Dubai's Arabtec Holding has won a US $817 million (AED3 billion) contract to build almost 2,300 houses in the emirate.
The design and build contract was awarded by the Mohammed Bin Rashid Housing Establishment and will involve the construction of homes in Al Barsha, Al Warqaa and Oud Al Muteena.
The project will be completed in phases over a period of 42 months. The order brings the total number of villas currently under construction by Arabtec to about 5,000, including 3,230 villas for the Mohammed Bin Rashid Housing Program.
The announcement of the contract win pushed the company's shares to a record high.
The stock, in which foreigners can own up to 49%, surged 7.38% to $3.5 following the announcement on Wednesday 10 April.
The contract follows a $141 million deal awarded to the firm by Emaar Properties in March for the design and construction of 68 homes at the Dubai Polo & Equestrian Club in Arabian Ranches.
Arabtec has already delivered over 6,300 villas in the last six years, including 4,702 villas for Emaar at Emirates Hills, Emirates Lakes, Meadows, Springs and Arabian Ranches, 560 villas for Dubai Silicon Oasis and 558 for Dubai Properties.
The company's other recent wins include a $75.44 million contract in Jordan with local partner, Engineering Enterprises Company, for the construction of two towers as part of Damac's The Heights and The Courtyard, a project in Amman.
Arabtec is the largest UAE construction company by market value. In 2007, the company won $2.3 billion worth of contracts in the UAE, according to a contractor survey by Middle East Economic Digest (Meed).For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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