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FINANCIAL NEWS
Arabtec unit wins $227m deals in Abu Dhabi
29 Mar 2010
(MENAFN) A senior official at Arabtec said that one of the company’s subsidiaries has won contracts for two construction projects in Abu Dhabi at a total contract value of $227.3 million, Reuters reported.
The Abu Dhabi Oil Refining Company (Takreer) awarded the Arabtec affiliate and construction contractor Target Engineering Construction with a seawater intake project and associated pumping facilities for completion within 28 months and amounting to $97.7 million, Arabtec said in a statement.
The second project was awarded by the joint venture Petrofac GS to run a seawater intake system and pipeline for the Abu Dhabi Gas Industries (Gasco) Ruwais Fourth NGL Train project, for $130 million and a duration of 20 months.
Arabtec is the largest builder by market value in the UAE, and has been aggressively expanding abroad to diversify its portfolio away from debt-troubled Dubai.
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