Abu Dhabi Plaza in Kazakhstan to cost $1.6bn

Abu Dhabi Plaza in Kazakhstan to cost $1.6bn
Published: 1 February 2014 - 2 a.m.

Construction of Abu Dhabi Plaza in Kazakhstan will cost $1.6bn, according to the country’s Minister of Industry and New Technology and Vice Prime Minister Asset Issekeshev.

“The project is fully financed by investors from the UAE. The overall investments are estimated at $1.6 billion," Issekeshev said in the Tengri News, adding that the project is to be completed at the end of 2016.

Arabtech Holding PJSC (ARTC) has won the tender for construction of the 88-storey complex Abu Dhabi Plaza in Astana.

The development is a staggered matrix of buildings with a retail and leisure podium and a hotel cluster at the base that rises to form a series of office and residential towers to the north - creating a new landmark on Astana’s skyline.

According to the Kazakhstan’s Ministry of Industry and Trade, the agreement was signed by Kazakhstan’s plenipotentiaries - Albert Rau, First Vice Minister of Industry and Trade, and Sergei Khoroshun, Vice Mayor of Astana – and Roger Goundry, Country Director - Kazakhstan, Aldar Properties PJSC, Abu Dhabi.

“We should have local companies actively involved into the project”, Issekeshev stressed, adding that the two sides had agreed to meet reps of Kazakhstan-based potential subcontractors to engage local construction companies and producers of construction materials.

According to His Excellency Abubaker Seddiq Al Khoori, chairman of the Board at Aldar Properties PJSC, the construction works this year will employ about 7,000 people working on two shifts. Currently, about 1,000 are employed at the construction site.

 

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