Dubai's Arabtec signed a AED500m (US$136m) contract to build a 23-storey hotel and residential complex in Cairo, the major construction firm said on Sunday.
The Nile Towers, to be built in the Maadi suburb of south Cairo, will include a Hilton Hotel with 256 guest rooms and suites plus other facilities, Arabtec said in a statement. An adjacent tower would contain 114 luxury residential apartments.
Arabtec and its joint venture partner SIAC Industrial Construction & Engineering Co were initially awarded the contract in July last year by developer Saudi Egyptian Construction Co.
The Dubai builder has gradually shifted its focus from its home territory since Dubai's real estate market collapse in 2009, and focused on new markets such as Egypt, Saudi Arabia and Abu Dhabi.
Read more: http://www.arabianbusiness.com/dubai-s-arabtec-signs-136m-cairo-building-contract-495181.html
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