DUBAI, Oct 23 (Reuters) - Dubai-based builder Arabtec said on Wednesday that it has won a contract worth 196 million dirhams ($53.4 million) to build the final phase of a hotel project on the emirate’s palm-shaped island.
Arabtec, partly owned by Abu Dhabi state fund Aabar, will build two mixed-use towers for the 332-room Tiara Hotel on Palm Jumierah, the contractor said in an emailed statement.
The earlier phases of the project, valued at a total of 550 million dirhams, were also built by Arabtec and work on the final phase will begin in the first quarter of 2014, it said.
The builder has been on an aggressive expansion drive after a management shake up in February and has won a series of contracts in the United Arab Emirates and in the region. ($1 = 3.6730 UAE dirhams) (Reporting by Praveen Menon, Editing by Patrick Lannin)