Arabtec signs $136m Nile Towers contract
Contractor to build pair of 23-storey towers in southern Cairo suburb
Arabtec has announced that it has concluded the signing of a $136m (AED: 500m) contract to build the Nile Towers - a 23-storey twin tower project in Cairo.
The company was appointed as main contractor on the project alongwith with a local joint venture partner in July 2012. It consists of two towers in the Maadi suburb of southern Cairo which will overlook the Nile. The buildings will be on a 110,208m2 site and will share three basement levels, as well as an upper and lower ground floor.
One tower will contain a Hilton Hotel with 256 guest rooms and suites, while the other will house 114 luxury residential apartments. The design team building the project includes architects Space Consultants, EHAF Consulting Engineers and project managers Hill International.
Hasan Ismaik, managing director and CEO of Arabtec, said: “We are very pleased to be working on the prestigious Nile Towers development.
“The construction industry is entering a new phase of growth across the MENA region that is forecast to last for the next seven to ten years. Arabtec has a dynamic growth strategy to expand its business into new sectors and new markets.”
The Nile Towers is Arabtec’s third significant project in Egypt, following on from a $47.3m (AED: 174m) contract for Emaar to build 74 luxury villas and 30 townhouses at its Al Marassi project in Alexandria and a $44m (AED: 162m) contract to build a 726-unit residential scheme at a clifftop in Sokhna known as The Hanging Gardens.