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Arabtec wins $170 million contracts

By Reuters

Dubai's Arabtec said on Monday it won contracts worth 623 million dirhams ($169.6 million) to build two residential projects in Abu Dhabi and a staff accommodation building in the northern emirate of Fujairah. 

Arabtec, the largest builder in the United Arab Emirates by market value, said the residential towers project is valued at 552 million dirhams and is expected to be completed in 24 months.

The staff accommodation project in Fujairah is valued at 71 million dirhamsand, Arabtec said in a statement to the Dubai bourse.

Arabtec, which is bidding for $8.17 billion of work outside its local markets, may look at new funding sources for its expansion plans, its chief financial officer told the Reuters Middle East Investment Summit in Dubai in October.

Arabtec is expanding overseas to diversify its portfolio away from Dubai's once-booming property sector which has been hit hard by the global financial crisis as developers slow or cancel projects and jobs are slashed.

The developer's shares ended flat in Dubai prior to the announcement.