The UAEs Arabtec Construction has been awarded a contract by Nakheel 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.
The earlier phases of the AED550m project were executed by Arabtec. Work on the final phase, valued at AED196m ($53.4m), will begin in the first quarter of 2014 and is expected to take up to 18 months to complete.
This project is further addition to Arabtecs high-profile backlog of hospitality projects in the UAE and across the region, said Hasan Abdullah Ismaik, managing director and chief executive officer (CEO) of Arabtec Holding.