Arabtec signs Dh500m deal to build Nile Towers

Arabtec Holding signed a Dh500million contract to build a 23-storey hotel and luxury apartment twin-tower in Cairo, the Dubai-based construction firm said yesterday.

The Nile Towers, located in the Maadi neighbourhood, will include a 256-room Hilton hotel in one tower and 114 luxury residential apartments in the next tower, Arabtec said in a statement.

The project was awarded by developer Saudi Egyptian Construction Company in July last year to a joint venture between Arabtec and SIAC Industrial Construction and Engineering Company.

Last week Arabtec said it would raise $650 million through a rights issue this year to help fund its growth.

The Nile Towers is Arabtec’s third project since the company entered the Egyptian market. Emaar awarded Arabtec a AED174-million contract for its Al Marassi villa project for Emaar to construct 74 luxury villas and 30 town houses on the coast at Alexandria. AMER awarded the company a AED162-million contract to build The Hanging Gardens a 2.2-million-square-metre 726-apartment residential development on a clifftop at Sokhna with spectacular views over The Red Sea.