Arabtec inks $299m deal for twin towers in Dubaiby Paromita Dey on Mar 10, 2016
Dubai-listed contractor Arabtec Holding announced that its subsidiary, Arabtec Construction, has been awarded a $299m (AED1.1bn) contract to build a twin-tower residential development in central Dubai.
The two 50-storey towers include residential apartments with a total built up area of more than 227,800 sqm.
Construction will commence imminently with an expected duration of approximately 2.5 years.
Eng Saeed Mohamed Al Mehairbi, acting CEO of Arabtec Holding stated in the company's statement on the Dubai bourse: "We are delgihted to have been chosen to execute this important project adding further to the strong momentum in which we have begun 2016."
The contractor made a net loss of $626m (AED2.3bn) for the whole year of 2015 as compared to $58.5m (AED215m) in 2014.
Revenues were down to $1.9bn (AED7.3bn) for the year, a drop by 12%, as compared to $2.2bn (AED8.3bn) in 2014.