Dubai's Arabtec Construction and Indian joint venture partner Raheja Developers have joined hands by signing a USD 204 million (750 million dirhams) contract for developing projects in New Delhi and Gurgaon.
The deal is in line with the diversifying plans of Dubai's Arabtec Construction beyond Dubai's property sector. The UAE's largest construction firm informed that it is the first contract under the joint venture between Arabtec and Raheja Developers under which three projects are to be built over the next 48 months. Dubai's Arabtec Construction holds a 63 per cent stake in the venture which requires to be completed in 48 months.
The project located in Gurgaon comprises a 50-storey residential tower, a shopping mall and 2,800 affordable housing units in addition to a high-rise apartment tower and around 1,000 low-rise buildings.
Ziad Makhzoumi, chief financial officer of the firm, told, "We are definitely looking at more projects in India and our interest is high in that region," said Makhzoumi. We believe that the fourth quarter of 2011 is likely to witness a jump in new contracts for regional contractors - for Arabtec this award presents a strong start albeit with Indian help."
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