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17.06.2013, 23:13

Arabtec awarded AED 4 billion (US $ 1.8 billion) Aldar Kazakhstan contract

Author: Arabtec Holding

Joint-venture consortium expected to complete project in 2017.

Aldar Properties and Arabtec have announced that an AED 4 billion (US$ 1.07 billion) contract for the development of the Abu Dhabi Plaza in Astana, Kazakhstan has been awarded to an Arabec-led joint venture whose partners also includes Consolidated Contractors Group.

In its capacity as development manager, Aldar EuroAsia, will develop the 500,000 square metre, mixed-used development which comprises of five towers measuring up to 320 metres in height. Construction work will begin shortly and is scheduled for completion in 2017.

Aldar Chairman, Ali Eid Al Mheiri described the new development is a "vital part of a major development thrust for Astana and, indeed the country as a whole", before saying the project is "testimony to the commitment of UAE companies to support Kazakhstan as it pushes forward with its ambitious economic growth plans".
 
During the announcement, Arabtec Managing Director and CEO, Hasan Abdullah Ismaik, paid tribute to Aldar when he said: "On behalf of the joint-venture, we are proud to be partnering with Aldar on Abu Dhabi Plaza - a landmark project in Kazakhstan, a country with extensive business and cultural ties with the UAE. The project brings together two partners committed to its success, with proven development, project management and construction expertise and a solid track record in timely project delivery to international standards. It also reflects Arabtec's growth strategy put into action, and we are in a strong position to leverage an extended period of increased activity across the region. This new project brings the total gross value of contracts awarded in 2013 to nearly 13 billion Dirhams, which is expected to have a positive impact on Arabtec's performance over the near to mid- term."

The complex will feature 566 luxury residential apartments, 107,000 square metres of commercial office space, a five-star hotel with additional serviced apartments, 50,000 square-metre retail podium, and four large basement car parks with space for more than 4,000 vehicles. 

Abu Dhabi Plaza has been conceived following an increase in the number of recorded visitors to Kazakhstan's capital city and reflects the growing relationship between the United Arab Emirates and Kazakhstan. 

ALDAR Properties has stated it intends Abu Dhabi Plaza to become a new benchmark for accommodation standards, work and leisure facilities: an integrated community that will become a "24-hour" destination offering integrated leisure and work solutions for residents.

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