Arabtec lands $2.7bn Russian tower deal

Construction giant beats off local and European bidders to secure landmark St. Petersburg project.
Arabtec lands $2.7bn Russian tower deal
By Lynne Roberts
Sun 27 Apr 2008 01:54 AM

Arabtec Construction said on Saturday it had won a 10 billion dirham ($2.72 billion) project to construct a 400-metre tower and five other buildings in St. Petersburg.The UAE firm won over Russian and European bidders for the deal to build the mixed-use Okhta Centre development, jointly owned by Gazprom Neft, the oil arm of the Russian national gas company Gazprom, and the City of St. Petersburg.

The complex includes office space, along with leisure and entertainment facilities including a library and sports centre.

Work will begin soon, and is expected to be completed over 43 months, Arabtec said in a statement.

“We are certain that this selection has been done on the basis of our extensive experience and successful record of implementation of similar projects” said CEO Riad Kamal.

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