Arabtec wins $56mln contract from Dubai Properties

The construction work will start immediately for a 20-month period

Dubai Properties Announces Launch of New Phase at Villanova in Dubailand

Dubai Properties Announces Launch of New Phase at Villanova in Dubailand

Dubai Properties/Handout via Thomson Reuters Zawya

Dubai - Mubasher: Arabtec Holding, listed on the Dubai Financial Market (DFM), announced that its wholly-owned arm Arabtec Construction has been awarded a contract by the leading property developer Dubai Properties for the construction of 322 villas in its Amaranta project in Villanova, Dubai.

The awarded contract values at an AED 207 million and the construction work will start immediately for a 20-month period, Arabtec said in a statement on Sunday.

Located in Dubailand, Villanova is five minutes away from Sheikh Mohammed Bin Zayed Road in close proximity to Dubai’s major business and retail hubs, the Dubai-based leading contractor highlighted.

The residential community, located at the intersection of Dubai-Al Ain Road and Emirates Road, features townhouses with façade design inspired by contemporary Mediterranean architecture and elegantly finished spacious units.

Peter Pollard, acting CEO of Arabtec, commented: “The award to Arabtec Construction of our sixth phase at the Villanova development strengthens our longstanding relationship with Dubai Properties and further builds on our portfolio of projects and reputation for delivering high-quality residential villas.”

Last week, Arabtec announced the appointment of Peter Pollard as the company’s acting CEO as the former CEO of the group Hamish Tyrwhitt stepped down.

It is worth noting that the DFM-listed company logged a net profit of AED 30.18 million in the first quarter of 2019, versus AED 65.84 million in Q1-18.

Source: Mubasher

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