushed its contract backlog to a record high of Dh33 billion.
Hasan Abdullah Ismaik, managing director and chief executive officer of Arabtec Holding, said: "This is the first glad tidings of the new year. And there are many on the way. These will be announced in due course. We are confident that 2014 will be a special year not only in terms of new awards but also with regard to the progress of implementation of our growth strategy and the striking of more local and international partnerships to take Arabtec to higher levels of success."
The project will house a 61-storey residential tower, featuring 613 furnished apartments and another 15 storey C-shaped tower that will host a five star hotel offering 400 guest rooms and 200 serviced apartments. The two towers will be connected by a ballroom and retail block extending 4,600 sqm in area.
Negotiations are underway with a number of world-leading hospitality brands for the management of the hotel and serviced apartments. Ismaik said: The continuous growth of our backlog and our focus on diversification into higher-margin sectors in association with international partners, and geographical expansion will help reinforce Arabtec's position as a construction leader. These will all translate into sustainable, long-term benefits for our shareholders."
Construction work on the project, designed by the Architecture and Planning Group, is scheduled to begin in the first quarter of 2014 and will take 36 months to complete.