Arabtec $102m deal for villa projects
Arabtec, the Dubai based construction company says it has signed two deals totalling AED375 million with Emaar Properties.
In a statement to the Dubai bourse, Arabtec said the first contract covered the construction of townhouses and villas for the Al Mira Residential project in Dubai. The project will be completed by May 2016.
The second contract covers the construction of “a number of villas” at the Arabian Ranches complex near Dubai’s Motor City. The precise nature and number of villas wasn’t announced, but the contract value stands at AED160 million, and handover is set for March 2016.
Arabtec and Emaar have worked on a number of projects together. The most notable was the construction of the Burj Khalifa and the Address Hotel in Downtown Dubai, plus the Emirates Hills project, Polo Villas and other developments.
Source: Trade Arabia
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