Arabtec wins $400 million contract for 2020 Tower

Arabtec wins $400 million contract for 2020 Tower
Photo source
UAE-based contractor Arabtec has secured a $397.3 million contract from Wasl LLC to build a 63 storey tower in Dubai.

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.

600450 Arabtec wins $400 million contract for 2020 Tower
Date: 23 May 2017

See more from these topics:

Others also read

Led Zeppelin are paid special tribute in a spectacular DigiGlass installment at the new Rock Art Building-01 in Abbotsford.
Bursted Wood Primary School’s motto is ‘care and respect’ ― values that Maple will share on an exciting new project.
Capral Framing Systems including AGS 419 Flushline to help frame the views, Capral AGS 200 Hinged Doors as an access point to the expansive outdoor deck platform and Capral Artisan Folding Doors to bring the outside in.
The new Sistema Masa project is the Al Brooq Tower, in Doha (Qatar). It is a tower with ceramic facade cladding that will have 43 heights and 258 floors.
With completion expected in summer 2018, the Diamond Twin Tower is a 32-storey, mixed-use tower complex and one of the most important building complexes in Cambodia.
Construction partner for the 60-storey building expected to be appointed as early as May 2018.

From industry

Polígono Industrial El Bayo, parcela I, 19
24492 Cubillos del Sil León


Add new comment