Arab Contractors to build two new hotels in Dubai
This contract is considered the Phase 1 among a bundle of projects, worth $163m (AED600m) for Arab Contractors
Egypt-based Arab Contractors signed an agreement with UAE-based Al Ghurair Real Estate for the construction of two hotels in Dubai for a total value of $15m (AED55m).
The agreement was signed between Eng Mohsen Salah, chairman of Arab Contractors and Sheikh Sultan Al Ghurair, chairman of Al Ghurair Real Estat.
Salah declared that this contract is considered the Phase 1 among a bundle of projects, worth $163m (AED600m).
He added that each building includes a ground floor, four typical floors for hotel, built on 350 000m2.
Another 10 buildings will be built and will be launched next year.
Eng Salah stated that the Arab Contractors has built many projects in the UAE. Currently, the contractor will deliver a 72-storey building, along with the 65-storey building, which will be finished in 2020, and a 35-storey building to be completed early 2018.
Salah added: "The work volume of the ongoing projects in the UAE reached $122.5m (AED450m). Our existence in the Emirati market ensures us that we enjoy good fame among the huge competition there."