Dubai`s Arabtec is looking to expand overseas to diversify beyond Dubai`s property sector
DUBAI’S Arabtec Construction has inked a USD 204 million (£131 mn) contract with Indian joint venture partner Raheja Developers for construction of three mixed use projects in New Delhi and Gurgaon, the company has said.
In a filing to the Dubai Financial Market yesterday (October 7), the UAE`s largest construction firm said this is the first contract under the joint venture between Arabtec and Raheja Developers, which is currently under formation.
The Dubai-based builder holds a 63 per cent stake in the venture. The three projects are to be built over the next 48 months.
The Raheja Revanta Project, located in Gurgaon, Haryana, will include a high-rise apartment tower and around 1,000 low-rise buildings.
The Raheja Phoenix Project, located at Shadipur depot in New Delhi, comprises a 50-storey residential tower, a shopping mall and 2,800 affordable housing units.
The Raheja Shristi Project, also located at Gurgaon, will see the construction of 300 residential high-end apartment units.
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