Aldar awards nearly 4bn Emirates dirham contract in Kazakhstan to Arabtec-led JV

Aldar Properties, Abu Dhabi's leading property development company, and Arabtec Holding PJSC, announced today the award of a contract valued at nearly AED 4 billion to an Arabtec-led JV for the development of the Abu Dhabi Plaza in Astana, Kazakhstan. The joint venture brings together Arabtec and Consolidated Contractors Company SAL (CCC), two key players in the local, regional, and international construction industry. In its capacity as development manager on behalf of the project owner, Aldar properties awarded the multi billion dirham contract to develop Abu Dhabi Plaza through its subsidiary Aldar EuroAsia. The project, a 500,000 square metre mixed-used development comprising five towers, the tallest of which will measure 320 metres. Construction is scheduled to commence shortly and the project is due for completion in 2017. Ali Eid Al Mheiri, Chairman of Aldar Properties, commented, "The Abu Dhabi Plaza development is a vital part of a major development thrust for Astana and indeed the country as a whole. It is testament to the commitment of UAE companies to support Kazakhstan as it pushes forward with its ambitious economic growth plans. With Arabtec's and CCC's strong track record of excellence and timely completion of projects to high global standards, we are confident that this development will be viewed as a new landmark for Kazakhstan on an international level, proud to be carrying Abu Dhabi's name high." Hasan Abdullah Ismaik, Managing Director and CEO of Arabtec, said, "On behalf of the joint venture, we are proud to be partnering with Aldar on Abu Dhabi Plaza, a landmark project in Kazakhstan, a country with extensive business and cultural ties with the UAE. The project brings together two partners committed to its success, with proven development, project management and construction expertise and a solid track record in timely project delivery to international standards. It is also reflects Arabtec's growth strategy put into action and we are in a strong position to leverage an extended period of increased activity across the region. This new project brings the total gross value of contracts awarded in 2013 to nearly AED13 billion, which is anticipated to have a positive impact on Arabtec's performance over the near to mid-term." The complex will contain 566 luxury residential apartments, 107,000 square metres of commercial office space, a five-star hotel with additional serviced apartments, a 50,000 square-metre retail podium and four large basement car parks with space for more than 4,000 vehicles. The Abu Dhabi Plaza 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.