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Arabtec wins AED2.59 billion contract in Abu Dhabi
Project to include five-star hotel and residential tower.
January 14, 2014 11:58 by kippreport
Dubai builder Arabtec Holding has announced that one of its units has been awarded a construction contract valued at AED2.59 billion on Abu Dhabi’s Al Reem Island.
In a bourse statement, the major construction firm said that the project will include a five-star hotel and a residential tower, and will be built within three years, adding that the deal had pushed its contract backlog to a record high of more than AED33bn.
Arabtec, which built Dubai’s palm-shaped islands, has been on a push for growth after it replaced its chief executive last year in a shake-up led by its largest shareholder, Abu Dhabi fund Aabar.
Al Reem Island, located just off Abu Dhabi’s coast and spread across 6.5 million square metres, is the largest property development in the emirate, according to Arabtec.
In November, Arabtec Construction LLC, a subsidiary of Arabtec Holding PJSC, was awarded a contract of AED1.8bn for the construction of another high-rise tower on Sheikh Zayed Road in Dubai.
The 77-floor mixed-use building will be constructed merely one block away from the Burj Khalifa and will be one of the city’s top ten tallest buildings, at a height of 369.1 metres.
Arabtec Construction has built seven of the world’s 150 tallest structures, including the world’s tallest man-made structure – the 830-metre Burj Khalifa.
Earlier this year, thousands of Arabtec workers went on a two-day strike over pay disputes, when one group asked for a hike of AED250 to be added to their monthly salary.
In September, the company announced that it would be granting an average salary hike of 20 per cent to 36,000 of its employees working on projects across the UAE.