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FINANCIAL NEWS
Al Futtaim wins contracts worth $22.5 million
29 Jul 2010
(MENAFN) Al-Futtaim Engineering, one of the leading multi-disciplinary engineering organisations, said it has won major contracts worth $22.5 million for supply and installation of Hitachi and LM lifts in key real estate projects in the UAE, Reuters reported.
The contracts will see the Al-Futtaim group company�s Elevators� Division supply 79 elevators and 12 escalators for major real estate projects including the Nation Towers and the Investment Council Headquarters in Abu Dhabi and the Al Hikma Tower project in Dubai.
The announcement follows recent research reports that the UAE construction industry is expected to grow at a compounded annual growth rate of around 20 per cent from 2010-2013.
Dawood Ozair, managing director of Al-Futtaim Engineering said that real estate construction activity was picking up across the UAE after a slow 2009.
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