As per the media reports, Monday saw an AED687 million contract being awarded by Ishraqah for Development, the Dubai-based property developer, to Arabtec Construction, for the Onyx Towers project in Dubai.

The Onyx Towers, to be situated next to Emaar Business Park, is a multi-purpose, freehold development.

The project, which would be constructed on a 22,000sq m plot of land, with a total developed area of 202,800 sq m, would have 16-storey and 25-storey towers with office and retail space, apart from a 14-storey, 4-star hotel with 10 suites and 200 rooms.

The three buildings will be connected via an interconnected podium.

Commenting on the launch of the project, Abdullah Bin Mattar AlFalasi, CEO of Ishraqah said: "The large investment allocated to this project underscores our belief that Dubai's re-emergence must be supported by developments such as The Onyx, which create the optimum environment for busy executives."

Riad Kamal, CEO of Arabtec Holding added: "We are proud to be associated with the development of the Onyx project, which reconfirms our long term belief and commitment to the United Arab Emirates construction market and specifically Dubai."