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Wed 23 Jul 2008 10:22 PM

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Arabtec wins $174mn Dubai deal

Contract from Cayan Investment & Development is for two towers in the Dubai Marina development.

Arabtec Holding, the UAE's largest construction firm by market value, said on Wednesday it had received a 638 million dirham ($173.7 million) building contract from Dubai's Cayan Investment & Development.

Under the deal, Arabtec would build two residential towers at Dubai Marina, said the firm, which is building the world's tallest skyscraper, in a statement.

Shares of Arabtec closed 1.83 percent higher on Wednesday and have gained more than 9 percent since Monday.

The stock is up almost 105 percent this year, outperforming Dubai's main benchmark, down 10.71 percent. (Reuters)