Arabtec wins US$ 92.5mn contract to build five-star hotel in Dubai Media City

Posted on 5th October 2016

UAE-based construction giant Arabtec has won a contract to build $92.5m (AED340m) five-star hotel in Dubai Media City.

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The listed developer, in a statement to the Dubai Financial Market (DFM), said: "The company is always committed to adhere to all relevant legislative provisions in terms of disclosure and transparency."

Further details of the project are still being awaited from the company.

In July 2016, Aabar Investments, a major shareholder in Arabtec Holding, had agreed a $108.9m debt facility to help the contractor weather challenging conditions in the regional construction market.

The money will provide the contractor with additional funding to use towards delivering ongoing and newly awarded projects in a ‘timely manner’, Saeed Mohamed al-Mehairbi, acting chief executive of Arabtec Holding, had said in a statement, according to Constructionweekonline news report.

The contractor also narrowed down its loss to $62.4m (AED229m) in the first half of the year, as compared to a net loss of $353m (AED1.3bn) made in the first half of 2015.

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