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Sat 23 Aug 2008 11:04 AM

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Arabtec in line for $408mn resort deal

Dubai-based firm is reportedly the front runner for contract awarded by Abu Dhabi tourism chiefs.

Dubai-based Arabtec Holding is the front runner to win a $408 million contract to build a resort in Abu Dhabi, according to reports.

Abu Dhabi Tourism Development and Investment Co is awarding the contract to build a hotel, seven residential buildings, villas and sports facilities on Saadiyat island, UK-based Middle East Economic Digest (MEED) reported on Saturday, without citing anyone.

Arabtec is the largest United Arab Emirates construction firm by market value. Earlier this month, it was awarded a $163 million contract to design and construct 550 villas at the Warsan Development.

The construction period for the project will be 30 months and the villas will be delivered in phases.

The firm has also recently won a contract worth $817 million to build 2,300 houses for locals under the Mohammed Bin Rashid Housing Establishment.

The contract will be carried out in phases, with 252 houses in Barsha to be released first. The planned completion date for the developments is 2012.

The new deal would add to Arabtec’s backlog of work ich whhas risen by more than 40 percent in three months to $10.3 billion in August, according to investment bank Beltone Financial.

The sizeable backlog should guarantee a healthy stream of cash flow over the next three years or so, the report said.

A total of 67 percent of the backlog is in the UAE, with 28 percent in Russia and five percent elsewhere in the world.

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