Arabtec picks up US$187m contract from Ishraqah

Arabtec CEO Riad Kamal

Real estate developer Ishraqah has awarded the Onyx Towers construction contract to Arabtec Construction.

The deal, worth AED687 million (US$187 million) will see the firm build the trio-tower project on Sheikh Zayed Road, next to Emaar Business Park.

“We are proud to be associated with the development of the Onyx project, which reconfirms our long term belief and commitment to the United Arab Emirates construction market and specifically Dubai. Our record and experience in the construction of such iconic developments is unparalleled and we are honoured to be selected for the development of such prestigious project,” said Arabtec Holding CEO Riad Kamal.

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The project will be built on a 22,000 m² land plot with a total built-up area of 202,800 m². It will consist of three buildings, a 16-storey tower and a 25-storey tower with amenities, office and retail space, and a 14-storey, four-star business hotel, with 10 suites and 200 rooms.

The project management is assigned to Masharea, a multinational Middle Eastern company. KEO International Consultants are responsible for the engineering and the supervision of the works.

The enabling works are nearing completion and the construction is scheduled to commence in September 2009