Arabtec-led JV wins $1bn Kazakhstan project deal

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An artist's impression of the Abu Dhabi Plaza project.

An artist's impression of the Abu Dhabi Plaza project.

An Arabtec-led joint venture has been awarded a contract worth nearly AED4bn ($1.08bn) to build a project for Aldar Properties in Kazakhstan.

Abu Dhabi-based Aldar said on Monday that it has awarded the contract for the Abu Dhabi Plaza planned in Astana.

The joint venture, led by the Dubai contracting giant, also includes Consolidated Contractors Group, a statement to the Dubai bourse said.

Abu Dhabi Plaza is a 500,000 sq m mixed use development comprising five towers, the tallest of which will measure 320 metres.

The complex will contain 566 luxury apartments, 107,000 sq m of commercial office space, a five-star hotel with serviced apartments, a retail mall and car parks for more than 4,000 cars.

Construction is scheduled to start soon and the project is slated for completion in 2017.

Ali Eid AlMheiri, chairman of Aldar, said: "The Abu Dhabi Plaza is a vital part of a major development thrust for Astana and indeed the country as a whole.

"It is testament to the commitment of UAE companies to support Kazakhstand as it pushes forward with its ambitious economic growth plans."

Jasan Abdullah Ismaik, managing director and CEO of Arabtec Holding, said: "This new project brings the total gross value of contracts awarded in 2013 to nearly AED13bn, which is anticipated to have a positive impact on Arabtec's performance over the near to mid term."

The Abu Dhabi Plaza project is a response to the growth in visitors to Kazakhstan's capital city, the statement added.

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Posted by: Construction insider

A previously failed project under a different contractor...this one will cause Arabtec to lose over 300 million, why do the think it was so easy to win.... Small shareholders be very wary of your investments....no transparency and certainly no honesty on profitability. All other construction companies ran away from this one....why? Investors dig a bit deeper and you will see the truth....
Aabar, Aldar, Arabtec....look at who sits on their boards and you will see the game being played on investors....

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