Wasl Asset Management has awarded the $398m (AED1.46bn) main contract for Wasl Tower to Arabtec Construction.
Located on Dubai’s Sheikh Zayed Road, Wasl Tower is a 63-storey mixed-use skyscraper that will feature office spaces and residential units.
The news comes just weeks after Arabtec Holding, Arabtec Construction’s parent company, recorded its first profit in nine consecutive quarters.
In a statement issued to Dubai Financial Market (DFM), Hamish Tyrwhitt, group chief executive officer of Arabtec Holding, said: “The long-term outlook for the construction and engineering sector in our key geographic markets remains positive, especially in the UAE, where the majority of our projects are located.
“With the combination of the strategic repositioning of the business, strong industry fundamentals, and catalyst events such as Expo 2020 fast approaching, we believe that the year ahead will see Arabtec continue on its path to a successful and sustainable future,” the statement added.
The UAE-headquartered construction giant posted a net profit of $4.9m (AED18m) in Q1 2017, a $17.4m (AED64m) increase from the net loss of $12.5m (AED46m) recorded during the corresponding period of last year.
The contractor recorded revenue of $600m (AED2.2bn) in Q1 2017, up 11% from the $540m (AED2bn) reported in Q1 2016.
Tyrwhitt attributed the Wasl Tower contract win to Arabtec’s track record of delivering world-class mixed-use developments, according to Arabian Business.