Habtoor Leighton Group said on Wednesday it has secured a contract with the Al Habtoor Group worth AED1.45bn ($395m) for the construction of the Residential Towers project as part of the $3bn Al Habtoor City development in Dubai.
The Al Habtoor Residential Towers project is a mixed-use development located next to the proposed Business Bay creek extension.
It includes two 75-storey and one 52-storey residential towers, a podium including basement, ground floor and five floors of retail and parking.
Construction will start as soon as enabling works are completed and the main project will be completed 32 months later, the company said in a statement.
On an adjacent site, HLG is currently constructing the $515m Al Habtoor City hotel development, which will be the Middle East's largest integrated resort when it is completed in 2016.
José Antonio López-Monís, HLG CEO and managing director, said the contract continued a "long and successful relationship" with the Al Habtoor Group.
"We've successfully delivered numerous major projects for the Al Habtoor Group in the past, and this project further demonstrates the confidence Khalaf Al Habtoor has in HLG.
"We're delighted to be selected to build what will be one of Dubai's most prestigious and recognisable developments," he said.
Al Habtoor said: "I have confidence in the Habtoor Leighton Group. HLG has built some of the most prominent landmarks in Dubai and the UAE - including Terminal 3 at the Dubai International Airport, the world famous Burj Al Arab and The Officers' Club in Abu Dhabi."
Lopez-Monís said the recent announcement that Dubai would host World Expo 2020 would provide a boost to the Dubai construction market.
"We have an optimistic view on the Dubai construction market and anticipate a significant increase in building and infrastructure opportunities over the next few years," he said.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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