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Mon 21 Apr 2014 01:52 PM

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Dubai's Arabtec says committed to Russian projects

Construction giant dismisses media reports that it plans to pull out of projects due to Ukraine tensions

Dubai's Arabtec says committed to Russian projects

Dubai-based Arabtec Holding has dismissed reports that it plans to pull out of projects in Russia due to the political tensions in the Ukraine.

The engineering and construction giant said it is to continue with building the Gazprom tower in St Petersburg.

A spokesperson from Arabtec confirmed that media speculation suggesting the company is to withdraw from the project due to the political events in the Ukraine were baseless.

The spokesperson said in comments published by Construction Week Online: “The project is well on its way as per the schedule agreed upon with Gazprom. Arabtec is proud of the strong relationship that it has built with Russian organisations, and the company aims to develop more partnerships and explore further opportunities in Russia.

According to the spokesperson, Russia presents a very promising market for Arabtec’s investments, and the company will continue to strengthen its presence there by working on local projects.

Arabtec Holding announced the launch of its Russian construction arm in 2012, following the signing of a contract with Russian company Gazprom Neft for development of the Oktha Center, a 400m-high rise tower.

The skyscraper, which will house Gazprom’s future headquarters, is expected to be Europe’s highest tower upon completion.

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