Arabtec, Masawa Holding form Bahrain JV

Dubai-based construction firm announces first venture in Bahrain market
Arabtec, Masawa Holding form Bahrain JV
Arabtec CEO Riad Kamal: the firm has announced contract wins in Egypt and Saudi this month worth more than $1.8bn
By Joanne Bladd
Tue 19 Oct 2010 10:28 AM

Arabtec Construction, a unit of UAE firm Arabtec Holding, on Tuesday said it has agreed to establish a joint venture with Bahrain firm Masawa Holding.

The Bahrain-based venture will bid for contracts in the kingdom, Arabtec said in an emailed statement, in a bid to tap into the country’s growing construction market.

It is Arabtec’s first joint venture with a Bahrain firm.

“Bahrain is proving to be a promising market and Arabtec is honored… [to] contribute to the development of Bahrain,” said Riad Kamal, CEO of Arabtec Holding, in an emailed statement.

Musawa Holding’s investment portfolio includes interests in architecture, interior design, food and beverages and finance.

Dubai-based Arabtec is one of the largest construction firms in the Gulf, and has been at pains to diversify its order book in the wake of the Gulf-wide property crash.

Earlier this month, the firm announced contract wins in Egypt and Saudi Arabia, worth more than $1.8bn in value.

At the end of the last quarter Arabtec Holding had a AED22bn order book backlog,  its chief financial officer Ziad Makhzoumi said in a previous interview.

“At the end of the last quarter our backlog was AED22bn (around $5.98bn) including Russia,” he said in reference to a project to build a tower in Russia for Gazprom OAO.

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