Arabtec Construction acquires to build the 400-metre tower in St. Petersburg, Russia’s second city. The project, Okhta Centre, has been awarded with a contract value of AED 10 billion to Arabtec by Gazprom Neft, the oil arm of Russia’s national gas company, and the St. Petersburg major’s office.

Arabtec will carry out the construction works on the first phase of the massive project, which will include a 400-metre tower and five other buildings. The tower will feature office space, leisure and entertainment facilities, as well as a library and sports centre.

Riad Kamal, Arabtec CEO, said: “The selection of Arabtec Construction came in a strong competition with Russian and European bidders and was based on the extensive experience that

He added: “We are pleased and proud to be selected for the implementation of this giant project and we are certain that this selection has been done on the basis of our successful record of implementation of similar projects.”

The Okhta Centre was previously named as Gazprom City but in March 2007, the project was named after the Okhta River. Funding for the said project was decided to be allocated by Gazprom Neft with 51 per cent fund, whilst St. Petersburg city will have a share of 49 per cent.

This skyscraper will surely be another additional iconic project to Arabtec’s résumé.