Arabtec has won a contract worth Dh710m to build a huge building with 80 stories in Dubai. The new building will include a lot of amenities for the residents of the building. It will also boost a five start hotel for the visitors, furnished luxury apartments, and offices as well. The new building will be made on Shaikh Zayed Road Dubai. There will be three basements with a ground floor (not including the 80 storey of the building). A service building will be made to assist the main building in carrying out and managing different services. This building (service building) will be 10 stories tall with five basements. Service building will connect with the main building at ninth storey; service building will also provide the main building with the facilities of car parking and a fitness & health club.

The project is completely designed by Atkins. Arabtec has revealed that the project will take 3 years and 2 months to complete from the date of laying down the foundations. Arabtec has become very prominent after Aabar investments announced to take a 70 percent stake in the company. This timely funding by Aabar has not only helped Arabtec in managing its finances, but also helped Arabtec in winning major contracts in places like the West Bank and Qatar. The contract was awarded to Arabtec by Tasameen Real Estate. This has been seen as one of the much awaited deals for the year 2010.

The newly struck deal after the inauguration ceremony of Burj Khalifa will not only strengthen the market confidence, but also attract the much required foreign investment into the real estate market of Dubai. Real estate analysts outside the market, rarely appreciate the activities of this sort as a contributing factor to the plunged real estate market of Dubai real estate. Local investors and real estate agents disagree, staying optimistic about the recovery of the real estate market in Dubai. For them, these developments are a proof of recovery in the Dubai real estate market.