Jul 22 2012
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Arabtec Egypt JV Wins AED562 Mln Towers Contract
Sunday, Jul 22, 2012
DUBAI(Zawya Dow Jones)--The Egyptian joint venture between Dubai-based Arabtec Construction and SIAC Industrial Construction and Engineering Co. has been awarded a 562 million U.A.E. dirhams ($153 million) contract to build the SECON Nile Towers in Egypt, a statement on the SIAC website showed.
The contract was awarded by developer Saudi Egyptian Construction Co., or SECON--an Egyptian joint stock company established in 1975 between the governments of Egypt and Saudi Arabia.
People connected to Arabtec Construction , who declined to be named, confirmed the deal.
Another person said work was scheduled to start in 2012 and end in 2015.
SIAC said in the statement that the project will comprise of two towers with 22 floors and a total built-up area of 105,000 square meters.
The first tower will be a 5-star hotel managed by Hilton International and will include a total 256 rooms. The second tower will be for residential use and will comprise of 114 hotel apartments, SIAC said.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; email@example.com
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