Dubai’s Arabtec scoops $283m Saudi Aramco housing contract
The DFM-listed builder is set to construct 380 villas in Saudi Arabia’s Al Dhahran area
Arabtec has won an AED1.04 billion ($283.1 million) contract to build housing for Saudi Aramco, the Dubai-listed builder said in a statement.
The contract won by Arabtec Construction involves the design, construction, completion and maintenance of 380 villas, inclusive of associated external works, in the Al Dhahran area of Saudi Arabia.
The project is scheduled for completion within 28 months, Arabtec said. It will be built on an overall plot area of 454,500 sqm, with a total built-up area of 166,200 sqm.
It is the latest contract win for the company, which went through a period of restructuring following the abrupt departure of its chief executive last June.
“Restructuring the technical and administrative aspects, during the second half of 2014 at the subsidiaries’ level, had fruitful results,” the statement said. “One of these positive outcomes is the winning of such a notable and large-scale project which, in return, will add more benefits to the company, its shareholders and investors.”
The company, which is listed on the Dubai Financial Market, has also recently been awarded oil and gas contracts worth AED930 million from Saudi Aramco through its subsidiary Target Engineering.
According to recent reports, however, the firm has been reeling from higher expenses in 2014. The builder reported a loss of $25.7 million in the final quarter of last year, which on Sunday saw its share price tumble by 9.92%.
