Local real estate developer Damac Properties has awarded a AED500m ($136m) contract to the local Arabtec Construction to build its Damac Heights tower development at Dubai Marina.
The 90-storey tower will include 600 residential apartments, cinema, gymnasium and swimming pool.
Arabtec will start construction work on the project as soon as the enabling works have been completed.
Turkish company Zetas Foundation Technology was awarded a AED48m contract for the enabling works in July 2008 (MEED 15:7:08).
The tower will be located near to Damac’s Ocean Heights tower development at the marina. Arabtec was awarded an estimated AED650m ($177 million) contract to build the tower in June 2007 (MEED 22:6:07).
Construction work on the 82-storey Ocean Heights tower is expected to be completed later this year.
Arabtec and Abu-Dhabi-based Aabar Investments recently called off a $1.7bn agreement for Aabar to acquire a 70 per cent stake in Arabtec (MEED 14:4:10).