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Arabtec wins Dh356m contracts

By Staff

Construction major Arabtec has won two contracts in Abu Dhabi and Egypt for an estimated value of Dh356 million - taking its backlog to Dh17.056 billion.

Abu Dhabi National Oil Company (Adnoc) has awarded a contract to Dubai firm to build its underground car park at its headquarters in Abu Dhabi at an estimated cost of Dh219 million and will take two years to complete, the company said in statement to Dubai Financial Market.

The project consists of a three level underground park, covers an area of approximately 22,741 square metres and provides a built-up area of 65,340 square metres with approximately 1,575 car parking spaces, said the statement.

The project will be located beneath the public park site adjacent to the existing Adnoc headquqarters building located at the intersection of Corniche and Bainunah Street, Abu Dhabi.

Its Egyptian subsidiary Arabtec Egypt for Construction also received a Dh137 million contract from Emaar Misr for development to build residential villas at Al Marassi project. The project is expected to be completed in 20 months, company said in the statement.

The project consists of 74 luxury villas and 30 town homes as part of Al Marassi project in Sidi Abdul Rahman in North Coast.

The work includes the construction and the finishes of the villas and town homes at Village L.

Its Saudi unit recently won a major contract of $1.33bn. After clinching Abu Dhabi and Egyptian contracts, the company’s backlog has gone up to Dh17.056 billion.

The company has recently been in news following the Emirates Securities and Commodities Authority banned its chief executive Riad Kamal from trading in the stock market.

Arabtec said earlier this month that it plans to raise capital through a $108.5 million rights issue and a $150 million convertible bond.

The firm said it plans to use the proceeds to fund its expansion plans and increase working capital.
The company is expanding overseas to diversify its portfolio.