Quotes: 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


 


Khaleej Times




  MENA News Headlines
 Nov 28 2014 - India says still searching for 39 workers seized in IraqArab News
(MENAFN - Arab News) NEW DELHI: India said Friday it was still searching for 39 construction workers abducted in Iraq in June denying a report claiming they had been executed by the Islamic State ...

 Nov 28 2014 - Gulf Asia approve steps to protect foreign workersArab News
(MENAFN - Arab News) KUWAIT CITY: Gulf and Asian labor ministers agreed Thursday on a series of initiatives aimed at boosting protection and improving conditions of employment for millions of foreign ...

 Nov 28 2014 - UAE hints at body to monitor forex pegThe Peninsula
(MENAFN - The Peninsula)   An advisory body to the UAE government has suggested that the central bank review the country's currency peg to the US dollar, but local bankers said any change to the peg ...

 Nov 28 2014 - Qatar bourse index down by 3.72pc last weekThe Peninsula
(MENAFN - The Peninsula)  Qatari bourse fell on heavy selloff on latest Opec pessimism on output cut. The benchmark index plunged by 1.39 percent to finish at 13,330 yesterday.The entire sector ...

 Nov 28 2014 - Qatar calls for creating Common Islamic MarketThe Peninsula
(MENAFN - The Peninsula)  Speaking on behalf of all Arab countries, Qatar's Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani, yesterday at the Ministerial Session of ...

 Nov 28 2014 - Saudis block Opec output cutThe Peninsula
(MENAFN - The Peninsula)  Saudi Arabia blocked calls yesterday from poorer members of the Opec oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude ...

 Nov 28 2014 - Don't bypass oil firm, Libya rival govt warnsThe Peninsula
(MENAFN - The Peninsula)  Libya's parallel government controlling the capital will take legal action against buyers of oil bypassing the Tripoli-based state oil firm National Oil Corporation (NOC), ...

 Nov 28 2014 - Qatar Airways partners with Coca Cola IPTLThe Peninsula
(MENAFN - The Peninsula)  Qatar Airways (QA) has teamed up with Coca-Cola International Premier Tennis League (IPTL) as the presenting sponsor for the inaugural edition of the event.The IPTL is the ...

 Nov 28 2014 - Aljazeera to hold global hackathonThe Peninsula
(MENAFN - The Peninsula)   Aljazeera is organising its first hackathon where some of the most innovative minds in media and technology from around the globe will work together and collaborate on the ...

 Nov 28 2014 - GCC 'Summit key to boosting unity'The Peninsula
(MENAFN - The Peninsula)  H M King Hamad bin Isa Al Khalifa of Bahrain yesterday met GCC Secretary-General Dr Abdullatif bin Rashid Al Zayani, who is on a GCC tour.King Hamad stressed the importance ...

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