Abu Dhabi, 10 May 2009 (WAM) - International Capital Trading LLC (ICT) has awarded a Dh 1.6 billion contract for the construction of the prestigious Nation Towers Mixed use development on Abu Dhabis Corniche, to a joint venture between National Projects and Construction LLC, and Arabtec Construction LLC.

The development includes two buildings comprising a 64-storey residential tower, a 50-storey hotel and office tower and a retail podium. The site, which straddles the Corniche seafront, features an underground tunnel linking the towers to a beach club.

"ICT is proud to announce the award of this key contract to this exceptional JV. Given the current market conditions, we are confident that our decision today emphasizes the faith we have in the foundations that underpin the economy of our Emirate and the Abu Dhabi market. Nation Towers is an unrivalled and an elegant development which will enrich Abu Dhabis skyline," said Hamad Abdulla Al Shamsi, Chief Executive Officer of ICT.

"ICT believes the joint venture between National Projects and Construction and Arabtec Construction offers us an unparalleled proposition of considerable industry expertise combined with unsurpassed local experience", said Haytham D. Haidar, Chief Operating Officer of ICT.

The total development cost is estimated at Dh 2 billion, covering a built-up area of over 3,390,000 sqft and is forecasted to be commissioned by the fourth quarter of 2011.

"We are honored to have been selected to build this architecturally remarkable development which we have no doubt will stand out among Abu Dhabis leading projects" said Paul Majoor from NPC. "ICT has been exemplary in managing its projects in these challenging market conditions and we are proud to be associated with them in developing the Nation Towers," added Riad Kamal Chief Executive Officer of Arabtec.

Nation Towers is a mixed-use development featuring a luxury hotel, residential loft apartments, offices and a retail shopping area. In addition, the development has a skybridge at the 48th level connecting the two towers.

Haytham D. Haidar, ICTs Chief Operating Officer, also stated that the Company works very closely with the Abu Dhabi Urban Planning Council and other government entities, to ensure that all its projects complement the citys overall development plan and future growth vision. "Our work with the Urban Planning Council ensures that anything we do completely adheres to Plan Abu Dhabi 2030 guidelines and that we deliver sustainable and environmentally responsible projects to our emirate. The Nation Towers project reflects the vision of ICT to add to the fabric of Abu Dhabi in terms of the components and facilities it will offer its citizens", added Mr. Haidar.

Copyright Emirates News Agency (WAM) 2009.