Egypt’s Arab Contractors has signed on Thursday an AED 55 million (133 million Egyptian pounds and $15 million) contract with UAE-based Al Ghurair Properties to develop two hotel buildings in downtown Dubai.
The contract involves the first phase of a larger project in the UAE worth AED 600 million or 2.45 billion pounds, Arab Contractors’ chairman Mohsen Salah said.
Each building in the hotel projects consists of a basement and four stories with 150 square metres building space. The Egyptian company will also start implementing 10 more buildings by the beginning of next year, Salah added.
The signing ceremony was attended by Karim Ismail,projects manager at Al Ghurair Properties, and Mohammed Essam, head of Arab Contractors office in the UAE, and Monjid Al-Alamy, Vice Chairman of Al Ghurair Properties.
Egypt’s Arab Contractors is carrying out a number of other major projects in the UAE worth AED 450 million, Mohsen said asserting that his company is set to deliver a 72-story building soon.
The Egyptian company is also going to execute a building of 65 stories to be delivered in 2020 in addition to another building of 35 stories scheduled to be delivered early in 2018.