Arabtec has taken a long-term lease for the entire commercial tower which is being built as part of Aldar's World Trade Centre development on the site of Abu Dhabi's former central market.
The new office building, which is expected to be delivered in September, will support the contractor's expansion plans, including its decision to expand into the oil & gas and infrastructure sector, as well as building its MEP, facilities management and affordable housing businesses.
Arabtec gained shareholder approval to raise up to $1.75bn earlier this week - $1.3bn through a pair of rights issues, and $450m through non-convertible bonds.
Arabtec has said that its headquarters will remain in Dubai, but that the new 59-storey tower will provide both the main construction arm and its subsidiaries with a base from which to grow within Abu Dhabi.
Hasan Abdulla Ismaik, CEO of Arabtec Holding, said: “The World Trade Center, one of the latest high-quality mixed-use developments, is ideally placed to be a base for Arabtec and our subsidiaries in the emirate of Abu Dhabi. The new space is planned to provide room for expansion as we deliver on our new growth strategy.”
Aldar Properties chairman HE Ali Eid Al Mehairi said: “The World Trade Center offices are located in the commercial and business heart of Abu Dhabi. With the capital’s rising economic role, we wanted to design a space that created synergy between global, regional and local business environments.
"We could not be more pleased to have Arabtec occupy this premium office destination. Arabtec, a true local success story in the UAE with projects regionally and globally, is a perfect reflection of what the World Trade Center Offices stand for.”
An interview with Arabtec's Hasan Ismaik will appear in next week's edition of Construction Week.