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FINANCIAL NEWS
Arabtec to tap three markets beyond Dubai
26 Feb 2010
(MENAFN) UAE-based Arabtec Holding said that it eyes more projects in Abu Dhabi, Saudi Arabia and Qatar over the coming years, Khaleej Times reported.
Arabtec, the largest construction firm in the UAE, said that it will tap those three markets, saying that there are few opportunities in Dubai in the meantime.
The firm’s Chief Executive Officer, Riad Kamal, said that work has been halted at a project in Dubai amid concerns about payment delays. He noted that the global financial crisis has hit real estate sector in Dubai with property prices declined by nearly 50 percent last year, from their peaks in 2008.
Kamal’s remarks came during a visit of the Silverene Twin Towers Residential Development project. The project consists of two towers being built by subsidiary Arabtec Construction.
Regarding the proposed stake sale to Abu Dhabi government-backed Aabar Investments, Kamal said that due diligence process was still underway.
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