Arabtec Holding on Sunday said it has been awarded a $398 million (AED1.46bn) contract for construction of Wasl Tower, a mixed-use high-rise tower on Sheikh Zayed Road.
The news comes weeks after the construction company reported its first quarterly profit since 2014.
In a statement on the Dubai Financial Market, Hamish Tyrwhitt, group chief executive officer, Arabtec Holding, said the contract for the construction of the 63-storey Wasl Tower has been awarded based on its track record of delivering world-class mixed-used developments. It did not give details on the tower will be completed.
“The long-term outlook for the construction and engineering sector in our key geographic markets remains positive, especially in the UAE, where the majority of our projects are located. With the combination of the strategic repositioning of the business, strong industry fundamentals and catalyst events such as Expo 2020 fast-approaching, we believe that the year ahead will see Arabtec continue on its path to a successful and sustainable future.”
Its subsidiary, Arabtec Construction’s existing portfolio comprises more than 20 projects in the UAE, while the parent company has a project backlog of $4.63bn (AED17bn), equivalent to more than two years of revenue.
This month, Arabtec reported $4.90m (AED18m) in net profit for the first quarter of 2017 as against a loss of $12.53m (AED46m) recorded same period last year.
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