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Wed 24 Apr 2019 02:12 PM

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Dubai's Arabtec eyes expansion in key Gulf markets

Hamish Tyrwhitt, Group CEO of Arabtec, identifies opportunities in the UAE, Saudi Arabia, Bahrain and Kuwait

Dubai's Arabtec eyes expansion in key Gulf markets
Hamish Tyrwhitt, Group CEO of Arabtec.

Dubai-based contracting giant Arabtec has announced plans to expand its regional footprint, taking advantage of "growing market opportunities" in the UAE, Saudi Arabia, Egypt, Bahrain and Kuwait.

Hamish Tyrwhitt, Group CEO of Arabtec, also said the company will continue to diversify its backlog into infrastructure and industrial sectors.

His comments came at Arabtec's annual general assembly meeting (AGM) where shareholders approved a recommendation to distribute a cash dividend of 5.0 fils per share for 2018.

The company reported a revenue increase to AED9.9 billion in 2018, up 7.8 percent compared to the previous year while net profit more than doubled to AED256 million.

Arabtec’s chairman, Mohamed Thani Murshed Al Rumaithi, said: “Throughout 2018, we maintained our focus on preparing the business for growth, continuing to strengthen our balance sheet and building on the solid foundation achieved in 2017. I am pleased to report that 2018 was a strong yearfor Arabtec.”

Tyrwhitt added: “Looking ahead, we will expand our regional footprint, taking advantage of the growing market opportunities in the UAE, Saudi Arabia, Egypt, Bahrain and Kuwait.

"In addition, we will continue to diversify our backlog into infrastructure and industrial sectors, which now comprise 50 percent of our current projects."

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