Arabtec committed to Russian high rise development
Political events will not derail Europe's highest tower project
Arabtec Holding has revealed it has no intention of pulling out of Russia.
And the UAE-based engineering and construction group is to continue with building the Gazprom tower in St Petersburg.
A spokesperson from Arabtec confirmed that media speculation suggesting the company is to withdraw from the project due to the political events in the Ukraine are baseless.
The spokesperson said: “The project is well on its way as per the schedule agreed upon with Gazprom. Arabtec is proud of the strong relationship that it has built with Russian organisations, and the company aims to develop more partnerships and explore further opportunities in Russia.”
According to the spokesperson, Russia presents a very promising market for Arabtec’s investments, and the company will continue to strengthen its presence there by working on local projects.
Arabtec Holding announced the launch of its Russian construction arm in 2012, following the signing of a contract with Russian company Gazprom Neft for development of the Oktha Center, a 400m-high rise tower.
The skyscraper, which will house Gazprom’s future headquarters, is expected to be Europe’s highest tower upon completion.