Dubai's Arabtec wins two deals worth $97m

Arabtec Construction said on Monday it had won contracts valued at AED356m ($96.9m) to build an underground car park in Abu Dhabi and residential villas in Egypt.

The UAE’s largest builder by market value said the deal to build the three-storey car park at the headquarters of Abu Dhabi National Oil Company (ADNOC) was worth AED219m and would take 24 months to complete.

A contract awarded by Emaar Misr to build luxury homes at the Al Marassi project in Egypt is worth AED137m, Arabtec said in a statement to the Dubai bourse.

The contract will take 20 months to complete, the company said.

Arabtec Holding last week said it plans a rights issue and to raise $150m through the sale of five-year convertible bonds.

Arabtec will use the funding to “support the company’s expansion plans to the new markets and increase its working capital,” it said.

Arabtec, which is bidding for $8.17bn of work outside its local markets, reported a 96 percent decline in third quarter net profit to $1.85m, hit by project cancellations in the Dubai market.