By Conrad Egbert
Al Arrab General Contracting has won a $57.4 million contract to build Regal Tower 1 in Dubai's Business Bay.
Al Arrab General Contracting has won a US $57.4 million (AED211 million) contract to build Regal Tower 1 in Dubai's Business Bay.
The contract involves the construction of a commercial tower, with a total area of more than 72,836m
. The contract was awarded by Tameer Holding.
The new tower will comprise around 258 offices available for customers through freehold ownership, one recreation floor and three basement levels, in addition to retail and commercial outlets.
"Regal Tower 1 project has moved a step forward, which enhances Tameer's commitment to translate what it first announced into a growing reality," said Omar Ayesh, president, Tameer Holding.
Ayesh added that the Dubai market is witnessing a shortage in the number of commercial units and that the demand for office space is on the rise with increasing numbers of global companies relocating to Dubai or opening subsidiaries and branches in the emirate.
Tameer Holding is developing projects in UAE, such as Al Salam City in Umm Al Quwain, Al Ameera Village in Ajman and the world's tallest residential tower, Princess Tower, in Dubai Marina.
In addition to these projects in UAE, Tameer also has international developments including a project in Yemen with a mixture of residential and tourism developments, Madinat Al Majd in Jordan and its largest project, Al Hanaa City, in Libya.