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Wed 23 Sep 2009 11:29 PM

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Arabtec receives Gazprom boost

Construction group’s share price climbs 8.52% in Dubai as Russian tower project is approved.

Dubai-based contractor

saw its share price climb 8.52 percent on the Dubai stock market Wednesday following news that a skyscraper project in St Petersburg had been given planning approval.

Proposals for the 400m Gazprom Tower in Russia’s second city - in what would be Europe’s tallest tower - received a boost after the authorities there opted to waive planning rules forbidding buildings taller than 100m in the city, Building Design magazine reported.

Back in April 2008 Gazprom Neft and the city of St Petersburg awarded

a $2.7 billion contract to build the Okhta Centre.

The development, set to have been undertaken over a 43 month period, included in its plans the 400m tower.

Despite objections from local residents, as well as UN agency UNESCO, which has threatened to strip the city of its World Heritage status, St Petersburg’s governor, Valentina Matviyenko, has now waived the city’s zoning laws, thereby bringing the tower's construction one step closer at least.

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