ALDAR Properties, Abu Dhabi's largest real estate development firm, has signed a Dhs 2.7-billion (approx. €500m) contract with Arabian Construction Co. (ACC) to be the main contractor for the towers 3 of the Central Market redevelopment in the heart of Abu Dhabi's Central Business District.
Artist impression of
the Central Market.
The contract for Central Market is the largest single building contract to be awarded in Abu Dhabi. Central Markets rejuvenation will see the major redevelopment of the old souk with a focus on expanding the areas retail, residential, leisure and commercial sectors whilst not forgetting the reintroduction of a new yet traditionally based souk.
Designed by leading UK architects Foster & Partners, the ALDAR project comprises a residential tower, five-star hotel tower, office tower and a four-star hotel, the residual retail podium being the final element and due for a award next month.
The 88-story residential tower will be 382 meters high and will be the tallest tower on Abu Dhabi's skyline. It will house 489 luxury apartments. The five-star hotel tower will be 55 stories high, with 279 rooms and 132 serviced apartments. The office tower will offer 58 stories of prime office space while the smallest tower, of 16 stories, will be a four-star hotel with 212 rooms.
"Central Market is changing the face of Abu Dhabi. The award of this contract is a significant step in this major re-development project for the emirate and ALDAR is extremely proud to be leading this project," said Ahmed Al Sayegh, Chairman of ALDAR.
"ALDAR believes that ACC is the right company for this project and we are happy to announce this agreement having spent the last few months in intensive negotiations. Central Market is transforming the heart of the United Arab Emirates' capital and therefore it is crucial to have the right partners for this development. As the largest single building contract announced to date in the emirate, ALDAR are confident that ACC are the best partners for this project," said Ronald Barrott, CEO of ALDAR.
"ACC initially built Abu Dhabi's Central Market in 1971, and we are very proud to have been awarded the towers contract for its redevelopment 36 years later," said Ghassan Merehbi, Chairman of ACC. "ACC's strategy has been to focus on specialized high-rise and prestigious projects in the GCC, and Central Market will be one of our most challenging projects," said Anas Mikati, Vice-Chairman of ACC.
Source: Property World Middle-East