Dubai-based construction company Arabtec announced that it has been awarded a Dhs243 million contract for the construction of 253 villas in Emaar’s Casa project in Dubai.
The contract includes the building of three and four-bedroom Moroccan-style luxury residential villas at the 132,000 square metres Casa development, which is located in Arabian Ranches 2.
Construction is scheduled to begin in Q2 2013 and is expected to take up to 16 months to complete.
In all, Arabtec is now constructing up to 348 villas for Emaar, the company said in a statement.
Hasan Abdullah Ismaik, managing director and CEO of Arabtec, said: “We are very proud that over 60 per cent of the contracts we win come from our existing clients.”
Arabtec, which is partly-owned by Abu Dhabi’s Aabar, has built more than 12,500 villas in the last 10 years.
With this new contract award, Arabtec’s current backlog has reached nearly Dhs21 billion since the start of the year.
Arabtec, which reported a 25.7 per cent drop in first quarter net profit to Dhs62.5 million, is rapidly expanding in the region. It is currently working on the Louvre Abu Dhabi and a regeneration project in Doha.
Last month, its shareholders also approved a $1.8 billion capital increase program to promote further expansion.
The company plans to use the amount raised to support growth in its oil and gas, infrastructure and power business and on building affordable housing projects.