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FINANCIAL NEWS
Arabtec signs $54.4m project in Bahrain Bay
11 Jan 2011
(MENAFN) Riad Kamal, the Chief Executive Officer at Arabtec Holding, said that its construction arm, Arabtec Construction, has been awarded a $54.4 million contract to construct the headquarters of Al Baraka Group in Bahrain Bay, Arabian Business reported.
According to Kamal, the 14-storey, twin tower project which will span more than 38,000 square meters and will take 20 months to complete, comes in line with Arabtec Construction�s geographic expansion plans.
Arabtec, which has announced a joint venture with Bahrain’s Masawa Holding, has been struggling to diversify its operations outside Dubai’s once booming real estate market, and is currently bidding for $8.17 billion of projects outside its local markets, revealed Kamal.
Separately, during the July-September period of 2010, the Dubai-based firm posted a 95.6 percent decline in earnings to $1.85 million, down from $45.4 million during the corresponding period a year earlier, said the CEO.
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