Arabtec inks $102m deal for Emaar villa projects
Two Dubai based residential projects signed off, according to statement issued on emirate's bourse
Dubai based construction company Arabtec says it has inked two deals totalling AED375 million with Emaar Properties.
In a statement to the Dubai bourse, Arabtec said the first contract covered the construction of townhouses and villas for the Al Mira Residential project in Dubai. The project will be completed by May 2016.
The second contract covers the construction of “a number of villas” at the Arabian Ranches complex near Dubai’s Motor City. The precise nature and number of villas wasn’t announced, but the contract value stands at AED160 million, and handover is set for March 2016.
Arabtec and Emaar have worked on a number of projects together. The most notable was the construction of the Burj Khalifa and the Address Hotel in Downtown Dubai, plus the Emirates Hills project, Polo Villas and other developments.