Arabtec wins $400mn Dubai tower contract
Dubai-based contractor Arabtec has won a AED 1.46bn ($397mn) contract to build a 300 metre tower alongside Sheikh Zayed Road by 2020.
Developed by Wasl Asset Management (Wasl), the 63-storey mixed use tower will house a Mandarin Oriental hotel and serviced residences, as well as a series of vertical gardens designed by Amsterdam-based UN Studio.
Hamish Tyrwhitt, chief executive of Arabtec Holding, said the contract “has been awarded based on our track record of delivering world-class mixed-used developments, adding to Arabtec Constructions existing portfolio of over 22 projects we are currently building in the UAE”.
Arabtec’s latest win means the company has a project pipeline of over 22 projects under construction in the UAE and a project backlog of approximately AED 17bn, it said.
The contractor is in the midst of a restructuring that has involved bringing in new senior management to orchestrate a turnaround in fortunes. The reorganisation combined with an upturn in the market has improved Arabtec’s prospects, Tyrwhitt says.
“With the combination of the strategic repositioning of the business, strong industry fundamentals and catalyst events such as Expo 2020 fast-approaching, we believe that the year ahead will see Arabtec continue on its path to a successful and sustainable future.”