The local Arabtec Construction has been awarded the estimated AED222m ($60m) contract to build a residential development on Abu Dhabi’s Reem Island.

The project will be built on plot C14 of the Najmat Abu Dhabi section of the island and involves building a residential tower with 23 levels of apartments with a total of 229 units, two podium levels, three basement floors, and a roof.  The contract covers the construction, completion, testing, commissioning, handover and maintenance of the tower.

The contract duration is 22 months from the commencement date.

Abu Dhabi government-controlled investment vehicle Aabar Investments has doubled its stake in Dubai-based construction company Arabtec to 10.45 per cent in early April.

The increased holding means that Aabar is now the largest shareholder in the company, which is listed on the Dubai Financial Market (DFM). Aabar has been interested in buying more Arabtec stock for several years. In 2010, it failed to buy a 70 per cent stake in Arabtec for $1.7bn.

Arabtec is one of the region’s largest contractors. It is currently part of a consortium with Turkey’s TAV and Athens-based Consolidated Contractors Company that is bidding for the contract to build Abu Dhabi airport’s Midfield Terminal.