UAE’s largest construction company will begin first phase of construction on the 463m tower shortly
Gazprom, the Russian oil giant, has awarded Arabtec Holding a $123m contract to build Europe’s tallest office tower in St Petersberg, it was announced on Monday.
According to a Bloomberg report, Arabtec, the UAE’s largest construction company by market value, will begin the first phase of construction for the 463m tower, which will be Gazprom’s future headquarters.
The Dubai-based company will begin work on the project with Okhta Centre, a Gazprom unit.
The project marks Arabtec’s entry into the Russian construction market, and is part of the construction company’s expansion plan into new markets. This expansion plan comes after the company has seen a fall in profit each year since the Dubai construction market crash in 2008.
The builder said that it hoped the project, would lead to more projects in Russia. Earlier this year, financial results revealed that the construction giant had derived all its revenue from the GCC.
Earlier this week, Arabtec’s subsidiary, Target Engineering, announced that it had won contracts worth $74m in Abu Dhabi and Qatar.