Abu Dhabi's Aldar to expand to Kazakhstan
Date
12/17/2014 5:38:46 AM
(MENAFN) Aldar Properties announced that, in partnership with Starwood Hotels & Resorts has started construction work on a hotel project in Kazakhstan, thus marking the company's first project outside Abu Dhabi, Arabian Business reported.
The hotel, which is expected to be located near the President's palace in the capital city's Central Business District, will be developed by Aldar on behalf of the government of Abu Dhabi and will comprise of a 75-storey mixed use residential tower which is 320 meters in height, two international grade office towers a retail, a leisure area, integrated plaza and a public area.
The developer said that the construction of the Abu Dhabi Plaza in Kazakhstan is expected to cost USD1.6 billion, with construction work being done by a joint venture of Arabtec and Consolidated Contractors Company 'CCC' under a USD1.09 billion contract with Aldar Properties.
"Abu Dhabi Plaza is a milestone development for Aldar, and underpins the close ties between the UAE and Kazakhstan. The project will serve to enhance Astana's status as a business destination and further diversify the strong economy there," Aldar Properties director of hospitality & leisure said.
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