Dubai-based contractor Arabtec, part-owned by Abu Dhabi state fund Aabar Investments, signed an AED 500 million ($ 136 million) contract to build a 23-story twin-tower project comprising a hotel and luxury apartments in Maadi suburb of South Cairo, Arabtec sources said yesterday.
This project is Arabtec’s third significant project since the company entered the Egyptian market. Arabtec had shifted its focus on Egypt and Saudi Arabia since the slowdown of Dubai’s real estate market in 2009.
The Nile Towers Project will overlook the waters of the Nile, covering an area of 110,208 square foot. The Hilton Hotel, which is also included in the project, will have 256 guestrooms and suites plus other facilities. In addition, the proposed luxury apartment would contain 114 luxury residential apartments.
“We are very pleased to be working on the prestigious Nile Towers development,” said Hasan Ismaik, managing director and CEO of Arabtec. “The construction industry is entering a new phase of growth across the MENA region that is forecast to last for the next seven to 10 years,” he added.
Arabtec and its joint venture partner SIAC Industrial Construction & Engineering Co. were initially awarded the contract in July last year by developer Saudi Egyptian Construction Co.
Earlier, Emaar had awarded Arabtec an AED 174 million contract for its Al Marassi villa project to construct 74 luxury villas and 30 townhouses on the coast at Alexandria. AMER awarded the company an AED 162 million contract to build the Hanging Gardens, a 2.2 million-square-meter 726-apartment residential development in Sokhna with spectacular views of the Red Sea.
Last week, Arabtec had announced that t it would raise $ 650 million through a rights issue before the end of June to help fund its expansion. Arabtec said the fundraising was part of a five-year expansion plan.
Arabtec signs contract for 23-story twin-tower project
