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FINANCIAL NEWS
Arabtec plans merger with Saudi, Kuwaiti contractors
23 Aug 2013
(MENAFN) Chief executive of Arabtec Holding, Hasan Abdullah Ismaik, said that the UAE-based company plans a merger with top contractors in Kuwait and Saudi Arabia, Times of Oman reported.
The construction company, in 2009, launched a subsidiary in Saudi Arabia with Prime International Group Services and Bin Laden Group. It is also working on two contracts with Combined Group in Kuwait.
The company earned USD653 million in a rights issue in July and announced that this will be used to boost its oil and gas installation and housing businesses.
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