Deal for 37 major buildings is one of the the largest ever in the region's real estate sector
Dubai-based construction firm Arabtec said it would
build 37 major buildings worth AED22.44bn ($6.1bn) for Abu
Dhabi state fund Aabar in Abu Dhabi and Dubai, in a fresh sign of the dramatic
recovery of local estate markets.
Confirming a Reuters story on Saturday, Arabtec
said the deal was one of the largest ever in the region's real estate sector
and Arabtec's biggest by value.
In a bourse statement on Sunday, Arabtec also
quoted Aabar Properties chairman Khadem Al Qubaisi as saying Aabar would in
future assign all construction work in its $20bn real estate portfolio
around the world to Arabtec.
That portfolio includes projects in the United Arab
Emirates, the United States, Morocco, Jordan, Serbia and other countries.
Aabar, which also owns stakes in companies such as commodities trader Glencore
and Italian bank UniCredit , holds about 22 percent of Arabtec.
Arabtec said it would start work this year on the
new buildings, which would be mixed-use, residential and hotel towers, and that
all the projects would be completed by 2020.
Thanks to the influential and powerful new owners. Arabtec can never stand a chance of wining through fair competitions.