UAE: Arabtec wins $544.5m Aldar West Yas deal
Arabtec Construction will build 1,017 villas at West Yas, a residential development situated in Yas Island, with handover scheduled for end of 2017
The UAE's Aldar Properties said it has awarded a $544.5m (AED2bn) contract to Arabtec Construction for its West Yas project.
State fund Aabar owns majority stake in Arabtec, a multi-disciplinary construction conglomerate in the UAE.
Aldar's West Yas project is situated at Yas Island, with Arabtec's scope of work involving the construction of 1,017 villas for the development.
In a statement to Abu Dhabi Stock Exchange, Aldar said this is the final contract for the West Yas project, where packages for supporting infrastructure, a school, a mosque, and retail units have already been awarded.
Talal Al Dhiyebi, chief development officer at Aldar, said: “We are very pleased with the level of interest that has been shown in West Yas.
"Demand has been very strong, which endorses our strategy of delivering high quality properties in prime locations.
"We now move to the villas’ construction phase of the development with the appointment of Arabtec and look forward to its completion and the positive impact it will have on Yas Island and the Abu Dhabi market.”
Prices at West Yas start at $1.1m (AED4m), with the project comprising four- and five-bedroom luxury villas.
Handover of the villa units is scheduled for the end of 2017.