ARABTEC Construction (Arabtec) has been awarded a Dh1.8-billion ($490 million) contract for the construction of a mixed-use high-rise tower on Sheikh Zayed Road in Dubai.

Just one block away from the world’s tallest building Burj Khalifa, which was also constructed by Arabtec Construction, the tower will be one of Dubai’s 10 tallest buildings and the second tallest tower in its central business district, rising 369.1 m high.

The 77-floor mixed-use tower will comprise over 22,000 sq m of office space on 18 floors, and 908 sq m of retail area. It will also include a 350-room international hotel and 83 serviced apartments as well as 180 luxurious apartments.

Negotiations are under way with a number of world-leading hospitality brands for the management of the six-star hotel and serviced apartments which will collectively occupy 25 floors.

Construction of the tower, designed by the world-renowned Atkins, was scheduled to begin last month (mid-November) and will take 42 months to complete.

Upon completion in May 2017, the tower will be the world’s 26th tallest building. Arabtec has already built seven out of the world’s 150 tallest structures, including the 830-m Burj Khalifa.

Arabtec is a subsidiary of Arabtec Holding, a leading engineering and construction group specialising in complex projects in the Middle East and North Africa (Mena) region.

Meanwhile, Arabtec Holding and GS Engineering and Construction Corp (GS E&C), a leading South Korean engineering and construction company, have signed a memorandum of understanding to form a joint venture that will pursue heavy infrastructure engineering and construction projects such as metros, railways, bridges, ports and tunnel projects in the Mena region. Under the name Arabtec-GS Infrastructure, the joint venture will be incorporated and headquartered in Abu Dhabi.