Arabtec wins $700m Reem Island contract
Contractor to build mixed-use project with 61-storey residential tower
Arabtec Construction has been awarded a $705m (AED2.59bn) project to build a new, mixed-use development at Reem Island in Abu Dhabi.
The company will build a new 61-storey residential tower containing 613 furnished apartments and a 15-storey, C-shaped hotel building with 400 guest rooms and 200 apartments. The towers will be connected by a ballroom and retail block and will be built on a 32,000m2 plot.
The company did not name the client who had commissioned it to build the complex, but said negotiations were underway with "world-leading hospitality brands" to run the complex.
The project, which has been designed by the Architecture and Planning Group, is set to start on site before the end of March and will take three years to complete.
The buildings are next to The Gate Towers, built by Surouh Real Estate, which is now part of Aldar Properties.
Arabtec CEO Hasan Abdullah Ismaik said: "This is the first glad tidings of the new year. And there are many on the way. These will be announced in due course.
"We are confident that 2014 will be a special year, not only in terms of new awards, but also with regard to the progress of implementation of our growth strategy and the striking of more local and international partnerships to take Arabtec to higher levels of success.”
Arabtec said the deal takes its project backlog to an all-time high of AED33bn ($9bn).
Ismaik added that this was “a significant milestone in Arabtec’s history and a tribute to our ambitious growth strategy".