Dubai-listed Arabtec Holding has been awarded a AED1.7bn ($463m) contract to construct 1,100 villas in Fujairah, according to a company statement on the Dubai Financial Markets (DFM).

The contract, which was awarded by the Ministry of Presidential Affairs, will see Arabtec Construction construct a built-up area of 430,000 square metres to be completed in approximately 18 months, said the statement.

The project will be developed in Mohammed bin Zayed City in Fujairah and will be exclusively for Emirati nationals.

Earlier in March, Arabtec was awarded a $300m contract for work on two towers in Dubai. The contract involves the construction of two 50-storey towers with a total area of approximately 227,800 sq m.

Construction on the towers, which is expected to start imminently, will last approximately 18 months.