Contract Award

  • 22 May 2017
    Arabtec discloses further details on its AED 1.46 billion contract.

    Dubai, UAE – 22 May 2017: Arabtec Holding PJSC (‘Arabtec’ or ‘Group’), a leading contractor for social and economic infrastructure, yesterday announced that its subsidiary, Arabtec Construction, has been awarded an AED 1.46 billion contract by wasl Asset Management Group (wasl LLC) for the construction of the wasl Tower, which was referred to as ‘2020 Tower’ in our previous release, a mixed-use high-rise tower in the heart of Dubai.

    Developed by wasl Asset Management Group, the tower located opposite the Burj Khalifa, will comprise 62 floors and reach a height of 300 metres. The project will have a total built-up area of 169,320 square metres and will encompass commercial and residential space, including 148 residential apartments and a five-star 257-room hotel. wasl Tower will include residential compounds supported by floors of social halls and will be home to sports facilities, retail outlets, restaurants, cafés and other services, thus creating a fully integrated residential offering. The tower will incorporate ceramic and other revolutionary materials to help regulate its interior temperature and reduce noise from its surroundings, while its vertical garden will support sustainability and help to significantly reduce its carbon footprint. Designed by award-winning German architect, UNStudio’s Werner Sobek, construction on wasl Tower is scheduled to commence in the third quarter of 2017 and will take approximately 34 months to complete, in time for the highly anticipated Expo 2020 Dubai.

    His Excellency Hesham Al Qassim, CEO of wasl Asset Management Group, added: ‘We have worked with Arabtec previously and are pleased to be working with the Group again, as its rich portfolio of clients is testament to the professional, timely and quality-minded manner in which it operates. We are confident that Arabtec will deliver work that meets wasl’s high standards, and that once complete, the project will stand as a model for the high lifestyle that towers can offer not only in the UAE but across the world. We are also proud to be contributing to the growth of Dubai’s real estate and hospitality sectors with wasl Tower, in line with our wise leadership’s directives.’

    Hamish Tyrwhitt, Group Chief Executive Officer of Arabtec Holding, said: ‘Arabtec continues to play an important role in the development of the UAE’s social and economic infrastructure. The contract for the construction of the wasl Tower has been awarded based on our track record of delivering world-class mixed-used developments, adding to Arabtec Construction’s existing portfolio of over 22 projects we are currently building in the UAE.’ Tyrwhitt added: ‘The long term outlook for the construction and engineering sector in our key geographic markets remains positive, especially in the UAE, where the majority of our projects are located. 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.’

    Arabtec has a project backlog of approximately AED 17 billion, equivalent to over two years’ revenue. The awarding of the project marks the latest key milestone in Arabtec’s three-phase strategic plan to return the Group to growth, and highlights the continuing strength of the Group’s operating divisions and its strong, committed growth pipeline. 

     

     



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