Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Dh154 billion for Arabtec projects  Join our daily free Newsletter

MENAFN - Khaleej Times - 23/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief executive officer hasan abdullah ismaik said.

speaking to reporters on the sidelines of cityscape abu dhabi he also said one of arabtec holding companies arabtec construction will sell 40 per cent of its shares in an ipo next year.

“with a core focus on low- to middle-income housing the company will soon announce a series of projects similar to the one in egypt which will take place across several countries in the uae and across the arab world” ismaik said.

arabtec will be developing three projects in abu dhabi and two in dubai.

the abu dhabi-based projects include the saraya development two high-quality luxury towers on the abu dhabi corniche which will be 40 and 46 stories high. the towers will include a total of 122 apartments comprising three- and four-bedroom apartments as well as duplex apartments three townhouses and seven penthouses.

the project is due for delivery towards the end of the year.

he said that arabtec will build a five-star hotel on reem island adjacent to shams abu dhabi. the project will include branded serviced apartments premium residential apartments and high-end retail outlets. the development will include 630 residential apartments including two and three bedroom apartments as well as 184 serviced apartments and 4600sqm of retail space.

arabtec is also currently in discussions with international companies to manage the development’s luxury hotel which will contain 398 rooms.

the development will provide 809 parking spaces as well as other recreational facilities such as swimming pools gym and spa. this project is currently in the design phase and is expected to be completed by 2018.

the third abu dhabi-based project is the rancho ghantout development which is still in the master plan development and feasibility study phases.

in dubai arabtec will develop two projects viceroy tower and the development. viceroy tower development will consist of two towers located in the heart of business bay in dubai. the first tower will offer a luxurious hotel with 440 rooms while the second tower will have 136 serviced apartments. the towers will also provide top-of-the-line spa and health club facilities and retail outlets servicing tenants and the area as well as 630 parking spaces. the 123000sqm project is set for completion in november 2015.

located on dubai’s shaikh zayed road it is a mixed-use development that will house a luxurious hotel and serviced apartments in addition to a variety residential apartments and boutique offices with top-of-the-line facilities.

the hotel will house 180 residential apartments comprising one two and three bedroom apartments as well 215 serviced apartments and 8148sqm of retail and commercial space.

the development’s five-star hotel will include 324 hotel rooms to be managed by the internationally renowned viceroy hotel group. the project is expected to be completed in february 2018.

— haseeb?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Apr 18 2015 - Top Saudi cleric says Yemen operation in line with Shariah rulesThe Peninsula
(MENAFN - The Peninsula) IN their Friday sermons, imams in several mosques across the Kingdom said Saudi Arabia's decision on the military operation in Yemen was timely and historic with Imam and ...

 Apr 18 2015 - Construction of Dubai Metro extension a feat of engineeringThe Peninsula
(MENAFN - The Peninsula) It took more than 1,000 experts to turn the Dubai Metro dream into a reality and build the first driverless rail network in the Middle East.At 75 kilometres, the metro is the ...

 Apr 18 2015 - Saudi Maaden net profit at USD69.57m in Q1MENAFN
(MENAFN) Saudi Mining Co. (Maaden) has reported its first-quarter net profit more than doubled year on year, but the earnings still fell short of analysts' forecasts, Arab News reported.The Gulf's ...

 Apr 18 2015 - Rolls-Royce wins USD9.2b order for Emirates enginesMENAFN
(MENAFN) Rolls-Royce said it had won a USD9.2 billion order to supply engines for 50 A380 aircraft for Dubai's Emirates airline, providing a boost for the British company, Arab News ...

 Apr 18 2015 - Saudi RCJY industrial cities investments hit USD266.55bMENAFN
(MENAFN) The volume of investments injected into Jubail, Yanbu and Ras Al-Khair industrial cities reached USD266.55 billion, president of the Royal Commission for Jubail and Yanbu (RCJY) said, Arab ...

 Apr 18 2015 - Obama to host Gulf leaders on May 13-14The Peninsula
(MENAFN - The Peninsula) US President Barack Obama will welcome the six leaders of the Gulf Cooperation Council states in mid-May for talks on Iran's nuclear programme and the conflicts in Yemen, ...

 Apr 18 2015 - Qatar- Bangladeshis mark Mujibnagar DayThe Peninsula
(MENAFN - The Peninsula) The Embassy of Bangladesh in Qatar and the Bangladeshi community observed Mujibnagar Day today with solemnity. Mujibnagar Day is observed every year in Bangladesh and the ...

 Apr 18 2015 - Syrian doctors ask Russia to help unblock medical aidThe Peninsula
(MENAFN - The Peninsula) Two Syrian doctors urged Russian diplomats at the United Nations on Friday to put pressure on President Bashar al-Assad to allow life-saving medical supplies into a besieged ...

 Apr 18 2015 - Qatar highlights water security challenges at World Water ForumThe Peninsula
(MENAFN - The Peninsula) H E Dr Mohamed bin Saleh Al Sada, the Minister of Energy and Industry, led Qatar's delegation at the Seventh World Water Forum, along with Eng. Essa bin Hilal Al Kuwari, ...

 Apr 18 2015 - Qatar- Gasna competition winners namedThe Peninsula
(MENAFN - The Peninsula) Winners of the Qatar University (QU) Sixth Gasna Competition were announced at a closing ceremony recently.The competition, which is an initiative organised annually by the ...

more...


 






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

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