Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - Arabtec bags Dh2.59 billion Al Reem Island contract  Join our daily free Newsletter

MENAFN - Khaleej Times - 15/01/2014

No. of Ratings : 0
Add to Mixx!


 


(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.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help