Arabtec Holding Signs US$629 Million Joint Venture Contract

By IVCPOST Staff Reporter

Jun 15, 2013 12:02 PM EDT

On Sunday, Arabtec announced that it has signed a joint venture contract to develop part of a real estate project in Dubai. The said project was for the Saraya Aqana real estate with a contract price of US$629 million.

The group of companies undergoing venture are Dubai-based Drake & Scull International and Consolidated Contractors Company. This was announced by Arabtec in a statement posted on the website of Dubai Financial Market.

According to Arabtec's CEO and Managing Director Hasan Abdullah Ismaik, the company is very pleased to be partnering with Saraya Aqaba on said project. This is because the real estate plan is said to be the largest tourism sector in Jordan. He also added that the project is an opportunity to boost more jobs and income for local suppliers.

The first stage of the Saraya Aqaba project is situated on the northern shore of Aqaba, Jordan. This will include a convention center and four international hotels with a scheduled completion within 28 months.

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