Arabtec wins work on $300m twin towers in Dubai
Builder says 50-storey towers will be finished in two and a half years
Arabtec, the Dubai-listed construction company, says it been awarded a contract to build a AED 1.1 billion ($300 million) twin-tower project in the emirate.
The project, situated in the central Dubai area, consists of two 50-storey twin towers covering a total built up area of 227,800sqm. The mixed-use project will also include residential apartments, Arabtec said in a statement to Dubai Financial Market.
Construction work is expected to start immediately with a scheduled duration of two and a half years. The contract was won by the company’s subsidiary Arabtec Construction.
“We are delighted to have been chosen to execute this important project adding further to the strong momentum in which we have begun 2016,” said Saeed Mohamed Al Mehairbi, acting CEO of Arabtec.
The announcement of the project comes in the wake of the contractor moving to deny that its former chief executive, Hasan Ismaik, would be appointed to the board.
In a bourse filing, the contractor said that the rumours surrounding Ismaik’s return were false and ‘not based on any true facts or events’. It added that it was not anticipating any imminent changes to the board of directors.
That news came after Ismaik raised his investment in the contractor to 11.91% from 11.81%, which created a stir in the market and caused speculative buying of Arabtec shares, which has long been one of the most volatile stocks on the Dubai stock market.
