The leading construction company in the MENA region, Arabtec Holding PJSC, announced on Sunday that it has signed a Dh500 million contract to build the Nile Towers, in Maadi, Cairo. Arabtec was awarded the project in July, 2012 with a local joint venture partner, SIAC Industrial Construction and Engineering Company.
The Nile Towers will include a Hilton Hotel with 256 guest rooms and suites plus other facilities, Arabtec said in a statement. An adjacent tower would contain 114 luxury residential apartments.
The Nile Towers is Arabtec’s third significant project since the company entered the Egyptian market. Previously, Arabtec was involved in the Al Marassi villa project with Emaar. The construction company was directed to construct 74 luxury villas and 30 townhouses on the coast of Alexandria. Later, AMER awarded the company a Dh162-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 overlooking the Red Sea.
Architectural consulting will be provided by the Space Consultants. The project will be managed by Hill International while the supervision consultant will be EHAF Consulting Engineers.
Hasan Ismaik, Managing Director and CEO of Arabtec, said,
“We are very pleased to be working on the prestigious Nile Towers development. The construction industry is entering a new phase of growth across the MENA region that is forecast to last for the next 7 to 10 years. Arabtec has a dynamic growth strategy to expand its business into new sectors and new markets.”
Last week Arabtec said it would raise $650 million through a rights issue this year to help fund its growth.