Quotes: 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


 


Khaleej Times




  MENA News Headlines
 Apr 28 2015 - Qatar- HH the Emir Congratulates Sudanese PresidentQatar News Agency
(MENAFN - Qatar News Agency) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Monday sent a cable of congratulations to President Omar al-Bashir on the occasion of his re-election as president of the ...

 Apr 28 2015 - Saud Al-Haqbani crowned with title of American International Challenge Tournament for TennisSaudi Press Agency
(MENAFN - Saudi Press Agency) Saudi team tennis captain under 14 years old player Saud Al-Haqbani was crowned with the title of The International Challenge Tournament, which concluded its ...

 Apr 28 2015 - Saudi- NAUSS Organizes 'Care and Counseling Role Facing Takfiri Thought' ForumSaudi Press Agency
(MENAFN - Saudi Press Agency) The Scientific Forum on 'Care and Counseling's Role in Facing Takfiri Thought' started its works, whereas it is being organized by the Faculty of Social and ...

 Apr 28 2015 - EGP 1.6tn deposits in banks: NBE chairmanDaily News Egypt
(MENAFN - Daily News Egypt) The total deposits in the banking sector amounted EGP 1.6tn, and the funding size increased to EGP 640m, Hisham Okasha, chairman of the National Bank of Egypt (NBE) ...

 Apr 28 2015 - Palestinian youth dies of injuries in JeninJordan News Agency
(MENAFN - Jordan News Agency) A young Palestinian succumbed Tuesday to wounds sustained during clashes with Israeli forces late on Monday in al-Araqa village in western Jenin.Palestinian sources said ...

 Apr 28 2015 - Capital market sheds EGP 7bnDaily News Egypt
(MENAFN - Daily News Egypt) The series of losses for the Egyptian Stock Exchange (EGC) continued for the second consecutive trading day, with the market losing some EGP 7bn. The preceding day the ...

 Apr 28 2015 - Hyundai Verna most sold car in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) The Hyundai Verna was the most sold car in Egypt in January and February after achieving sales of EGP 338m. More than 4,000 cars were sold.The Verna is considered the ...

 Apr 28 2015 - Political situation in Arab world reflects negatively on job opportunities: ministerJordan News Agency
(MENAFN - Jordan News Agency) Labor Minister Nidal Qatamin said that the political situation in Arab countries, especially those that witnessed the so-called Arab Spring and which caused the economic ...

 Apr 28 2015 - Syria Bands Rock Beirut Music SceneArab Times
(MENAFN - Arab Times) Syrian rock bands fleeing war are finding safety and new fans in neighbouring Lebanon, where they are revitalising a Westernised scene with their focus on Arabic musical ...

 Apr 28 2015 - Egypt- Qalaa Holdings hires CI Capital to exit Tanmeyah firmDaily News Egypt
(MENAFN - Daily News Egypt) EGX listed Qalaa Holding has assigned CI Capital as advisor on the possibility of fully exiting its investments in Tanmeyah Micro Enterprise Services, the company ...

more...


 






Google

Internatinal Property Show

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help