Arabtec awarded Dh195m contract to build Egypt’s Hanging Gardens

The project, being developed by the Amer Group with an estimated construction value in excess of Dh195 million, will be completed within a 14-month period, the company said in a statement yesterday.

“This award comes as part of the company’s strategy to diversify geographically outside of the UAE,” Riad Kamal, CEO of Arabtec Holding PJSC said.

The Hanging Gardens project will consist of six-residential buildings featuring 726 apartments located at Golf Porto Sokhna, a residential and mixed-use vacation resort covering 2.2 million square-metre of cliff face with spectacular views of the Red Sea.

“Egypt is one of the great six emerging economies for investment named by the Economic Intelligence Unit. The Egyptian construction sector grew at 13 per cent last year and the construction sector is expected to reach $7.3 billion by 2015,” Mansour Amer, Chairman of Amer Group, said.

Amer Group Holding Company SAE is a leading real estate and hospitality developer in Egypt. Since its origins in 1993, Amer Group has sold more than 10,000 residential units and is operating more than 600 hotel rooms, more than 40,000 square metres of leasable mall space and 45 restaurants.

Arabtec shares closed trading Sunday down 1.8 per cent at Dh2.24 in a marginally lower overall market.

muzaffarrizvi@khaleejtimes.com