(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief executive officer hasan abdullah ismaik said.
speaking to reporters on the sidelines of cityscape abu dhabi he also said one of arabtec holding companies arabtec construction will sell 40 per cent of its shares in an ipo next year.
“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.
arabtec will be developing three projects in abu dhabi and two in dubai.
the abu dhabi-based projects include the saraya development two high-quality luxury towers on the abu dhabi corniche which will be 40 and 46 stories high. the towers will include a total of 122 apartments comprising three- and four-bedroom apartments as well as duplex apartments three townhouses and seven penthouses.
the project is due for delivery towards the end of the year.
he said that arabtec will build a five-star hotel on reem island adjacent to shams abu dhabi. the project will include branded serviced apartments premium residential apartments and high-end retail outlets. the development will include 630 residential apartments including two and three bedroom apartments as well as 184 serviced apartments and 4600sqm of retail space.
arabtec is also currently in discussions with international companies to manage the development’s luxury hotel which will contain 398 rooms.
the development will provide 809 parking spaces as well as other recreational facilities such as swimming pools gym and spa. this project is currently in the design phase and is expected to be completed by 2018.
the third abu dhabi-based project is the rancho ghantout development which is still in the master plan development and feasibility study phases.
in dubai arabtec will develop two projects viceroy tower and the development. viceroy tower development will consist of two towers located in the heart of business bay in dubai. the first tower will offer a luxurious hotel with 440 rooms while the second tower will have 136 serviced apartments. the towers will also provide top-of-the-line spa and health club facilities and retail outlets servicing tenants and the area as well as 630 parking spaces. the 123000sqm project is set for completion in november 2015.
located on dubai’s shaikh zayed road it is a mixed-use development that will house a luxurious hotel and serviced apartments in addition to a variety residential apartments and boutique offices with top-of-the-line facilities.
the hotel will house 180 residential apartments comprising one two and three bedroom apartments as well 215 serviced apartments and 8148sqm of retail and commercial space.
the development’s five-star hotel will include 324 hotel rooms to be managed by the internationally renowned viceroy hotel group. the project is expected to be completed in february 2018.