International Capital Trading LLC (ICT) has awarded a Dh 1.6 billion contract for the construction of the prestigious Nation Towers Mixed Use Development on Abu Dhabi’s Corniche, to a joint venture between Arabtec Construction LLC a subsidiary of Arabtec Holding PJSC and National Projects and Construction LLC.

The development includes two high rise towers comprising a 65-storey residential tower, a 52-storey hotel and office tower and a retail podium. The site, which is on the Abu Dhabi Corniche seafront, features an underground tunnel linking the towers to a beach club.

The total development cost is estimated at AED 2 billion, covering a built-up area of over 3,390,000 square feet and is expected to be commissioned by the end of 2011.

“ICT is proud to announce the award of this major contract to this exceptional JV. Given the current market conditions, we are confident that our decision today emphasizes the faith we have in the foundations that underpin the economy of our emirate and the Abu Dhabi market. Nation Towers is an unrivalled and an elegant development which will enrich Abu Dhabi’s skyline,” said Hamad Abdulla Al Shamsi, Chief Executive Officer of ICT.

“ICT believes the joint venture between National Projects and Construction and Arabtec Construction offers us an unparalleled proposition of considerable industry expertise combined with unsurpassed local experience”, said Haytham Deeb Haidar, Chief Operating Officer of ICT.

“We are proud to be associated with the development of the Nation Towers project, which reconfirms our long term belief and commitment to the United Arab Emirates construction market” added Mr. Riad Kamal the CEO of Arabtec Holding. “Our record and experience in the construction of such iconic developments is unparalleled and we are honored to be selected for the development of such prestigious project.”

Nation Towers is a mixed–use development featuring a luxury hotel, residential loft apartments, offices and retail shopping area. In addition, the development has a skybridge at the 48th level connecting the two towers.