Business | Property

Arabtec's villa portfolio rises to 10,000 with Dh1.6b deal

Arabtec Construction currently has about 10,000 villas under construction, following a Dh1.6 billion letter of acceptance from Emaar-Bawadi Joint Venture to design and construct 1,437 villas as part of the Bawadi project in Dubailand.

  • By Suzanne Fenton, Staff Reporter
  • Published: 23:35 August 3, 2008
  • Gulf News

Dubai: Arabtec Construction currently has about 10,000 villas under construction, following a Dh1.6 billion letter of acceptance from Emaar-Bawadi Joint Venture to design and construct 1,437 villas as part of the Bawadi project in Dubailand.

The project will be delivered in phases over 37 months.

Arabtec is one of the largest construction companies in the Gulf.

The villas currently under construction include 3,230 for Mohammad Bin Rashid Housing Establishment, 1,515 for Nakheel's Al Furjan project and 1,262 villas for Emaar.

Arabtec is also constructing in Dubai Silicon Oasis and the Sanctuary Falls project in Dubai.

Arabtec last week signed a Dh599 million agreement with Emaar to build 550 townhouses in the 3.4 million square foot Warsan development near Al Awir road.

Construction companies in the UAE are enjoying an all-time peak in business. Last month, Arabtec revealed in its results that its consolidated profit for the first half of 2008 stood at Dh505 million.

Real estate boom

However, Arabtec is just one construction company thriving in the region's massive property boom.

The total value of real estate projects currently under construction in the GCC is worth more than Dh8.8 trillion, according to a recent report by Rubber World Industries.

While the epicentre of the boom appears to be in the UAE, Saudi Arabia and Kuwait are also in the midst of a construction frenzy.

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