Wasl Asset Management has awarded Dh 1.46 billion worth contract to Arabtec Holding, a Dubai-based developer, to build the Wasl Tower.
The Wasl Tower, located at Sheikh Zayed Road opposite to Dubai Mall beside Dubai’s main highway, is going a mixed-use project. The 300-meter high tower will have 63 floors. It will house a Mandarin Oriental hotel, serviced residences and vertical gardens designed by UN Studio. The project is slated to be completed by 2020 along with Wasl’s more than a dozen hotel projects.
Arabtec has been delivering many world-class mixed-use developments and currently has more than 22 ongoing projects in UAE. With the expectation of positive outlook of construction business in coming years, the company is looking forward to delivering the best projects despite its backlog of Dh1.5 billion.
“With the combination of the strategic repositioning of the business, strong industry fundamentals and catalyst events such as Expo 2020 fast-approaching, we believe that the year ahead will see Arabtec continue on its path to a successful and sustainable future,” says Hamish Tyrwhitt, Chief Executive, Arabtec Holding.