Arabtec, a local construction company, has won a Dh320 million contract to build a residential tower in Dubai's financial free zone for Kuwait's First Dubai for Real Estate Development, the company said.
Arabtec chairman Riad Kamal signed an agreement yesterday with project developers Al Mazaya, appointing them the main contractor for Sky Gardens, a 47-storey building in the Dubai International Financial Centre.
The project, to cost about Dh500 million, will house about 575 studios, one-, two- and three-bedroom freehold apartments and penthouses.
Construction will begin in about 30 days and will be completed in 20 months.
First Dubai for Real Estate Development Co is owned by Kuwait investment bank Global Investment House and Public Institution for Social Security and others. Sky Gardens is its first project in Dubai.
Al Mazaya is managing the development, including design, construction, project management and marketing.
Kamal said Arabtec was also executing contracts worth Dh470 million to build 11 office blocks in the Dubai International Financial Centre.
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