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

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


 






  MENA News Headlines
 Aug 27 2014 - Arab BeverageJuice Industry Conference set in CairoArab News
(MENAFN - Arab News) The fourth session of Arab Beverage and Juice Industry Conference and Exhibition will be held on Sept. 2 in Cairo.The activities of the conference and exhibition will continue ...

 Aug 27 2014 - Oman Rail to begin the 1st phase of Sohar-Buraimi stretchMENAFN
(MENAFN) Under instructions from the Sultanate's government, Oman Rail Company has drawn up plans to implement the Oman National Railway project, Times of Oman reported.The plan envisions the ...

 Aug 27 2014 - The AU and the UN resolved to further strengthen their cooperation in support of ongoing efforts at development and stability in the Great Lakes RegionMENAFN Press
(MENAFN Press) NAIROBI Kenya August 27 2014/African Press Organization (APO)/ -- As part of the initial tour he is undertaking in the region Said Djinnit the Special Envoy designate of the ...

 Aug 27 2014 - Canada Concerned About Downing of UN Helicopter in South SudanMENAFN Press
(MENAFN Press) OTTAWA Canada August 27 2014/African Press Organization (APO)/ -- Foreign Affairs Minister John Baird today issued the following statement: 'Canada is concerned by reports that a UN ...

 Aug 27 2014 - Arrowstorm Entertainment Launches Kickstarter for New Fantasy EpicThe Christmas DragonMENAFN Press
(MENAFN Press) The Christmas DragonArrowstorm Entertainment offers advance DVDs and Blu-rays of upcoming film The Christmas Dragon via Kickstarter promising the world "a new Christmas classic."Salt ...

 Aug 27 2014 - Kuwait's crude oil exports to China hit 4-month highArab Times
(MENAFN - Arab Times)  BEIJING Aug 26 (KUNA): Kuwait's crude oil exports to China jumped 16.9 percent in July from a year earlier to a four-month high of 1.11 million tons equivalent to around ...

 Aug 27 2014 - Pacquiao won't 'waste time waiting' for MayweatherArab News
(MENAFN - Arab News) MACAU: Manny Pacquiao and Chris Algieri are on a two-week globe-trotting tour to promote their welterweight title fight in November but the match the world truly wants to see ...

 Aug 27 2014 - Boko Haram expands own 'caliphate' in NigeriaArab News
(MENAFN - Arab News) YAOUNDE Cameroon: Boko Haram militants have seized control of a Nigerian town after soldiers deployed there fled to take refuge across the border in nearby Cameroon police and ...

 Aug 27 2014 - Pakistan army chief PM Sharif discuss 'political situation'Arab News
(MENAFN - Arab News) ISLAMABAD: Pakistani Prime Minister Nawaz Sharif met the powerful army chief on Tuesday a source in his administration said as a political deadlock over mass protests for the ...

 Aug 27 2014 - Kuwait Energy wants to invest more in IraqMENAFN
(MENAFN) Despite unstable conditions in Iraq, Kuwait Energy announced it is very eager to invest more in the country due to its potential, Arabian Business reported.The company said that most of ...

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

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