Arabtec wins $53m deal to complete Palm hotel

Dubai construction giant will build the final phase of the Tiara Hotel on Palm Jumeirah
Arabtec wins $53m deal to complete Palm hotel
By Andy Sambidge
Wed 23 Oct 2013 05:05 PM

Arabtec Holding said on Wednesday that its subsidiary, Arabtec Construction, has been awarded a contract for construction of the final phase of the Tiara Hotel on Palm Jumeirah.

The 332-room hotel project comprises two mixed use towers, including a dedicated  216-room hotel as well as 116 residential apartments, the Dubai construction giant said in a statement.

The earlier phases of the AED550m project were executed by Arabtec Construction, and work on the final phase, valued at AED196m ($53.3m), will begin in the first quarter of 2014, it added.

The company said the contract is expected to take up to 18 months to complete.

Hasan Abdullah Ismaik, managing director and CEO of Arabtec Holding, said: “This project is further addition to Arabtec’s high profile backlog of hospitality projects in the UAE and across the region.

"Arabtec’s appointment to build The Tiara Hotel project on Palm Jumeirah confirms our status as the contractor of choice for a wide range of hospitality projects and it further demonstrates our unique capabilities in delivering best-in-class mixed use developments.”

Ismaik added: “With scores of hotel projects already completed and six in progress, Arabtec stands out as a strong contributor to the development of world-class hospitality industry in the UAE and the MENA region at large.”

The Tiara Hotel is the latest addition to Arabtec’s hotel portfolio which includes Abu Dhabi’s iconic Emirates Palace Hotel.

Recent contract awards in the UAE include the Fairmont Hotel Abu Dhabi and Serviced Apartments and a five-star hotel and serviced apartments tower located in the Business Bay district of Dubai.

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