Dubai's Arabtec wins $1.55 bln Jordan resort contract

Reuters, Monday 20 Jan 2014

Arabtec wins a contract to build a resort in Jourdan, expected to create thousands of jobs when opened by 2017

Arabtec Holding, the largest construction firm in the UAE by market capital.(photo: Reuters)

Dubai contractor Arabtec Holding said on Monday it had won a 5.7 billion dirham ($1.55 billion) contract to build a resort in the Aqaba area of southern Jordan.

The project, being developed by an international fund called Red Sea Astrarium LP, will involve a manmade lagoon, four hotels and entertainment facilities including a 4D cinema, a water park and a Star Trek-themed attraction, Arabtec said in a statement to the Dubai bourse.

Construction work on the resort, which is expected to create around 4,000 jobs when opened, will begin in the third quarter of this year, with a soft opening targeted for the third quarter of 2017, the statement added. ($1 = 3.6730 UAE dirhams)

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