Arabtec subsidiary bags Dh192m deal to build twin residential towers

Target engineering wins Wilton Park Residence project by Ellington Properties in Dubai

Arabtec signage announces yet another projects for teh development company, as seen on Thursday, Nov. 13, 2013, at a residential unit construction site on Reem Island in Abu Dhabi. (Silvia Razgova / The National)

Section:  Business
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Reporter: stock

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Target Engineering, a wholly owned subsidiary of Dubai-listed Arabtec Holding, won a Dh192 million contract to build a twin-tower residential project in the emirate.

The scope of work on Wilton Park Residence being developed by Ellington Properties includes construction, landscaping, irrigation systems and mechanical, electrical and plumbing works, Arabtec said in a statement to the Dubai Financial Market, where it shares trade.

The 12-storey development is being built in Al Merkadh area of Dubai and work will commence immediately for a duration of 24 months. Target is also working on Ellington's DT1 project, a high-rise development in Dubai's Downtown, which was awarded in July 2017.

“Ellington has had the confidence to award Target its second project, highlighting the importance of solid relationships and delivery,” said Arabtec’s acting group chief executive, Peter Pollard.

Earlier this month, Arabtec’s board replaced outgoing group chief executive Hamish Tyrwhitt with Mr Pollard.

Arabtec, whose portfolio of projects include the world's tallest building, the Burj Khalifa in Dubai, the Emirates Palace Hotel and Louvre Museum in Abu Dhabi, had reported profit increases in eight quarters until the end of last year, after it restructured its business and sold a number of non-core assets.