Abu Dhabi, UAE, 17 June 2013: Aldar Properties, Abu Dhabi's leading property development company, and Arabtec Holding PJSC ("Arabtec"), announced today the award of a  contract valued at nearly AED4 billion to an Arabtec-led JV  for the  development of  the Abu Dhabi Plaza in Astana, Kazakhstan. The joint venture brings together Arabtec Holding PJSC and Consolidated Contractors Group SAL (Holding Company) (CCC), two key players in the local, regional, and international construction industry.

In its capacity as development manager on behalf of the project owner, Aldar properties, through its subsidiary Aldar EuroAsia, awarded the multi billion dirham contract to develop Abu Dhabi Plaza, a 500,000 square metre mixed-used development comprising five towers, the tallest of which will measure 320 metres. Construction is scheduled to commence shortly and the project is due for completion in 2017.

H.E. Ali Eid AlMheiri, Chairman of Aldar Properties commented, "The Abu Dhabi Plaza development is a vital part of a major development thrust for Astana and indeed the country as a whole. It is testament to the commitment of UAE companies to support Kazakhstan as it pushes forward with its ambitious economic growth plans. With Arabtec's and CCC's strong track record of excellence and timely completion of projects to high global standards, we are confident that this development will be viewed as a new landmark for Kazakhstan on an international level, proud to be carrying Abu Dhabi's name high."

Hasan Abdullah Ismaik, Managing Director and CEO of Arabtec Holding PJSC, said, "On behalf of the JV, we are proud to be partnering with Aldar on Abu Dhabi Plaza, a landmark project in Kazakhstan, a country with extensive business and cultural ties with the UAE. The project brings together two partners committed to its success, with proven development, project management and construction expertise and a solid track record in timely project delivery to international standards. It is also reflects Arabtec's growth strategy put into action and we are in a strong position to leverage an extended period of increased activity across the region. This new project brings the total gross value of contracts awarded in 2013 to nearly AED13 billion, which is anticipated to have a positive impact on Arabtec's performance over the near to mid term."

The complex will contain 566 luxury residential apartments, 107,000 square metres of commercial office space, a five-star hotel with additional serviced apartments, a 50,000 square-metre retail podium and four large basement car parks with space for more than 4,000 vehicles.

The Abu Dhabi Plaza is a response to the growth in the number of visitors to Kazakhstan's capital city and reflects the growing relationship between the UAE and Kazakhstan.

ALDAR Properties aims to make Abu Dhabi Plaza a new benchmark for accommodation standards, work and leisure facilities. This integrated community will be a 24 hour destination, offering complete leisure and work solutions for the residents of Abu Dhabi Plaza.  

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About Aldar
Aldar Properties PJSC is Abu Dhabi's leading property development, management and investment company. It listed on the Abu Dhabi Securities market in 2004. Aldar was established to support the region's infrastructure through the creation of high quality, attractive and sustainable communities equipped with residential, commercial, retail, leisure, hospitality, education and medical facilities.      

Aldar's diverse property portfolio includes major developments and re-developments within Abu Dhabi including Yas Island, Al Raha Beach, World Trade Center Abu Dhabi, and Al Falah. The company owns a sizeable land bank in strategic locations throughout the Emirate.

About Arabtec Holding
Since 1975, Arabtec Holding PJSC (Arabtec) has completed a number of iconic projects within the residential and commercial space. Projects include hotels, airports, higher education developments, residential buildings and distribution facilities, amongst others. Arabtec is also renowned for its expertise in industrial and infrastructure works including oil and gas, pipeline construction, power generation, marine works and general manufacturing facilities.

Arabtec was listed on the Dubai Financial Market in 2005, and at the time, was the first private construction firm to go public. Today, Arabtec Holding consists of many subsidiaries, with specialisation in all construction sectors. The Company currently operates in the UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, Egypt, India, Jordan, Palestine, Russia and Syria. Arabtec continues to expand into additional markets; Arabtec recognises that this growth presents a new set of challenges but is cognisant of the endless opportunities this growth also allows.  

Recent major project awards include a AED810 million project to build a hotel and apartments in Dubai's Business Bay area, a AED770 million project for a tourist complex in the Aqaba region of Jordan, a AED725 million hotel and apartment project in the Jordanian capital Amman, a AED 1 billion contract to build the Fairmont Hotel in Abu Dhabi, a AED243million project for residential villas in Dubai and a AED238 million project for a hospital and medical centre in Saudi Arabia. www.arabtecholding.com

For media inquiries, please contact:
Sami Eid
Aldar Properties
Tel: +9712 8105678
Email: seid@aldar.com

For further information please contact:
Dominic Whiting
Brunswick Group
Mobile: +971 56 1740293
Email. dwhiting@brunswickgroup.com 

© Press Release 2013