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Arabtec Holding, an engineering and construction group of companies, announced on Tuesday that projects showcased at Cityscape Abu Dhabi hold a value of Dh14 billion.
The projects, which are showcased by Arabtec Properties, a subsidiary of Arabtec Holding, mark the company's debut at the eight annual edition of Cityscape Abu Dhabi.
The projects include five local developments – three in Abu Dhabi, and two in Dubai. The Abu Dhabi-based projects comprise Dh9 billion out of the Dh14 billion.
As for growth in the emirate, a spokesperson from Arabtec said there are projections for a 10 to 20 per cent increase in demand for real estate in Abu Dhabi.
Hasan Ismaik, managing director and chief executive officer at Arabtec Holding, elaborated on demand, saying, ''Demand has improved because UAE is becoming more attractive as a place to live. There are lots of people in neighbouring countries and even European countries who are moving to Dubai because they see it as a great place to live.''
He added that there is also an increasing trend to own property rather than live in rentals.
Discussing the Dh20 billion contract that was awarded to the company by Abu Dhabi state fund, Aabar, Ismaik said the Saraya development has been completed, and is due for delivery towards the end of this year.
Saraya development, two luxury towers on the Corniche, will stand at 40 and 46 stories high with apartment available for Emiratis only. The towers will include a total of 122 apartments, as well as three townhouses, and seven penthouses.
Meanwhile, Abu Dhabi's Al Reem Island will house the C13 development, which will include a five-star hotel with 398 rooms, 184 serviced apartments, 630 residential apartments, and high-end retail outlets. The project is expected to be completed by 2018.
The third project in the emirate will be located in Ghantoot, and is currently in the master plan development and feasibility study phases.
In Dubai, Arabtec Properties will develop the Viceroy Tower in Business Bay, which will be completed in November 2015. The 123,000-square-metre development will consist of two towers – the first of which is a hotel with 440 rooms, while the second will have 136 serviced apartments.
The company is also constructing the P-17 development on Dubai's Shaikh Zayed Road, which will also include a hotel, and serviced apartments, in addition to residential apartments and boutique offices. The project is set for completion in February 2018.
Outside the UAE borders, Arabtec Properties is also set to construct one million homes in Egypt for lower income families. The project holds a total value of Dh140 billion, and will be developed in 13 locations across the country.
''With a core focus on low to middle income housing, the company will soon announce a series of projects similar to the one in Egypt, which will take place across several countries in the UAE and across the Arab world,'' Ismaik said.
Source: Sarah Diaa, Staff Reporter, gulfnews.com