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FINANCIAL NEWS
Arabtec targets construction contracts in Libya and Qatar
10 Jun 2012
(MENAFN) Dubai-based developer Arabtec Holding is targeting oil and gas projects in Libya and is seeking to grab contracts in Qatar, which is preparing to host the World Cup in 2020, Reuters reported.
CFO Ziad Makhzoumi said that the developer’s engineering unit Target Engineering is looking into some projects in Libya’s energy sector.
Makhzoumi also said that Arabtec is also setting logistics and joint ventures in place in preparation to bid for Qatar’s planned USD100 billion infrastructure projects ahead of the 2022 World Cup.
In May, Abu Dhabi government selected an Arabtec consortium, including Turkey’s TAV Insaat and Athens-based Consolidated Contractors Company, as the preferred bidder.
Arabtec is 20.8 percent owned by Abu Dhabi fund Aabar Investments, which owns stakes in high-profile names such as German carmaker Daimler and commodities trader Glencore and has increased its Arabtec stake from 5.3 percent since March.
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