Arabtec Construction has signed an agreement with Aabar Properties’ subsidiary Aabar Investments for design and construct 37 towers in Abu Dhabi and Dubai for a total contract value of AED22.440 billion ($4.1 billion).
The contract, which is said to be one of the largest development in the region’s real estate sector, also represents Arabtec’s biggest project in terms of value.
Under the deal, Arabtec will construct 37 mixed-use, residential, and hotel towers in Abu Dhabi and Dubai that will include nine mixed-use towers in the Tomouh City of Lights development in Abu Dhabi.
Arabtec will also build four mixed-use towers in Reem Island development, while the fourteen towers of residential component include two in Rawdhat Abu Dhabi, seven in Al Raha Beach, three in Maysan, and two in Shams.
The contract also includes construction of a five star hotel, which will be managed by the Hard Rock International in prime location on the Abu Dhabi Corniche.
Aabar Properties chairman HE Khadem Al Qubaisi said the company is proud for being the principal shareholder in Arabtec which has become one of the leading business groups in the region.
“It was only natural that we award this contract to them, and this is just the beginning of what we hope will be long-term cooperation between us,” Al Qubaisi added.
Arabtec Holding managing director and CEO Hasan Abdullah Ismaik said, “This project award to the tune of AED22.440 billion, and last week’s AED5.7billion contract for themed entertainment resort in Jordan, are strong signs that our robust performance in 2013 will gain further momentum in 2014.”
Construction is slated to begin in the first quarter of 2014 and the projects are scheduled for delivery before 2020.