Oct 15 2012
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Dubai's Arabtec Says Unit Wins AED423 Mln Contract in Abu Dhabi
Monday, Oct 15, 2012
DUBAI (Zawya Dow Jones)-- Arabtec Holding (ARTC.DFM), in which Abu Dhabi's Aabar Investments is the single largest shareholder, said Monday its construction unit was awarded a 423 million U.A.E. dirham ($115.3 million) contract in the U.A.E. capital.
Arabtec Construction received a letter of award to build 411 villas and associated external works for Baniyas Residential Development in Abu Dhabi for housing U.A.E. citizens, the Dubai-based company said in a statement posted on the emirate's financial market website.
Arabtec has won several Abu Dhabi contracts this year, including a $3 billion deal--in a consortium--to construct a terminal building at the emirate's international airport.
Analysts expect Aabar's increased involvement in the construction company will boost its chances of winning more lucrative contracts in the oil-rich emirate.
Arabtec shares closed down 0.4% at AED2.6 Sunday.
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