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
 Aug 1 2015 - Qatar Airways refutes US carriers' subsidy claimsMENAFN
(MENAFN) Qatar Airways (QA), in a 'white paper' submitted to the US, has refuted the subsidy allegations against it by the 'Big 3' US carriers.The submission addressed and answered all issues raised ...

 Aug 1 2015 - S&P confirms Doha Insurance rating at 'A'MENAFN
(MENAFN) Standard & Poor's Ratings Services affirmed its 'A' insurer financial strength and counterparty credit ratings on Qatar-based Doha Insurance Co. QSC (DIC). The outlook remains ...

 Aug 1 2015 - Foreign firms eye USD5b Saudi gas projectMENAFN
(MENAFN) Foreign engineering firms have submitted bids to build a gas plant in eastern Saudi Arabia for Saudi Aramco at an estimated cost of USD5 to USD6 billion, industry sources said.Saudi Aramco's ...

 Aug 1 2015 - Qatar- S&P affirms DIC ratings at 'A'The Peninsula
(MENAFN - The Peninsula) Standard & Poor's Ratings Services yesterday affirmed its 'A' insurer financial strength and counterparty credit ratings on Qatar-based Doha Insurance Co. QSC (DIC). The ...

 Aug 1 2015 - Yemen shelling kills 4 on Saudi borderThe Peninsula
(MENAFN - The Peninsula) Rocket fire from war-wracked Yemen on Friday killed threeSaudi soldiers and a member of a paramilitary force, in the deadliest border incident for several weeks, the interior ...

 Aug 1 2015 - Al-Qaeda in Syria attacks US rebel baseThe Peninsula
(MENAFN - The Peninsula) Al-Qaeda's Syria affiliate launched a fierce assault on the headquarters of a US-trained rebel group Friday, while claiming responsibility for capturing members of the ...

 Aug 1 2015 - 4 killed as Saudi private jet crashesThe Peninsula
(MENAFN - The Peninsula) Pilot and three passengers are killed after Saudi private jet crashes into a car dealership near Hampshire airport after overshooting the runway as it tried to land.The small ...

 Aug 1 2015 - Palestinian baby dies in home attackThe Peninsula
(MENAFN - The Peninsula) Suspected Jewish settlers torched a Palestinian home in the occupied West Bank yesterday, killing an 18-month-old boy and seriously injuring his parents and elder brother, an ...

 Aug 1 2015 - Houthis lose ground in Yemen's southThe Peninsula
(MENAFN - The Peninsula) Southern Yemeni fighters backed by a Saudi-led air coalition seized more territory from Houthi militiamen near Aden yesterday, while three Saudi soldiers were killed when the ...

 Aug 1 2015 - Kurdish attack kills two Turkish copsThe Peninsula
(MENAFN - The Peninsula) Two more Turkish police were killed yesterday in an attack blamed on Kurdish militants as tensions in the country boiled over amid the military's cross-border bombing ...

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