Dubai's Arabtec wins $59m contract for Indian project

Arabtec Construction has won the deal for the construction of the Navin Minar development from Raheja Developers
Dubai's Arabtec wins $59m contract for Indian project
Arabtec Holding is a Dubai-based contractor forsocial and economic infrastructure.
By Sam Bridge
Thu 23 May 2019 01:58 PM

Arabtec Holding, the Dubai-based contractor forsocial and economic infrastructure, has announced that a subsidiary has been awarded an AED219 million ($59.6 million) project contract in India.

Arabtec Construction has won the deal for the construction of the Navin Minar development from Raheja Developers.

The company’s scope includes a 42 storey residential tower with four basements and associated works including landscaping, utilities, swimming pools, club house, sports and community
facilities and 15 community housing towers which are 15 storeys each.

The project is located about 22 kilometres from Delhi Airport with a total built up area of 214,000 square metres. The project works will commence immediately for a duration of 36 months.

Peter Pollard, acting group CEO, said: “We look forward to building on our partnership with Raheja Developers and to the successful delivery of the Navin Minar project in India."

Earlier this month, Arabtec Holding announced that Hamish Tyrwhitt had stepped down as group CEO.

The announcement came as the company recorded a net profit of AED31.8 million, down from AED63 million a year earlier which at the time was its highest quarterly profit since Q3 2014.

Revenue totalled AED2 billion for the first quarter of 2019 while the group’s backlog stood at AED14.8 billion.

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