Arabtec wins Dh1.7b Dubai housing project

DUBAI - Arabtec Construction LLC (Arabtec) of UAE announced yesterday it has won a 1.7-billion-dirham (463-million-dollar) contract to build 13 towering blocks for a sprawling residential project in Dubai.

By (AFP)

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Published: Tue 27 Apr 2004, 9:28 AM

Last updated: Wed 1 Apr 2015, 11:53 PM

"The high-rise towers will be built over four levels podium covering an estimated area of approximately 10 million square feet (929,000 square metres) in the Jumeirah Beach Residence development," a statement said.

The deal marks the single largest residential contract ever awarded to a construction company in the UAE, it said.

"Work on the project has already begun and is expected to be completed by the end of 2005," it added.

Dubai, one of the seven city states that make up the federation of the UAE, has launched a raft of pioneering schemes to establish itself as the Gulf's business and leisure hub as oil resources run out.

The emirate is in the throes of constructing two colossal man-made palm islands off its coastline, boasting luxury resorts and residences.

Construction of a multi-million-dollar "International City," a massive residential, commercial and tourism project, was announced last year.

Among other developments rising from the sands are Dubai Marina, a 10-billion-dollar city to house 100,000 people, and the four-billion-dollar Dubai "Festival City," which will feature 21,000 homes, a 50-storey tower, shopping malls, restaurants and hotels.

The emirate has ambitious plans to attract 15 million visitors by 2010 and 40 million by 2015.

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