A US $92.5m (AED340m) five-star hotel in Dubai Media City is set to be built by UAE-based construction company Arabtec.
The listed developer, which recently won the contract, said in a statement to the Dubai Financial Market (DFM): "The company is always committed to adhere to all relevant legislative provisions in terms of disclosure and transparency."
Further details of the project are still being awaited.
In July 2016, Aabar Investments, a major shareholder in Arabtec Holding, had agreed a $108.9m debt facility to help the contractor weather challenging conditions in the regional construction market.
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The money will provide the contractor with additional funding to use towards delivering ongoing and newly awarded projects in a ‘timely manner’, Saeed Mohamed al-Mehairbi, acting chief executive of Arabtec Holding, had said in a statement.
The contractor also narrowed down its loss to $62.4m (AED229m) in the first half of the year, as compared to a net loss of $353m (AED1.3bn) made in the first half of 2015.
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