Arabtec Holding wins $1.55bn Jordan contract
Company signs deal to build resort in Aqaba area
Dubai contractor Arabtec Holding said on Monday it had won a $1.55bn (AED5.7bn) contract to build a resort in the Aqaba area of southern Jordan.
The project, being developed by an international fund called Red Sea Astrarium LP, will involve a manmade lagoon, four hotels and entertainment facilities including a 4D cinema, a water park and a Star Trek-themed attraction, Arabtec said in a statement to the Dubai bourse.
Construction work on the resort, which is expected to create around 4,000 jobs when opened, will begin in the third quarter of this year, with a soft opening targeted for the third quarter of 2017, the statement added.
The news comes just days after Arabtec Construction was awarded a $705m (AED2.59bn) project to build a new, mixed-use development at Reem Island in Abu Dhabi.