Dubai-based Arabtec has signed a Dh500-million ($136 million) contract to build a 23-storey hotel and residential complex in Cairo, Egypt.
The Nile Towers will include a Hilton Hotel with 256 guest rooms and suites plus other facilities. An adjacent tower will contain 114 luxury residential apartments.
Arabtec said Nile Towers was its third project since it entered the Egyptian market following the collapse of the Dubai market in 2009. It has a Dh174-million ($47.4 million) deal from Dubai developer Emaar Properties to build the Al Marassi villa project on the coast at Alexandria, and a contract to build a 726-apartment residential development on a cliff top at the town of Sokhna.
