Arabtec wins $54.4m contract in Bahrain Bay

Deal to build Al Baraka Group's HQ, firm is bidding for $8.17bn of work outside its local markets
Arabtec wins $54.4m contract in Bahrain Bay
The Arabtec logo at one of the firms labour camps in Dubai
By Joanne Bladd
Mon 10 Jan 2011 04:03 PM

Arabtec
Construction, a subsidiary of Arabtec Holding, has won an AED200m ($54.4m)deal to build
the headquarters of the Al Baraka Group in Bahrain Bay.

The
14-storey, twin tower project will span more than 38,000 m sq and will take 20
months to complete, the company said in a statement to the Dubai bourse on Monday.

Riad
Kamal, the CEO of Arabtec Holding, described the deal as a “successful step” in
the company’s geographic expansion.

Kamal
was last week barred from trading in UAE stocks for six months, following an
investigation by the Abu Dhabi Securities Exchange in trades carried out in May
2009.

The
ban was due to Kamal selling shares prior to the announcement of project wins,
he told Arabian Business.

“I
was ignorant of the rules and regulations. We were not aware that you could not
trade in the stocks for a period of ten days before or after announcements, and
that is what I did,” he said.

Arabtec
has been at pains to diversify its operations outside Dubai’s once booming real
estate market, recently announcing a joint venture with Bahrain's Masawa
Holding.

The
Dubai-based company is bidding for $8.17bn of work outside its local markets.

Arabtec
in November posted a 95.6 percent decline in third quarter net profit to
AED6.8m ($1.85m), down from AED166.6m in the same period a year earlier.

 

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