Dubai builder Arabtec wins $152m contracts in Abu Dhabi

Dubai’s Arabtec Holding has won two contracts in Abu Dhabi worth Dh560 million ($152.5m) combined through its Target Engineering unit, the builder said on Sunday.

Abu Dhabi National Oil Company (Adnoc) has awarded a Dh345 million contract to expand a housing complex in Ruwais, near Abu Dhabi, to Target, a fully-owned subsidiary of Arabtec.

Abu Dhabi Company for Onshore Oil Operations (Adco) also awarded a Dh215 million contract to Target to construct a new management building and a civil defence station, Arabtec said in statements to Dubai's bourse.

Both contracts are expected to be completed in February 2016.

Target Engineering handles construction projects in the oil and gas sectors in the UAE, Saudi Arabia and Qatar.