Dubai's Arabtec plans new HQ for Balkans expansion

Construction giant says move comes as it is in talks with developers regarding projects in region
Dubai's Arabtec plans new HQ for Balkans expansion
By Andy Sambidge
Wed 22 Jan 2014 02:17 PM

Dubai-based construction firm Arabtec said on Wednesday that it plans to open a regional headquarters in Serbia as part of an expansion drive into the Balkan region.

Arabtec Holding said the new headquarters would open in Belgrade, capital of Serbia, to "serve as a launch pad" for its planned expansion into the countries of the wider Balkan region.

Arabtec added in a statement that it is already in advanced discussions with developers regarding projects in the region.

Hasan Abdullah Ismaik, managing director and CEO of Arabtec, said: "We see great potential for Arabtec in the Balkan region. The opening of our regional headquarters in Belgrade provides us with a base from which to pursue available opportunities and achieve another milestone in our growth strategy.

"Commercial ties between The Balkan region, in particular with Serbia, and the UAE have been growing steadily in recent years. We are very pleased to extend national links into a new economic sector."

Arabtec said last month that it would establish real estate development companies in Dubai and Abu Dhabi to identify potential projects in the emirates as well as across the GCC.

The company also plans to begin discussions with Egyptian authorities to develop affordable housing in the North African state, it said.

The firm, which is building a branch of France's Louvre museum in Abu Dhabi and is Dubai's largest listed construction company, has AED30bn ($8.1bn) worth of ongoing projects on its books, including several significant contracts won in November and December.

In November, it announced it had axed plans for a second phase of a $1.3bn rights issue and capital hike after reporting a jump in third-quarter net profit to AED162m ($44.1m), a rise of 212 percent year-on-year. Revenue in the same period was up 39 percent to AED1.9bn.

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