Arabtec wins $193m Dubai tower contract
Monday, 1 February 2010
DUBAI, Jan 31 (Reuters): Dubai contractor Arabtec said Sunday it has won a 710-million- dirham ($193.3 million) contract to build an 80-storey tower in Dubai from Abu Dhabi-based developer Tasameem Real Estate.
Arabtec, the UAE's biggest contractor by market value, said the contract value is for the first stage of the project, which will take 38 months to complete.
The contract for the new tower, which came from Tasameem Real Estate and includes a five-star hotel, is a rare award in the Gulf Arab emirate where the global economic crisis has led to a steep property slump.
As a result, Dubai-based contractors have sought deals elsewhere in the Gulf region and North Africa to diversify their portfolios.
Tasameem's managing director, Khadem al-Qubaisi, is also chairman of Abu Dhabi's Aabar Investments which earlier in January offered to buy a 70-per cent stake in Arabtec.
Arabtec, the UAE's biggest contractor by market value, said the contract value is for the first stage of the project, which will take 38 months to complete.
The contract for the new tower, which came from Tasameem Real Estate and includes a five-star hotel, is a rare award in the Gulf Arab emirate where the global economic crisis has led to a steep property slump.
As a result, Dubai-based contractors have sought deals elsewhere in the Gulf region and North Africa to diversify their portfolios.
Tasameem's managing director, Khadem al-Qubaisi, is also chairman of Abu Dhabi's Aabar Investments which earlier in January offered to buy a 70-per cent stake in Arabtec.