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Dubai: Tourism Development and Investment Company (TDIC), an Abu Dhabi developer, has signed a memorandum of understanding (MoU) with Arabtec Construction for the design, development and construction of phase one of the Saadiyat Beach Residences community on Saadiyat Island.
The value of the contract, which will include all associated infrastructure works, is expected to exceed Dh2 billion and is due for completion in 30 months.
The project comprises a range of three- to eight-bedroom villas and town houses in Mediterranean, Arabian or Contemporary architectural styles, some featuring a private gym, elevator, swimming pool and movie theatre.
The contract will cover the first seven gated communities that make up the Saadiyat Beach Residences development, which will front the UAE's only Gary Player signature golf course, have sea views and be just a five minutes' drive from Saadiyat Island's Cultural District with the world's largest single concentration of premiere cultural institutions.
"This project raises Abu Dhabi's residential market to a world class level and is a highly prestigious award for Arabtec," said Riad Kamal, CEO of Arabtec Holding, the holding company of Arabtec Construction.
"Given TDIC's reputation for working with best-of-breed suppliers, we see this MOU as a significant vote of confidence in our abilities," Kamal said.
Saadiyat Beach is a one-of-a-kind district with nine kilometres of uninterrupted white sand beach where nine, five-star resorts will be managed by top hospitality brands.
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