Arabtec wins $2.7bn Russian contract

Dubai-based Arabtec Holding said on Saturday it won a Dh10 billion ($2.72 billion) construction contract in Russia.

Its unit Arabtec Construction will build the first stage of Okhta Centre, jointly owned by Gazprom Neft, the oil arm of the Russian national gas company Gazprom and the City of St Petersburg, the firm said in a statement.

Work on the project, which will include a 400-metre tower, five other buildings, office space and leisure and entertainment facilities, is due for completion in 43 months, it added. (Reuters)

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