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FINANCIAL NEWS
Arabtec unit wins $143m deal in Qatar
30 Mar 2010
(MENAFN) Dubai-based Arabtec said in s statement that its Qatar subsidiary won a $142.7 million contract as the builder continues to expand abroad to weather a downturn in its home market, AP reported.
Qatar General Insurance and Reinsurance Co awarded the contract, which will last 26 months, to build The World Trade Centre project in Doha’s West Bay neighborhood, the UAE’s largest contractor by market value said in a statement to Dubai’s bourse.
Arabtec’s unit is currently working on Al Waab City, a 1.2 million square meter mixed-use project in Doha, it said.
Arabtec’s $1.7 billion merger with Abu Dhabi’s Aabar Investments will be completed in April and may pave the way for a revival of projects in Abu Dhabi and help expansion in Saudi Arabia and Azerbaijan, Arabtec’s chief financial officer said earlier in March.
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