Arabtec inks $204 mn deal with India's Raheja Developers

DUBAI: Dubai's Arabtec Construction has inked a USD 204 million (750 million dirhams) contract with Indian joint venture partner Raheja Developers for construction of three mixed use projects in New Delhi and Gurgaon, the company has said.

In a filing to the Dubai Financial Market on Thursday, the UAE's largest construction firm said this is the first contract under the joint venture between Arabtec and Raheja Developers, which is currently under formation.

The Dubai-based builder holds a 63 per cent stake in the venture. The three projects are to be built over the next 48 months.

The Raheja Revanta Project, located in Gurgaon, Haryana, will include a high-rise apartment tower and around 1,000 low-rise buildings.

The Raheja Phoenix Project, located at Shadipur depot in New Delhi, comprises a 50-storey residential tower, a shopping mall and 2,800 affordable housing units.

The Raheja Shristi Project, also located at Gurgaon, will see the construction of 300 residential high-end apartment units.

Arabtec is increasingly looking to expand overseas to diversify its activities beyond Dubai's property sector.