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Dubai’s Arabtec Construction has won a US$53.4mn contract to develop the final phase of the Tiara Hotel in Palm Jumeirah
According to a press release, work on the hotel project would begin in 2014 and the development would be completed in 18 months.
Arabtec Construction, which is a subsidiary of Arabtec Holding, would build two mixed-use residential towers for the 332-room Tiara Hotel on the Palm Jumeirah, the contractor said.
The Palm Jumeirah is a man-made island created by Nakheel and the smallest of the three planned islands in the UAE.
The construction firm has worked on earlier phases of the island hotel project that includes 216 rooms and 116 residential apartments. The Tiara Hotel project has been estimated to cost about US$150mn, according to company sources.
Arabtec Holding managing director Hasan Abdullah Ismaik said, “This project is a significant addition to our high profile backlog of hospitality projects in the UAE and across the region. This win demonstrates our unique capabilities in delivering best-in-class mixed use developments.”
Earlier this month, the group had completed the acquisition of Emirates Falcon Electromechanical Company (EFECO) to enhance its position in the fields of engineering and construction.