Arabtec and Lootah win Nakheel villa contracts

Arabtec, Dubai's largest listed contractor and another firm have been awarded a contract worth over half a billion dirhams to build villas for one of the emirate's flagship developers, Nakheel.

Arabtec will build 134 luxury villas at the Jumeirah Park development in Dubai, and the family owned contractor SS Lootah Group is to build 247 villas at the same location.

Nakheel's chief executive Sanjay Manchanda said today that the value of the joint contract was more than half a billion dirhams. Arabtec Construction's chief executive Greg Christofides said his firm's contract was worth Dh159 million.

Nakheel said it had sold more than Dh1.2 billion worth of villas in the project so far. Construction of the new villas will begin in February and the project is expected to be completed in the fourth quarter of 2014.

* Reuters