Dubai-listed Arabtec Holding has been awarded to contract to develop a $300m residential project in Dubai, according to a company statement.
The contract involves the construction of two 50-storey towers with a total area of approximately 227,800 square metres.
Construction, which is expected to start imminently, will last approximately 18 months said the statement.
The company, whose major shareholders include Abu Dhabi government-owned investment firm Aabar, reported a full-year 2015 net loss of AED2.34bn ($637.6m), compared to AED215m profit at the end of 2014.
Revenues for 2015 declined to AED7.3bn, a 12 per cent slide from AED8.3bn in 2014. The company recorded a loss per share of AED0.51 compared with earnings per share of AED0.05 in 2014.
In total, Arabtec was awarded AED6bn worth of projects last year, taking its backlog to AED19.3bn
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