Arabtec reveals details of Emaar Misr contracts for Uptown Cairo
DFM-listed Arabtec Holding's building arm wins $81m and $30m deals for Celesta Hills and The Fourteen Golf Residences
Dubai Financial Market-listed (DFM) Arabtec Holding has announced details of its $111.4m (AED409.4m) Emaar Misr contracts for the Uptown Cairo development in Egypt, with the builder stating that Arabtec Construction would develop Celesta Hills and The Fourteen Golf Residences as part of its deals.
The $81m (AED298m) contract for Celesta Hills will see Arabtec Construction building Phases 2 and 3 of the project, comprising 179 units, and external works.
Work will begin this month and is expected to complete in 38 months.
For The Fourteen Golf Residences Phase 1, Arabtec will develop 270 residential units within a period of 27 months under a contract worth $29.9m (AED110m).
The Fourteen Golf Residences comprises seven buildings with a total built-up area of 5.4ha, Arabtec said in a bourse missive.
Commenting on the Celesta Hills contract, group chief executive officer of Arabtec Holding, Peter Pollard, said: “The recent contract awards from Emaar Misr are consistent with our strategy to selectively build our presence regionally with long-standing, quality clients.”
Arabtec Construction’s CEO, Boyd Merrett, said of The Fourteen Golf Residences win: “We are delighted to be awarded another package in the Uptown Cairo development by Emaar in Egypt, which is presenting a strong pipeline of opportunities underpinned by population growth and a stable economy.
“We look forward to building on our solid track record with Emaar and to delivering another successful village in the Uptown Cairo Master Development.”