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FINANCIAL NEWS
Dubai- Damac awards $136m contract to Arabtec
04 May 2010
(MENAFN) Bloomberg reported that construction firm Arabtec has been awarded a $136.1 million contract to build a residential tower in Dubai.
The contract was awarded by Damac Properties and was signed earlier this week, Arabtec said in a statement.
The Dubai-listed contractor previously worked with Damac on its flagship Ocean Heights project, also in Dubai.
Arabtec and Abu-Dhabi-based Aabar recently called off a $1.7 billion agreement for Aabar to take over Arabtec. The two firms did not disclose any reason for canceling the deal.
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