The memorandum of understanding with Aabar Properties will see Arabtec Construction design and construct the 37 towers for a total contract value of AED22.44bn (£3.6bn).
The 37 mixed-use, residential, and hotel towers include nine towers in the Tomouh City of Lights development in Abu Dhabi and four in the Reem Island development. Among the buildings is the region’s first Hard Rock Hotel, to be built on the Abu Dhabi Corniche.
In Dubai, Arabtec will build three mixed-use towers in Business Bay and six new hotels and serviced apartment towers in Aljaddaf district. Thesee include a 5-star hotel to be managed by Swissotel, a 4-star hotel managed by Hilton and a 3-star hotel managed by Park Inn.
Hasan Abdullah Ismaik, managing director and CEO of Arabtec Holding, said: “We are already off to a strong start of the year. This project award to the tune of AED22.440 billion, and last week’s AED5.7bn contract for themed entertainment resort in Jordan, are strong signs that our robust performance in 2013 will gain further momentum in 2014.”
He added that these forst major awards in 2014 are also early indicators of a continued uptrend in the property and hospitality markets in the UAE. “Our growing backlog has now become a major benchmark of the speedy recovery of the sector. We expect to see good results with efforts to diversify into higher-margin sectors in association with international partners.”
Construction work is scheduled to begin in the first quarter of 2014 and all projects will be delivered before 2020. Arabtec and Aabar Properties are in the final stages of signing definitive agreements, including mechanisms for the implementation of the projects.
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