Based in Dubai, Arabtec Holdings has landed some considerable contracts this week. Friday it was announced that Arabtec will construct two buildings along with a partner in Jordan. Damac Investments and Properties Company granted the $75.44 million dollar contracts to both Arabtec and the Engineering Enterprises Company. The construction project calls for two buildings. One is 36 stories and the other is 7 stories. Arabtec expects construction to take 29 months for completion.
Arabtec has also landed a lucrative contract from the Abu Dhabi National Exhibitions Company. Arabtec will be building a 4 star 421 room hotel and is expected to be completed by August 2009. The construction contract is $98 million.
Both of these contract bode well for Middle East property markets. The influx of new units will no doubt help keep demand down in 2009 when construction is completed.
Arabtec Construction Co. LLC is wholly owned by Arabtec Holding PJSC
