UAE-based construction firm Arabtec has secured a AED500m ($136m) contract to build a 23-storey twin-tower project in the Egyptian capital Cairo.
The 110,208m² project will be built in the Maadi suburb of south Cairo overlooking the waters of the Nile river.
After completion, the Nile Towers project will feature a Hilton Hotel in one tower with 256 guest rooms and suites. The adjacent tower will feature 114 residential apartments.
SPACE Consultants is the architect for the project, which will be managedby Hill International, while EHAF Consulting Engineers will serve as the supervision consultant.
Arabtec managing director and CEO Hasan Ismaik said the construction industry is entering a new phase of growth in the MENA region, which is expected to last for the next seven to ten years.
"Arabtec has a dynamic growth strategy to expand its business into new sectors and new markets," Ismaik added.
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Developer Saudi Egyptian Construction has initially awarded the Nile Towers project to Arabtec and its joint venture partner SIAC Industrial Construction & Engineering in July 2012.
Arabtec said the Nile Towers project is the third project it secured since it entered the Egyptian market.
Earlier, Arabtec secured a AED174m ($47m) contract from Dubai developer Emaar Properties to construct the Al Marassi villa project, which will feature 74 villas and 30 townhouses, on the coast at Alexandria.
The company also has a AED162m ($44m) contract from AMER to build the Hanging Gardens, a 2.2 million m², 726-apartment residential development on a clifftop at Sokhna with views of The Red Sea.
Image: Upon completion, the 110,208m² Nile Towers project will have two towers and three basements. Photo: Arabtec.