Dubai's Arabtec wins $705m Abu Dhabi contract

Al Reem Island project will include a five-star hotel and a residential tower, will be built within three years
Dubai's Arabtec wins $705m Abu Dhabi contract
By Reuters
Tue 14 Jan 2014 10:17 AM

Dubai-based builder Arabtec Holding said on
Tuesday that one of its units had been awarded a AED2.59bn ($705m) construction contract on Abu Dhabi's Al Reem Island.

The project will house a five-star hotel and a
residential tower, and will be built within three years, it said in a bourse
statement, adding that the deal had pushed its contract backlog to a record
high of more than AED33bn.

Arabtec, which built Dubai's famous palm-shaped
islands, has been on a push for growth after it replaced its chief executive
last year in a shake-up led by Abu Dhabi fund Aabar, its largest shareholder,
which has been tightening its control of the group.

Investors have been hoping that Arabtec will win
more Abu Dhabi business because of its strengthened connection with Aabar.

Al Reem Island, located just off Abu Dhabi's coast
and spread across 6.5 million square metres, is the largest property development
in the emirate, according to Arabtec.

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