Dubai's Arabtec Wins $282 Million Emaar Contract

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The construction unit of Dubai builder Arabtec Holding has won a 1.04 billion Dirhams ($282.33 million) contract to build more than 1,500 townhomes from Emaar Properties as the property market continues to recover.

Arabtec Construction will begin work on 1,582 properties at Emaar's Mira community in the first quarter of 2014, according to a company announcement. The project is the first phase of Reem development located near Arabian ranches. It is expected to be delivered in two years. 

"This project adds further momentum to an already strong start of the year," Arabtec chief executive Hasan Abdullah Ismaik said in the statement. "The volume of contract wins we have bagged so far promises to take our backlog to unprecedented heights."

Last month, Arabtec announced it won a 22.4 billion Dirhams contract from Aabar Properties to build 37 towers in Abu Dhabi and Dubai. Arabtec was also involved in the construction of other Emaar projects, including Burj Khalifa, the world's tallest tower, Emirates Hills and the Address Downtown Dubai. 

Emaar Properties recently reported a 21 percent increase in annual profit for 2013.