Arabtec bags $43m contract for Uptown Cairo project
Arabtec Construction, a wholly owned subsidiary of Arabtec Holding, has been awarded a $43m (AED157m) contract for the Uptown Cairo master project
Arabtec Construction, a wholly owned subsidiary of Arabtec Holding, has been awarded a $43m (AED157m) contract for the Uptown Cairo master project from Emaar Misr.
The contract comprises the construction of Phases 3 and 4 of Village E Levana of the master planned development, the contractor announced in a statement on Tuesday.
Located in the heart of Egypt’s capital, Uptown Cairo’s Phase 3 and 4 will entail the construction of 128 villas along with the surrounding roadworks and infrastructure.
The total built up area of both phases is approximately 61,000 square metres.
Arabtec Holding’s Group Chief Executive Officer, Hamish Tyrwhitt comments: “The Uptown Cairo Project award marks one of the first projects we have been awarded outside the UAE in over a year.
“We look forward to working on another project for Emaar as we build on our solid relationships with our key clients.
“We will continue to strategically onboard work in our key competencies and key geographic markets where our clients operate that makes business sense for Arabtec’s success and sustainability.”
Arabtec Group announced earlier this month that it had achieved a net profit increase of 261% for Q1 2018, which amounted to $17.3m (AED63.6m), or nearly triple its Q1 2017 net profit, worth $4.8m (AED17.6m).