Arabtec lands contract for $653m project

Dubai’s Arabtec Holding said on Sunday it has received a letter of intent from the Sunland Group to build a project worth 2.4 billion dirhams ($653.4 million) in Dubai.

The project, which includes residential towers at Nakheel’s Dubai Waterfront development at Jebel Ali, is expected to be completed by the end of 2013, Arabtec said.

Arabtec is the United Arab Emirates’ largest construction company by market value. More info will be posted as soon as it’s made available.

Reuters