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Thu 10 Mar 2016 01:46 PM

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UAE's Arabtec to build $300m tower project in Dubai

Comprising 50-storey towers, the project includes residential apartments

UAE's Arabtec to build $300m tower project in Dubai

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.

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