Dubai’s Arabtec Wins $53m Deal To Complete Palm Island Hotel

Dubai-based builder Arabtec said on Wednesday that it has won a contract worth Dhs196 million ($53.4 million) to build the final phase of a hotel project on the emirate’s palm-shaped island.

Arabtec, partly owned by Abu Dhabi state fund Aabar, will build two mixed-use towers for the 332-room Tiara Hotel on Palm Jumeirah, the contractor said in an emailed statement.

The earlier phases of the project, valued at a total of Dhs550 million, were also built by Arabtec and work on the final phase will begin in the first quarter of 2014, it said.

The builder has been on an aggressive expansion drive after a management shake up in February and has won a series of contracts in the United Arab Emirates and in the region.