ABU DHABI: Dubai-based company Arabtec Holding, PJSC, has inked, for its subsidiary Arabtec Construction, a Memorandum of Understanding (MoU) with real estate development company Aabar Properties, a subsidiary of Aabar Investments, to design and construct 37 towers in Abu Dhabi and Dubai, for a total contract value of AED22.440 billion.
The MoU, considered one of the largest in the real estate sector in the region and Arabtec's biggest project by value, was signed at Aabar Properties offices in Abu Dhabi by Chairman of the Board of Aabar Properties Khadem Abdulla Al Qubaisi and Arabtec Holding Managing Director and CEO Hasan Abdullah Ismaik.
According to the memorandum, Arabtec is to construct 37 mixed-use, residential, and hotel towers in Abu Dhabi and Dubai.
Including nine mixed-use towers in the Tomouh City of Lights development in Abu Dhabi, with a total plot area of 900,000 sq.ft and a built area of 14,000,000 sq.ft.
In addition, Arabtec will construct four mixed-use towers in Reem Island development.
"We will assign all construction work in Aabar's US$20 Billion real estate portfolio in the UAE, USA, Morocco, Jordan, Serbia and other countries to Arabtec," said Al Qubaisi.
These include seven towers of flats at Raha Beach, two more towers at Rawdhat close to Zayed Sports City, and a 378-room five-star Hard Rock Hotel on the Corniche, the first in the region.
Arabtec is now looking to recruit more than 10,000 workers throughout the region.
Construction will begin in the next two months and is expected to be completed by 2020.
The deal also cements the link between Aabar Investments, owned by the Abu Dhabi Government and backed by one of the Emirate's sovereign wealth funds, and Arabtec, the rapidly expanding construction company that built the Burj Khalifa. (QNA)