Arab Contractors, one of Egypt’s largest construction and contracting companies, recently signed a AED55 million ($15 million) contract with UAE-based Al Ghurair Properties to develop two hotel buildings in Dubai, the company said in a statement.

Mohsen Salah, Chairman of Arab Contractors, said the contract is the first phase among a bundle of projects worth AED600 million ($163 million).

He added that Arab Contractors will also commence work on constructing 10 more buildings by the beginning of next year.

Arab Contractors is carrying out a number of other major projects in the UAE worth $122.5 million, with Salah saying that his company is set to deliver a 72-storey building soon.

Additionally, the company will also construct a 65-storey building to be completed in 2020 and a 35-storey building scheduled to be finished in early 2018.