Construction

Arabtec Construction secures contracts worth $169mn for construction of residential projects

The company has also recently won a $60 m contract to build 352 villas from Dubai Properties

Arabtec Construction, a subsidiary of UAE-based contracting group Arabtec Holding, has won two new contracts worth $169 million for construction of residential projects owned by Damac Properties.

Arabtec Construction, which has previously worked with the developer, announced about the wins to the Dubai Financial market, on Monday. One of the contract is worth $96 million and awarded for the construction works at two luxury residential towers, Reva Residences and Vera Residences located in Business Bay. The other contract worth about $73 million is for the construction of luxury villas in Dubai’s Akoya community.

Hamish Tyrwhitt, group CEO at Arabtec Holding said: We are delighted to have been awarded another project by DAMAC Properties. The onboarding of repeat business from our clients is testament to the strength of our relationships and our commitment to delivering projects in our core competencies and core markets.”

The contract for the first project, residential towers, Reva and Vera Residences comprise the construction of 125,178 sqm across two residential towers each 30 storeys. The contract work will commence immediately and is expected to be finished in 25 months.

The construction work for the second project, residential villas in the Akoya community, will have a built-up area of more than 86,000 sqm and will be built in the Aquilegia cluster. Akoya is a mixed-use development with an 18-hole golf course, and other amenities like shopping, retail, entertainment, and hospitality outlets spread across residential units such as villas, apartments and serviced housing. Contract work will start immediately with a construction period of 22 months.

Commenting on the win, Tyrwhitt reiterated how delighted the company is about Damac Properties choosing them to deliver the most important element within the Akoya community.

The announcement comes after Arabtec Construction was revealed to have won a $60.4 million contract to build 352 villas at Dubai Properties’ Villanova development in Dubailand.

 

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