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FINANCIAL NEWS
Dubai’s Arabtec wins USD115m contract in Abu Dhabi
15 Oct 2012
(MENAFN) UAE’s Ministry of Presidential Affairs has awarded a USD115.3 million contract to Dubai-based developer Arabtec to build 411 villas at the Bani Yas Residential Development-West in Abu Dhabi, Arabian Business reported.
The company said in a statement on Dubai Financial Market website that its unit “Arabtec Construction” received a letter of award for the project and associated external works for Baniyas Residential Development in Abu Dhabi for housing UAE nationals.
Hasan Abdulla, managing director of Arabtec Holdings, reiterated on the importance of Abu Dhabi as a key market for the company.
Arabtec has won several Abu Dhabi contracts this year, including a USD3 billion deal, in a consortium, to construct a terminal building at the emirate’s international airport.
Over the past three years, Arabtec has sought to expand its portfolio of projects in Abu Dhabi and abroad, including India and Egypt, away from stagnating Dubai contracts.
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