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Wed 5 Nov 2008 02:11 PM

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Joint venture wins $158mn Dubai business park deal

Al Futtaim Carillion announces new contract, one day after Aldar Properties tie-up.

British support services group Carillion said it had won another contract in the Middle East and confirmed it expects to deliver improved earnings in 2009, sending its shares higher on Wednesday.

Carillion said its 49 percent-owned Al Futtaim Carillion joint venture won a 100 million pound ($158 million) contract for the German Business Park project in Dubai.

This is in addition to a 500 million pound deal announced on Tuesday with Aldar Properties, the second largest property developer in the UAE.

British Prime Minister Gordon Brown has just completed a four-day trip to Saudi Arabia, Qatar and the UAE, during which deals worth at least 800 million pounds were sealed, business minister Peter Mandelson said on Tuesday.

Carillion chief executive John McDonough said the group is confident of doubling its revenue from its Middle East and North Africa businesses to over 600 million pounds by the end of 2009.

"The outlook is for continuing growth as our markets in the region are expected to remain strong for the next five to ten years," he said.

Shares in Carillion were up 3.5 percent at 233.25 pence at 1pm Dubai time, while the wider FTSE 250 index for midcap stocks was down 1.2 percent. (Reporting by Victoria Bryan

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