On Sunday, Dubai contractor Arabtec expressed joy over winning a 710 million dirhams ($193.3 million) contract, under which it will construct an 80-storey tower in Dubai from Abu Dhabi-based developer Tasameem Real Estate.

Arabtec, the UAE's biggest contractor by market value told that the first stage of the project will have contract value, which would take 38 months to finish.

In the Gulf Arab emirate, the contract for the new tower, which came from Tasameem Real Estate and has a five star hotel, is an unusual award where the global economic crisis has led to a steep property slump.

Due to this, Dubai-based contractors have found deals somewhere else in the Gulf region and North Africa to diversify their portfolios.

Tasameem's managing director, Khadem al-Qubaisi, who is also the Chairman of Abu Dhabi's Aabar Investments earlier in the month of January were presented to purchase a 70% stake in Arabtec.