Arabtec-led JV gets contract for developing Abu Dhabi Plaza in Kazakhstan

Aldar Properties and Arabtec Holding PJSC has announced the award of an AED 4 billion contract to an Arabtec-led joint venture (JV) for the development of the Abu Dhabi Plaza in Astana, Kazakhstan.
The project, which is scheduled to start soon, will contain 566 luxury residential apartments, 107,000 square meters of commercial office space, a five-star hotel with additional serviced apartments, a 50,000 square-meter retail podium and four large basement car parks with space for more than 4,000 vehicles. The complex includes five towers and is due to be completed in 2017.
The joint venture brings together Arabtec and Consolidated Contractors Company SAL (CCC), two key players in the local, regional, and international construction industry.
Aldar sources said the complex was a response to the growth in the number of visitors to Kazakhstan’s capital city and reflected the growing relationship between the UAE and Kazakhstan.
"The Abu Dhabi Plaza development is a vital part of a major development thrust for Astana and indeed the country as a whole. It is testament to the commitment of the UAE companies to support Kazakhstan as it pushes forward with its ambitious economic growth plans. With Arabtec and CCC's strong track record of excellence and timely completion of projects to high global standards, we are confident that this development will be viewed as a new landmark for Kazakhstan on an international level, proud to be carrying Abu Dhabi's name high," said Ali Eid Al-Mheiri, chairman of Aldar Properties.
Aldar Properties aims to make Abu Dhabi Plaza a new benchmark for accommodation standards, work and leisure facilities.
Hasan Abdullah Ismaik, MD and CEO of Arabtec, said: "We are proud to be partnering with Aldar on Abu Dhabi Plaza, a landmark project in Kazakhstan, a country with extensive business and cultural ties with the UAE. This new project brings the total gross value of contracts awarded in 2013 to nearly AED 13 billion, which is anticipated to have a positive impact on Arabtec's performance over the near- to mid-term."
Construction projects are picking up in the UAE, with Arabtec winning contracts to build the branch of the Louvre museum, an airport terminal in Abu Dhabi and an earlier 243 million-dirham deal from EMAAR.