Target Engineering Construction Company, a wholly owned subsidiary of Dubai-based contractor Arabtec Holding PJSC, has won the main construction contract worth 196 million UAE dirhams ($53.40 million), for phase one of Emaar Properties’ Forte project in Downtown Dubai, it was announced on Tuesday. 

Forte is an 850-unit two-tower residential development overlooking the Dubai Opera.

In a statement posted on the Dubai Financial Market, Arabtec said the contract scope includes the construction of five basements for two residential towers, adding that work will commence this month and will take a year to complete. 

Hamish Tyrwhitt, chief executive officer of Arabtec Holding, in the statement, said: “We continue to win projects that are aligned with our key geographies and our key competencies whilst maintaining a robust risk management approach.”   

In August 2017, Target won two new contracts worth 3.2 million dirhams, while in July it was awarded four new projects worth 289 million dirhams, which included three projects in Abu Dhabi and one in Dubai’s Business Bay.

Last month, Reuters reported that Arabtec made a net profit of 39.8 million dirhams in the second quarter of 2017, compared to a loss of 186.4 million dirhams for same period last year.

According to Emaar’s construction update on its website, 80 percent of shoring and piling works for the project has been completed.

© Zawya 2017