Arabtec Holding has announced that a subsidiary has been awarded contracts wworth a total of AED353 million ($96.1 million) by Damac Properties.
The contracts, won by Arabtec Construction, are for the construction works at two luxury residential towers, Reva Residences and Vera Residences.
Both towers are located adjacent to each other in Business Bay and overlook the Dubai Water Canal, the contracting giant said in a statement.
It added that the projects comprise the construction of 125,178 square metres of luxury apartments across the two residential towers of 30 storeys each.
The contract works will commence immediately with a construction period of 25 months.
Group CEO, Hamish Tyrwhitt, said: "We are delighted to have been awarded another project by Damac Properties. The onboarding of repeat business from our clients is testament to the strength of our relationships and our commitment to delivering projects in our core competencies and core markets."
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