ICEC

Arabtec Wins Contracts in UAE and Qatar

Arabtec Holding said one of its units won contracts valued at Dh504 million in the UAE and Qatar.

Target Engineering Construction won a Dh455 million contract from Qatar Petroleum to build accommodation facilities and a Dh5.76 million subcontract for shore protection works on Qatar’s Halul Island, the company said.

It also said it won a Dh43.26 million contract in Abu Dhabi.

The contract wins follow the company announcing on Sunday that Aabar Investments, which dropped a $1.74 billion offer for Arabtec two years ago, awarded a Dh222 million contract to one of its units, as Bloomberg stated.

Aabar, through its units, increased its shareholding in Arabtec this year and now holds a 10.5 per cent stake, the latest filings on the stock exchange show.

 

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