Target Engineering Construction Company, a wholly owned subsidiary of UAE-based construction giant, Arabtec Holding, has been awarded a $53.4m (AED196m) contract by Emaar Properties.

Under the terms of the deal, Target will conduct main works for Phase 1 of Emaar’s Forte project in Downtown Dubai.

The scope of the contract involves the construction of five basements for two residential towers, according to a missive that Arabtec issued to Dubai Financial Market (DFM).

Target plans to commence work on Forte this month, and expects to complete its package of within a year.

Commenting on the contract win, Hamish Tyrwhitt, group chief executive of Arabtec Holding, said: “We look forward to working on another project with Emaar Properties.

“We continue to win projects that are aligned with our key geographies and our key competencies, whilst maintaining a robust risk management approach,” he added.

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