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29 March 2024

Arabtec wins $1.33bn Saudi order

Arabtec Holding, the largest construction firm in the UAE by market capital. (FILE)

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By Staff

Dubai-based construction firm Arabtec Holding said it has received a SR5 billion ($1.33bn) order from Saudi Binladin Group to build 5,000 villas.

Arabtec Saudi Arabia received a letter of intent to proceed with the construction of 5,000 villas and site preparation in a new housing project in the Eastern Province of Saudi Arabia with an agreed value of SR5bn over a construction period of 48 months, said a press release.

"The award of this project demonstrates the strategic importance of the Saudi market for Arabtec. This is the second major project awarded to Arabtec Saudi Arabia,  the first being 46 buildings, part of the Princess Noura University project in Riyadh," said Riad Kamal, CEO of Arabtec Holding.

Over the past few years, Arabtec has constructed more than 8,500 villas for Dubai Silicon Oasis Authority, Dubai Properties, Mohammad bin Rashid Housing Establishment, Emaar at Emirates Hills, The Lakes, The Meadows, The Springs and Arabian Ranches, and for Shaikh Holding Group at Sanctuary Falls.