The 2020 Tower is due for completion in 2020, and is one of more than a dozen hotel projects being developed by Wasl in the run-up to 2020, The National has reported.
“The long term outlook for the construction and engineering sector in our key geographic markets remains positive, especially in the UAE, where the majority of our projects are located,” said Hamish Tyrwhitt, Group CEO of Arabtec Holding
“With the combination of the strategic repositioning of the business, strong industry fundamentals and catalyst events such as Expo 2020 fast-approaching, we believe that the year ahead will see Arabtec continue on its path to a successful and sustainable future.”
The building, previously known as Wasl Tower, will include a Mandarin Oriental Hotel.
Earlier this month, the company reported its first quarterly profit since 2014. It made a net profit attributable to shareholders of $4.9 million in the three months ending March 31, compared to a loss of $12.63 million, the same time last year, a news statement said.
The company is also undertaking a $408.2 million rights issue, as part of a recapitalisation plan. It will then cancel around $1.12 billion worth of shares with a view to write off accumulated losses of the same value, equivalent to more than 2 years of revenue, media reports say.