Target Engineering Construction Company, a wholly owned subsidiary of UAE-based construction giant, Arabtec Holding, has been awarded a $53.4m (AED196m) contract by Emaar Properties.
Under the terms of the deal, Target will conduct main works for Phase 1 of Emaar’s Forte project in Downtown Dubai.
The scope of the contract involves the construction of five basements for two residential towers, according to a missive that Arabtec issued to Dubai Financial Market (DFM).
Target plans to commence work on Forte this month, and expects to complete its package of within a year.
Commenting on the contract win, Hamish Tyrwhitt, group chief executive of Arabtec Holding, said: “We look forward to working on another project with Emaar Properties.
“We continue to win projects that are aligned with our key geographies and our key competencies, whilst maintaining a robust risk management approach,” he added.