By Staff writer
Comprising 50-storey towers, the project includes residential apartments
Arabtec Holding, the Dubai-listed construction company, said on Thursday it had been awarded a contract to build a AED1.1 billion ($300 million) twin-towers project in central Dubai.
Comprising 50-storey towers, the project includes residential apartments with a total area of more than 227,800 square metres, it said in a statement.
Construction will start imminently and will last two-and-a-half years years, it added.
Saeed Mohamed Al Mehairbi, Acting CEO of Arabtec Holding said: "We are delgihted to have been chosen to execute this important project adding further to the strong momentum in which we have begun 2016."
Last month Arabtec reported a widening fourth-quarter net loss that it blamed on tough market conditions.
The firm had also reported widening losses in the preceding four quarters that it attributed to increased costs.
Arabtec made a net loss of 360 million dirhams ($98.02 million) in the three months to December 31, Reuters calculated based on Arabtec's full-year earnings statement.
The company, whose largest shareholder is Abu Dhabi state-owned fund Aabar, has undergone major upheavals over the past two years, with the departure of its chairman and most senior management, while a much-touted $35.8 billion project to build one million homes in Egypt failed to be agreed.