Dubai’s Arabtec Starts Unit to Develop Middle East Real Estate
Arabtec Real Estate Development Company will start building new homes in Abu Dhabi and Dubai, with plans to expand into other countries of the Gulf Cooperation Council and the Middle East, the company said today in a statement. Arabtec also plans joint ventures with other real-estate developers and investors in the U.A.E.
The company, which helped build the world’s tallest tower in Dubai, said it has a backlog of construction projects worth about 30 billion dirhams ($8.2 billion), and that it’s searching for new investments and partnership opportunities. The company is also planning talks with Egyptian authorities about developing affordable housing projects in the country.
Abu Dhabi sovereign wealth fund Aabar Investments acquired 21 percent of Arabtec in 2012 and Khadem Al Qubaisi, the investment fund’s chairman, holds the same position at Arabtec.
Arabtec has also formed a joint venture with Samsung Engineering, Arabtec-Samsung Engineering, to work on large-scale projects in the oil and gas, petrochemicals, industrial and power and water industries in the Middle East.
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