Dubai – Mubasher: Arabtec Holding (Arabtec) on Thursday announced that its wholly-owned subsidiary Arabtec Construction has won an AED 222 million contract by Dubai Properties, a leading UAE master-developer.

Under the contract, Arabtec Construction will build 352 villas in Dubai Properties’s Amaranta project in Villanova, the Dubai-based builder said in a statement to the Dubai Financial Market (DFM).

Villanova is a residential project in Dubailand, located at the intersection of the Dubai – Al Ain Road with Emirates Road.

 Arabtec’s unit will commence the project’s construction works immediately and is scheduled to complete it within 20 months, the statement added.

“We are delighted that Dubai Properties continue to show confidence in Arabtec Construction through the award of our fifth phase at the Villanova Project, further building on our solid relationships in our core markets,” Hamish Tyrwhitt, CEO of Arabtec Construction, said.

It is worth noting that Arabtec, the leading contractor for social and economic infrastructure, has a strong portfolio including projects such as the Burj Khalifa in Dubai, Abu Dhabi landmark, the Emirates Palace Hotel and Louvre Abu Dhabi Museum.

By the end of Wednesday’s session, Arabtec’s stock rose 1.09% at AED 1.86.