Aldar awards $1.1bn contract to Arabtec venture
Dubai, June 17, 2013
Abu Dhabi's Aldar Properties has awarded a Dh4 billion ($1.09 billion) contract to a joint venture led by Dubai contractor Arabtec for a mixed-use development project in Kazakhstan, the companies said.
The consortium of Arabtec and Consolidated Contractors Group (CCC) will build the Abu Dhabi Plaza in Astana, which is a 500,000 sq m development comprising five towers, a joint statement by Aldar and Arabtec said on Monday.
Construction will start shortly and is expected to be completed by 2017.
Commenting on the project, Aldar Properties chairman Ali Eid AlMheiri said, “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 UAE companies to support Kazakhstan as it pushes forward with its ambitious economic growth plans."
"With Arabtec’s 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," he observed.
Arabtec managing director and CEO Hasan Abdullah Ismaik said, "The project brings together two partners committed to its success, with proven development, project management and construction expertise and a solid track record in timely project delivery to international standards."
The complex will contain 566 luxury residential apartments, 107,000 sq m of commercial office space, a five-star hotel with additional serviced apartments, a 50,000 sq m retail podium and four large basement car parks with space for over 4,000 vehicles.
"This new project brings the total gross value of contracts awarded in 2013 to nearly Dh13 billion, which is anticipated to have a positive impact on Arabtec’s performance over the near to mid term," he added.-Reuters and TradeArabia News Service