Arabtec Holding, UAE’s largest publicly listed construction firm, has won a Dh1.8 billion contract to build a 77-storey mixed-use tower, which will house a 350 room six-star hotel, on Sheikh Zayed Road.
In a statement issued to the Dubai Financial Market, the company said Arabtec Construction, its subsidiary, will build a high-rise on Sheikh Zayed Road, a block away from Burj Khalifa, the world’s tallest building. The tower was is due for completion in May 2017.
The statement, however, did not specify which company had awarded the contract.
The 369-metre-high tower will be ranked among the top ten tallest towers in Dubai.
It will contain 22,000 square metres of office space across 18 floors, a 908 square metre retail area, a 350-room luxury hotel, 180 apartments and 83 serviced apartments. Negotiations are currently underway with a number of hospitality brands for the management of the six star hotel and serviced apartments.
On completion, the tower will be world’s 26th tallest building.
“This project is another sign of the recovery of the property sector in the UAE and the Middle East and North Africa Region,” Arabtec Holding CEO Hasan Abdullah Ismaik said in the statement.
Jones Lang LaSalle said in a recent report that property prices in Dubai have risen by 22 per cent this year but remain significantly behind their 2008 peak.
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