* Arabtec to build 39-storey Fairmont hotel tower
* Latest contract win in UAE capital for Dubai-based firm
* Abu Dhabi fund Aabar is firm's largest shareholder
(Adds detail, context)
DUBAI, Feb 18 Dubai's Arabtec Holding
has won a contract worth more than 1 billion dirhams ($272.3
million) to construct a Fairmont-branded hotel in Abu Dhabi, the
firm's latest win in the oil-rich emirate where its top
shareholder is based.
The contract, awarded by Abu Dhabi-based National Investment
Corporation, covers building the hotel as well as maintaining
the development and its electro-mechanical works for one and two
years respectively, the statement said.
Arabtec, in which Abu Dhabi investment fund Aabar
Investments raised its stake last year to become its biggest
shareholder, has been increasingly active in the UAE capital.
It won a $653 million contract to build a branch of France's
Louvre museum in January, while Arabtec was part of the
consortium awarded a 10.8 billion dirhams contract from the Abu
Dhabi government in June to build a mid-field terminal at the
cash-rich emirate's airport.
The project, which will take 30 months to complete, will see
the construction of a 39-storey tower, composed of 563 rooms and
249 serviced apartments.
National Investments Corp, which is chaired by Sheikh Sultan
Bin Khalifa Al Nahyan, advisor to the UAE President, was
established in 1999 to develop the breakwater area of Abu Dhabi.
Arabtec's shares ended Monday flat against a 0.5 percent
decline on the wider Dubai bourse. The news was
announced as the market closed.
($1 = 3.6730 UAE dirhams)
(Reporting by David French; Editing by Dinesh Nair)