Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Arabtec to Build 37 Towers in Abu Dhabi and Dubai  Join our daily free Newsletter

MENAFN - Qatar News Agency - 03/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Qatar News Agency) Dubai-based company Arabtec Holding, PJSC, has inked, for its subsidiary Arabtec Construction, a Memorandum of Understanding (MoU) with real estate development company Aabar Properties, a subsidiary of Aabar Investments, to design and construct 37 towers in Abu Dhabi and Dubai, for a total contract value of AED22.440 Billion.



The MoU, considered one of the largest in the real estate sector in the region and Arabtec's biggest project by value, was signed at Aabar Properties offices in Abu Dhabi by Chairman of the Board of Aabar Properties Khadem Abdulla Al Qubaisi and Arabtec Holding Managing Director and CEO Hasan Abdullah Ismaik.



According to the memorandum, Arabtec is to construct 37 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.f



In addition, Arabtec will construct four mixed-use towers in Reem Island developmen



"We will assign all construction work in Aabar's US20 Billion real estate portfolio in the UAE, USA, Morocco, Jordan, Serbia and other countries to Arabtec," said Al Qubais



These include seven towers of flats at Raha Beach, two more towers at Rawdhat close to Zayed Sports City, and a 378-room five-star Hard Rock Hotel on the Corniche, the first in the regio



Arabtec is now looking to recruit more than 10,000 workers throughout the regio



Construction will begin in the next two months and is expected to be completed by 202



The deal also cements the link between Aabar Investments, owned by the Abu Dhabi Government and backed by one of the Emirate's sovereign wealth funds, and Arabtec, the rapidly expanding construction company that built the Burj Khalifa

 


Qatar News Agency




  MENA News Headlines
 Aug 4 2015 - UAE Q3 non-oil sector keeps growing baseMENAFN
(MENAFN) An official report show that Business conditions in the UAE's non-oil private sector continued to improve in last July.Non-oil private sector employment in the UAE keeps on increasing in ...

 Aug 4 2015 - Emirates Reit to invest USD56.69m in Akoya new schoolMENAFN
(MENAFN) Dubai-based real estate investment trust Emirates Reit has announced that it will invest about USD56.69 million on building a new school in DAMAC's Akoya development. Emirates Reit acquired ...

 Aug 4 2015 - Egypt expands armed forces mission in YemenDaily News Egypt
(MENAFN - Daily News Egypt) President Abdel Fattah Al-Sisi met Saturday with members of the National Defence Council, in a meeting that saw the expansion of the Egyptian armed forces' participation ...

 Aug 4 2015 - Egypt- None can interfere in judiciary, Brotherhood defendants tried by law: Al-ZindDaily News Egypt
(MENAFN - Daily News Egypt) Minister of Justice Ahmed El-Zind said that defendants of the former Muslim Brotherhood regime are being tried according to the law, during a Friday TV show on a state-run ...

 Aug 4 2015 - Payfort launches instalments service in Egypt, UAE, Saudi ArabiaDaily News Egypt
(MENAFN - Daily News Egypt) The Arab world's leading online payment service provider Payfort has launched on Sunday an instalments service in Egypt, Saudi Arabia and the United Arab Emirates, to ...

 Aug 4 2015 - Oman approves electricity projects worth USD600.2mMENAFN
(MENAFN) Three hundred fifty-nine projects with a total value of around USD600.2 million were approved by licensed operators last year to enhance the electricity network in Oman.The projects were ...

 Aug 4 2015 - Industries Qatar profits surge 20 percent in Q2MENAFN
(MENAFN) Industries Qatar said its second-quarter profit increased 20 percent, beating analyst forecasts, although its half-year profit fell because of declining petrochemicals prices.The ...

 Aug 4 2015 - Health Ministry's Hajj Preparatory Committees hold meetingSaudi Press Agency
(MENAFN - Saudi Press Agency) The Preparatory Hajj Committees of the Ministry of Health held their 12th meeting at the ministry yesterday, in the presence of the heads of the preparatory committees ...

 Aug 4 2015 - Kingdom of Saudi Arabia's Scouts honor World Scout Committee MembersSaudi Press Agency
(MENAFN - Saudi Press Agency) Saudi Arabian Boy Scouts Association honored the members of the World Scout Committee during their visit yesterday to the Saudi delegation participating in Arab Cultural ...

 Aug 4 2015 - Kingdom of Saudi Arabia's Consul General in Los Angeles : We did not record any contact from citizens due to fires in Northern CaliforniaSaudi Press Agency
(MENAFN - Saudi Press Agency) The Consul General of the Kingdom of Saudi Arabia in Los Angeles, Ambassador Dr. Faisal bin Abdulaziz Al-Sudairy, confirmed that there is no Saudi citizen close to the ...

more...


 






Google

Click to Apply

 
 

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