Arabtec Wins Aabar’s $6.1 Billion Contract for U.A.E. Towers - Bloomberg

Arabtec Wins Aabar’s $6.1 Billion Contract for U.A.E. Towers - Bloomberg:



"Arabtec Holding Co. (ARTC) has won a 22.44 billion dirham ($6.1 billion) contract from Aabar Properties to build 37 towers in Dubai and Abu Dhabi, it said in a statement today.



The deal includes the construction of hotels and residential buildings, the company said in a statement to the Dubai stock exchange. Aabar plans to award Arabtec $20 billion of deals in countries including the U.S., Egypt, Morocco and Serbia, according to Arabtec’s statement, citing Aabar Chairman Khadem Al Qubaisi. Aabar Properties is a unit of Aabar Investments PJSC.



Contractors and property companies are benefiting from a resurgence in the United Arab Emirates’ real estate market, where prices more than halved at the peak of financial crisis in 2008. Prices for mid-range apartments rose 43 percent in 2013, after climbing 18 percent in 2012, according to Cluttons LLC data on Bloomberg."



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