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Sun 28 Sep 2008 10:23 AM

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Arabtec bags $653.4mn deal

Dubai construction firm receives letter of intent from Sunland Group for Dubai Waterfront project.

Dubai's Arabtec Holding said on Sunday it has received a letter of intent from the Sunland Group to build a project worth 2.4 billion dirhams ($653.4 million) in Dubai.

The project, which includes residential towers at Nakheel's Dubai Waterfront development at Jebel Ali, is expected to be completed by the end of 2013, Arabtec said.

Arabtec is the United Arab Emirates' largest construction company by market value. (Reuters)