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Mon 29 Mar 2010 07:20 PM

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Dubai's Arabtec wins $143m Qatar project

Contract to build the WTC project in Doha's West Bay neighbourhood to last 26 months.

Dubai's Arabtec said on Monday its Qatar subsidiary won a $142.7 million contract as the builder continues to expand abroad to weather a downturn in its home market.

Qatar General Insurance and Reinsurance Co awarded the contract, which will last 26 months, to build The World Trade Centre project in Doha's West Bay neighbourhood, the UAE's largest contractor by market value said in a statement on Dubai's bourse website.

Arabtec's unit is currently working on Al Waab City, a 1.2 million square meter mixed use project in Doha, it said.

The builder said earlier on Monday that another subsidiary had also won two construction projects in Abu Dhabi worth a total of $227.3 million.

Arabtec's $1.7 billion merger with Abu Dhabi's Aabar Investments will be completed in April and may pave the way for a revival of projects in Abu Dhabi and help expansion in Saudi Arabia and Azerbaijan, Arabtec's chief financial officer told Reuters earlier in March.

Al Mal Capital upgraded the firm to "outperform", saying trade creditors, including contractors such as Arabtec, stand to benefit the most after Dubai announced it would recapitalise its Dubai World conglomerate.

Arabtec's shares closed 1.5 percent lower earlier on Monday, outperforming Dubai's bourse which fell 2.5 percent. (Reuters)

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