Sunday, Apr 22, 2012
DUBAI (Zawya Dow Jones)--Dubai-based construction firm Arabtec Holding (ARTC.DFM) said Sunday it has been awarded project work worth 222 million U.A.E. million dirhams ($60 million) by shareholder Aabar Investments.
"The scope of work includes execution, construction, completion, testing, commissioning, handing over and maintenance of one residential tower of 229 apartments, 3 basements, 2 podiums, and 23 typical tower floors and the roof," Arabtec said in a brief statement posted on the Dubai Financial Market website.
The project is expected to take 22 months to complete.
Aabar earlier this month raised its stake in Arabtec to more than 10%, making it the single largest shareholder in the Dubai-based company. It had scrapped a deal in 2010 to take a majority stake in Arabtec.
Arabtec shares closed trading Thursday 3.6% higher at AED3.46.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-04-12 0448GMT
