Arabtec wins $115m capital contract
Construction firm to build 411 villas for Abu Dhabi housing project
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Arabtec Construction, the UAE’s largest construction firm by market value, announced on Monday that it had been authorised to build 411 villas and associated external works for the Baniyas Residential Development in Abu Dhabi.
The project is for the Ministry of Presidential Affairs in Abu Dhabi and is valued at a total of $115.1m. It is will be used for the housing of UAE citizens, said Hasan Abdulla, managing director of Arabtec Holding.
“The emirate of Abu Dhabi is over of very important clients. Arabtec is a market leader in the construction of villas and has built over 11,000 villas in the past few years. The Board of Directors of Arabtec Holding, because of the nature of the end user, has instructed the company to pay extra attention to this project and ensure that the highest standards are exceeded, at the best price,” he added.
Earlier this month, Arabtec announced that it had been awarded a $123m contract by Gazprom to build its headquarters in Russia, Europe’s tallest tower.
The project marks the entry of the Dubai based construction firm into the Russian market. It is part of the company’s plan to expand into new markets.
The move to new international markets comes after the builder recorded a $3.16m net loss in the second quarter, compared to a net profit of $7.9m in 2011. The company said that higher costs and expenses were to blame, despite a growth in revenue.
