The development will include the world’s largest mall and a range of leisure, retail, cultural, wellness and hospitality options.
The eight million sq ft mall will be connected to a theme park, theatres, medical tourism facilities and 100 hotels and serviced apartments.
Construction is scheduled to begin in Q4 2014, and the centre is slated to open in March 2016.
The payment came from the proceeds of asset sales completed by the firm and follows an initial sum of $284.5 million returned in March to creditors.
The company said that it cancelled the IPO due to challenging public market conditions.
Arabtec chairman assured investors on Wednesday that Aabar still considered it a long-term investment and might even raise its stake in future.
Engineering consultancies Green Energy and Energoprojekts will carry out design review and infrastructure site supervision services for the 132/11kv substations, the developer said.
The Securities and Commodities Authority clarified that it could not have suspended trading in Arabtec shares during their recent plunge.
The new facility will further expand the company’s presence in the UAE.
The 132/11kV substation is one of the projects that DEWA has launched to build the emirate’s power capacity.
Aabar’s chairman says investors misunderstood the significance of the small reduction of its stake in Arabtec.
Prime rents in the city rose six per cent in Q1, and are up 16.4 per cent year-on -year, the report found.
Dubai’s main index posted its biggest daily rise since last September, while Arabtec surged its 15 per cent daily limit.
Net foreign investment in-flow reached Dhs2.1 billion last month despite market volatility, DFM said.
The sharia-compliant mortgage lender proposed in June to make an initial down-payment of 20 per cent while the remaining debt will be paid over 12 years.
Dubai’s main index is up 3.1 per cent while Arabtec jumps 8.7 per cent ahead of a briefing scheduled for after the close on Wednesday.
The Dubai index jumped 3.2 per cent on Tuesday as Arabtec, which had plunged its 10 per cent daily limit early in the session, surged to close up 10.3 per cent.
Arabtec has issued a string of statements saying it will protect shareholders’ rights, but it has not so far publicly addressed the strategy and ownership issues.
The developer expects its profit in the first half of this year to reach Dhs700 million.
Iftars and suhours during Ramadan will boost revenues in hotels across Dubai, a new survey says.
The latest aircraft, a Challenger 605 model, was acquired for a private owner by EAG.
The index recovers to stand 1.1 per cent higher at 3,987 points, bouncing back above the 200-day average.
The iPILOT simulator, located in Magic Planet, will offer the experience of flying the world’s largest passenger jet.
This is the first time that the index has dropped below the 200-day average since December 2012.
The emirate’s index plunged 4.4 per cent on Monday, bringing its losses from a multi-year peak hit in May to 27 per cent.
The Dubai index reached a three-month closing low of 3,943 points, bringing its losses from a multi-year peak hit in May to 27 per cent.
The 620,000 square metre retail destination will form part of the Dubai developer’s new 15.3sq km Deira Islands project.
Dubai International’s passenger traffic rose 9.2 per cent to 29.61 million people during the first five months of this year.
Dubai’s index is now down 27 per cent from the multi-year peak hit in mid-May, though it is still up 17 per cent year-to-date.
The recent fiasco surrounding Dubai builder Arabtec calls for urgent corporate change, writes management expert Debbie Nicol.