17 June 2013
An Arabtec-led joint venture has been awarded a contract worth nearly $1.08bn (AED4bn) to build a luxury, mixed-use development in Kazakhstan for Aldar Properties.
The "Abu Dhabi Plaza" is a 500,000-sq-m mixed use development comprising five towers, the tallest reaching 320m, in the capital Astana.
The complex will contain 566 luxury apartments, 107,000 sq m of commercial office space, a five-star hotel with serviced apartments, and a shopping mall.
Construction is scheduled to start soon and the project is slated for completion in 2017.
The "Abu Dhabi Plaza" is a 500,000-sq-m mixed use development comprising five towers, the tallest reaching 320m.
In a statement to the Dubai bourse, Aldar said the development is "a response to the growth in the number of visitors to Kazakhstan’s capital city and reflects the growing relationship between the UAE and Kazakhstan".
Aldar originally announced the scheme in 2007.
The joint venture, led by the Dubai contracting giant, also includes Consolidated Contractors Group.
"The Abu Dhabi Plaza is a vital part of a major development thrust for Astana and indeed the country as a whole," said Ali Eid AlMheiri, chairman of Aldar.
"It is testament to the commitment of UAE companies to support Kazakhstan as it pushes forward with its ambitious economic growth plans."
Read the statement here.