Abu Dhabi-listed Aldar Properties (ALDAR:UH) has awarded an AED2 billion contract to leading building contractor Arabtec Construction to develop a major residential project in UAE’s capital city.
The Dubai-based contractor has been tasked to build 1,017 villas at West Yas in Yas Island. The villas are expected to be handed over to owners at the end of 2017, Aldar said in a statement to the Abu Dhabi stock exchange on January 11.
“We now move to the villas’ construction phase of the development with the appointment of Arabtec and look forward to its completion and the positive impact it will have on Yas Island and the Abu Dhabi market,” says Talal Al Dhiyebi, Chief Development Officer at Aldar Properties.
The developer said the residential project will host range of community facilities including a mosque built for 2,000 worshippers, two schools – one of which will be operated by Aldar Academies – a retail centre and sports facilities.
Aldar gained 0.9 per cent at the opening of Abu Dhabi’s bourse, whose general index was up 0.02 per cent at 4147.79.
Meanwhile, shares of Arabtec (ARTC:UH) on Dubai Financial Market surged 3.5 per cent in early trade.