Dubai-based construction company Arabtec announced that it has signed a Dhs500 million contract to build a 23-storey twin-tower project in Cairo.
The Nile Towers project, located in the Maadi suburb of South Cairo, covers an area of 110,208 square metres and consists of two towers. One of the towers will be a Hilton hotel with 256 guest rooms and suites, while the other one will have 114 luxury residential apartments.
Arabtec was initially awarded the project in July 2012 with a local joint venture partner.
Hasan Ismaik, managing director and CEO of Arabtec, said: “The construction industry is entering a new phase of growth across the MENA region that is forecast to last for the next seven to 10 years. Arabtec has a dynamic growth strategy to expand its business into new sectors and new markets.”
The architect of Nile Towers is SPACE Consultants and the project will be managed by Hill International.
Nile Towers is Arabtec’s third project since the company entered the Egyptian market. Emaar awarded Arabtec a Dhs174-million contract for its Al Marassi villa project in Alexandria that includes 74 luxury villas and 30 town houses.
Arabtec also won a Dhs162 million contract from AMER to build The Hanging Gardens, a 2.2 million square metres residential development on a clifftop at Sokhna.
Last week, the company stated that it will raise $650 million through a rights issue before the end of June as part of a five-year expansion plan.
The strategy will include organic and acquisitive growth and the formation of joint ventures across the world.
“With increasing competition in Arabtec’s traditional construction markets, competitiveness for new contracts is intensifying. Therefore, it is necessary to focus on higher-margin sectors and new geographic areas in order to achieve growth,” a statement said.