Dubai-based Arabtec Holding has announced the launch of a new subsidiary to develop real estate projects in the Middle East.
The new entity, Arabtec Real Estate Development Company, will focus on developing lifestyle communities, initially in Abu Dhabi and Dubai, through joint ventures with major real estate developers and investors in the UAE. Longer-term, it plans to expand to other GCC countries and the wider Mena markets.
The new company will also look to tap the growing demand for affordable housing in the region, with a particular emphasis on key markets such as the UAE, Saudi Arabia, Egypt, Algeria, and Morocco.
Dubais largest listed construction company, Arabtec has $8.2bn worth of ongoing projects on its books, including construction of a branch of Frances Louvre museum in Abu Dhabi.
Earlier this month, Abu Dhabi General Services (Musanada) awarded a $1.2bn contract to a consortium of Arabtec and Spains Constructora San Jose to build the New Al-Ain hospital.
In November, Arabtec won a $490m contract for the construction of a 77-storey mixed-use tower on Sheikh Zayed Road in Dubai. The tower will be 369 metres tall and will comprise over 22,000 square metres of office space on 18 floors, and 908 square metres of retail area. It will also include a 350-room hotel and 83 serviced apartments, as well as 180 apartments.
The company also secured work on a hotel project in Dubai in October when it was awarded a contract to build the final phase of the Tiara Hotel on Palm Jumeirah. The 332-room hotel project comprises two mixed-use towers, including a dedicated 216-room hotel and 116 residential apartments.