ATCO to work on housing 20,000 in Abu Dhabi
Three-month ATCO trading on the TSX
A unit of the ATCO Group is going to work with a large local company to build housing for 20,000 temporary workers building the Saadiyat Island project off the city of Abu Dhabi in the United Arab Emirates.
The project is a $27-billion plan to build luxury hotels, cultural centres, golf courses and natural areas on the 27-square-kilometre island, linked to the city 500 metres away by two causeways.
A joint venture of ATCO Structures and Al Habtoor Engineering will build a modular manufacturing facility and sales office in Abu Dhabi, ATCO said Thursday.
Al Habtoor and ATCO Modular Building Solutions Contracting LLC have contracted to build the 20,000-person "construction village" that will house about a third of the workers who will build the infrastructure on Saadiyat.
The partnership's first project is the largest ATCO Structures has done, ATCO said.
The dollar value, timeline and details about the partnership with Al Habtoor were not released.
Saadiyat will have golf courses, 29 hotels — including a seven-star building — museums designed by celebrity architects and a spaceship-like performing arts centre.
By the time it's finished in 2018, it will house about 150,000 people, although it is intended to be a tourist destination, the website of the Tourism Development & Investment Company said. The company was set up by the Abu Dhabi government to develop its real estate.
Abu Dhabi is the largest of the emirates that make up the UAE.
ATCO stock closed unchanged at $51.50 in TSX trading Thursday.
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