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Sun 20 Mar 2016 04:09 PM

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Arabtec says wins $463m deal to build Fujairah homes

Dubai’s largest contractor inks UAE federal government contract to build 1,100 houses for Emirati nationals

Arabtec says wins $463m deal to build Fujairah homes

Dubai-listed Arabtec has won a AED1.7 billion ($462.85 million) contract from the UAE federal government to build 1,100 houses in the eastern emirate of Fujairah, the company said on Sunday.

Arabtec, 36-percent owned by Abu Dhabi state fund Aabar Investments, said construction would begin immediately and is expected to take about two-and-a-half years, according to a bourse statement.

The houses will be for Emirati nationals.

Before the statement was published, Arabtec's shares ended 6.8 percent higher on Dubai's bourse, outperforming the main stock index which rose 0.06 percent.

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