Arabtec Development, a subsidiary of UAE-based mostly engineering and development group Arabtec Holding, introduced that it had been awarded an AED1.1 billion ($300 million) residential venture in Dubai.
The listed group made the announcement on Thursday via a press release revealed on the Dubai Monetary Market.
The brand new challenge includes a twin-tower residential improvement in central Dubai. Every of the towers shall be 50 storys excessive and the event will span an space of 227,800 sq. metres.
The corporate didn’t present a precise date for when development would start, however said that the venture will probably be delivered in roughly two and a half years.
“We’re delighted to have been chosen to execute this necessary venture, including additional to the robust momentum [with] which we started 2016,” stated Saeed Mohamed Al Mehairbi, appearing CEO of Arabtec Holding.
Earlier in January, the corporate was awarded an AED2bn contract to construct 1,071 villas on YAS Island, within the UAE’s capital, Abu Dhabi.
Arabtec had reported losses valued at AED2.3bn in 2015, however has been among the many strongest performers on the inventory trade because the starting of 2016.
The agency’s shares have been among the many most closely traded on the bourse on Wednesday, climbing by 1.7 per cent.
Supply: Press Launch