Arabtec wins $272m Fairmont Abu Dhabi contract
Dubai, February 18, 2013
Dubai's Arabtec Holding has won a contract worth more than Dh1 billion ($272.3 million) to construct a Fairmont-branded hotel in Abu Dhabi, the firm's latest win in the emirate where its top shareholder is based.
The contract, awarded by Abu Dhabi-based National Investment Corporation, covers building the hotel as well as maintaining the development and its electro-mechanical works for one and two years respectively, the statement said.
Arabtec, in which Abu Dhabi investment fund Aabar Investments raised its stake last year to become its biggest shareholder, has been increasingly active in the UAE capital.
It won a $653 million contract to build a branch of France's Louvre museum in January, while Arabtec was part of the consortium awarded a Dh10.8 billion contract from the Abu Dhabi government in June to build a mid-field terminal at the cash-rich emirate's airport.
National Investments Corporation, which is chaired by Sheikh Sultan Bin Khalifa Al Nahyan, advisor to the UAE President, was established in 1999 to develop the breakwater area of Abu Dhabi.
Dr Sheikh Sultan Bin Khalifa Al Nahyan, board chairman of the National Investment Corporation, said: “Our corporation is keen to implement high standards in the accomplishment of its various projects, enriched with contemporary specifications and architectural values in line with the Abu Dhabi Economic Vision 2030.”
“Arabtec has a long record of completing landmark projects, thus it has been selected for its track record and experience in the development of luxury towers, a selection that we expect to be a success, which would further boost avenues of cooperation towards broader horizons in future.”
“The hotel will be one of the most luxurious hotels in Abu Dhabi by 2016,” said Abdullah Al Saadi, managing director of the National Investment Corporation. “Our expectations are based on facts that derive from the hotel’s unique design that will constitute an architectural addition for Abu Dhabi.”
“No doubt the selection of Arabtec to carry out works on the project is attributed to its vast experience in development of towers in the country and the Gulf region, especially The Burj Khalifa, Adia Tower and Emirates Palace. This will meet our aspirations to make the Fairmont Hotel a high-class and luxurious one in the UAE.”
Hasan Abdulla Ismaik, managing director of Arabtec, said: “Undoubtedly, granting the contract to develop the Fairmont hotel project will add significantly to the company’s portfolio and record in the UAE. As we thank Dr Al Nahyan and all board members, we would like to emphasise Arabtec’s ability to complete the project, leaving its recognised architectural signature that will make the hotel and apartments towers a landmark in Abu Dhabi.”
The Fairmont Hotel and Apartments Towers are owned by the National Investment Corporation. Managed by Confluence Project Management; the project’s design was finalised by Dewan Architects and Engineers.
The project, which will take 30 months to complete, occupies an overall lot area of 155,000 sq m, and is located near Marina Mall in Abu Dhabi.
Most guest rooms will have unobstructed breath-taking views of the Corniche and the skyline of Abu Dhabi city. The project involves the construction of a 39-storey tower with a total built-up area of 178,000 square metres, composed of 563 rooms and 249 apartments, 13 food and beverage outlets and 1,394 parking lots.
Arabtec's shares ended Monday flat against a 0.5 per cent decline on the wider Dubai bourse. The news was announced as the market closed. – Reuters & TradeArabia News Service