Arabtec Holding has bagged an AED1.46bn ($397.4m) contract for construction of a mixed-use tower known as Wasl Tower on Dubai’s Sheikh Zayed Road.
The 63-storey building is being developed by Wasl Asset Management Group.
The property, expected to open in the end of 2020, will accommodate a Mandarin Oriental hotel.
In a statement to the Dubai Financial Market, Arabtec Holding group CEO Hamish Tyrwhitt said: “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.”
“With the combination of the strategic re-positioning 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,”.