Arabtec wins $136m Dubai tower contract

By Reuters
  • Tuesday, 4 May 2010 10:27 AM
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DUBAI FIRM: Arabtec and Abu-Dhabi-based Aabar recently called off a $1.7bn agreement for Aabar to take over Arabtec.(Getty Images)

DUBAI FIRM: Arabtec and Abu-Dhabi-based Aabar recently called off a $1.7bn agreement for Aabar to take over Arabtec.(Getty Images)

Construction firm Arabtec has been awarded a 500 million dirham ($136.1 million) contract to build a residential tower in Dubai.

The contract was awarded by Damac Properties and was signed earlier this week, Arabtec said in a statement.

The Dubai-listed contractor previously worked with Damac on its flagship Ocean Heights project, also in Dubai.

Arabtec and Abu-Dhabi-based Aabar recently called off a $1.7 billion agreement for Aabar to take over Arabtec.

The two firms didn't disclose any reason for cancelling the deal, but analysts have said Arabtec no longer needed the funds after Dubai unveiled a debt repayment plan for its flagship conglomerate Dubai World. (Reuters)

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Posted by: ali Tuesday, 4 May 2010 4:06 PM[UAE] - uae

where is this tower and how big is it?

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Posted by: amplesou Tuesday, 4 May 2010 11:45 AM[UAE] - uk

Seems like a publicity stunt ,surely damac would not risk building at this time have they sold or sold outthis tower?

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