Dubai-based construction firm Arabtec said on Sunday it would establish real estate development
companies in Dubai and Abu Dhabi to identify potential projects in the emirates
as well as across the GCC.
The company also would begin discussions with Egyptian
authorities to develop affordable housing in the North African state, it said
in a statement to the Dubai Financial Market outlining Thursday’s board of
directions meeting resolutions.
The firm, which
is building a branch of France's Louvre museum in Abu Dhabi and is Dubai's
largest listed construction company, has AED30bn ($8.1bn) worth of ongoing
projects on its books, including several significant contracts won in November
It was part of
a consortium awarded a AED4.4bn ($1.2bn) contract to build a new hospital in
Abu Dhabi, and its subsidiary Arabtec Construction won a AED1.8bn (US$500m)
contract to build a 77-storey mixed-use tower in the emirate’s central business
said it would look for new investments, including partnerships and
acquisitions, in 2014 as part of its expansion strategy.
In November, it announced it had axed plans for a second phase of a $1.3bn
rights issue and capital hike after reporting a jump in third-quarter net
profit to AED162m ($44.1m), a rise of 212 percent year-on-year. Revenue in the
same period was up 39 percent to AED1.9bn.
It had raised
$653m through a rights issue in July and planned to raise an equal amount in
the second phase if needed.
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