Monday, Apr 23, 2012
DUBAI (Zawya Dow Jones)--Dubai-based construction firm Arabtec Holding (ARTC.DFM) said Monday its Target Engineering Construction unit has been awarded two projects in Qatar and one in Abu Dhabi worth a combined 504 million U.A.E. dirhams ($137 million).
Arabtec, in a statement posted on the website of the Dubai Financial Market, said the first piece of work in Qatar, worth AED455 million, involves the construction of an integrated chiller, freezer, laundry, dining and accommodation facilities for Qatar Petroleum. Work started on April 3 and is expected to be completed in three years time.
Arabtec said its Target subsidiary has also won a subcontract, worth AED5.76 million, that involves shore protection work for a centralized industrial area of Halul Island, near Qatar. Work is seen completed in 4 months time, it added.
The final contract on Das Island, near Abu Dhabi, is a project worth AED43.7 million that starts in July and involves civil works for Abu Dhabi Marine Operating Company's 100 million barrels a day offshore facilities.
Arabtec shares closed trading Monday down 1.2% at AED3.40.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
23-04-12 1122GMT
