UAE-based contractor to build 128 new villas within Emaar Misr’s Uptown Cairo project
United Arab Emirates-based construction company Arabtec has announced it has secured a contract worth 157 million UAE dirhams ($42.75 million) to build two new phases of a project for Emaar Misr, the Egyptian arm of Dubai-based Emaar Properties.
The company said in a statement to the Dubai Financial Market on Tuesday morning that its Arabtec Construction subsidiary would build 128 new villas, plus supporting roadworks and infrastructure, in the Uptown Cairo project. Phases three and four of the Levana complex in Village E make up around 61,000 square metres of land.
“The Uptown Cairo Project award marks one of the first projects we have been awarded outside the UAE in over a year,” Arabtec Holding’s chief executive officer, Hamish Tyrwhitt, said in the statement. “We will continue to strategically onboard work in our key competencies and key geographic markets where our clients operate that makes business sense for Arabtec’s success and sustainability.”
Tyrwhitt had told Zawya in an interview which took place last month that the company is keen to explore opportunities in Egypt, in Saudi Arabia and in Bahrain.
Earlier this month, Arabtec reported a 10.7 percent increase in revenue to 2.4 billion dirhams, while net profit jumped by 46 million dirhams to 63.6 million dirhams.
(Writing by Michael Fahy; Editing by Shane McGinley)
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