Arabtec agrees $109m debt facility with Aabar
Contractor will use additional funding to deliver ongoing and newly awarded projects in a timely manner
Aabar Investments, a major shareholder in Arabtec Holding, has agreed a $108.9 million debt facility to help the Dubai-listed contractor weather ‘challenging conditions’ in the regional construction market.
The money will provide the contractor with additional funding to use towards delivering ongoing and newly awarded projects in a ‘timely manner’, said Saeed Mohamed al-Mehairbi, acting chief executive of Arabtec Holding.
Aabar Investments is Abu Dhabi’s state fund and it owns 36% of the contractor.
Arabtec reported a net loss attributable to equity holders in the parent of $12.63 million in the first quarter, lower than the $76.1 million loss during the same period last year.
Arabtec’s quarterly revenue was $528.2 million, compared with $487.3 million a year earlier.
The company has undergone two years of upheaval, management changes and restructuring. It posted a $626m loss in 2015, and is pursuing a long-running restructuring and cost-reduction programme.
