Dubai-based builder Arabtec has won an AED1bn (US$272.3m) contract from National Investment Corporation (NIC) to build a 39-storey tower in Abu Dhabi containing a Fairmont-branded hotel and apartments.
The company has been appointed to build the 155,000 sqm structure close to the UAE capital's Marina Mall and corniche. The hotel will contain 563 rooms and 249 apartments. It will also have 13 food and beverage outlets and parking for 1,394 cars.
Arabtec's contract involves a 30-month build period and an ongoing 12-month maintenance contract once the building is finished. It will also maintain the building's electro-mechanical works for two years after completion. The building is set to be completed in 2016.
“Arabtec has a long record of completing landmark projects, thus it has been selected for its track record and experience in the development of luxury towers - a selection that we expect to be a success, which would further boost avenues of co-operation towards broader horizons in future,” said Dr Sheikh Sultan Bin Khalifa Al Nahyan, NIC chairman.
NIC managing director Abdullah Al Saadi said the hotel would be "one of the most luxurious hotels in Abu Dhabi".
"Our expectations are based on facts that derive from the hotel’s unique design that will constitute an architectural addition for Abu Dhabi. No doubt the selection of Arabtec to carry out works on the project is attributed to its vast experience in development of towers in the country and the Gulf region, especially The Burj Khalifa, Abu Dhabi Investment Authority Tower and Emirates Palace."
Arabtec managing director Hasan Abdulla Ismaik added: “Undoubtedly, granting the contract to develop the Fairmont hotel project will add significantly to the company’s portfolio and record in the UAE."
The tower has been designed by UAE-based Dewan Architects and Engineers.
Last year, Abu Dhabi-based investment fund Aabar Investments raised its stake in Arabtec to become the contractor's largest shareholder.
In the time since Arabtec has become more active in Abu Dhabi's construction sector. In January, the firm won a US$652m deal to build a branch of Paris's Louvre museum in the UAE capital. The company is also part of a consortium that was handed a AED10.8bn contract from Abu Dhabi's government to build the new midfield terminal at the emirate's airport.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.