Jun 22 2010 |
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Arabtec expected to win Dh7.4bn deals this year
Dubai-based construction major Arabtec Holding is expected to win contracts worth Dh7.4 billion this year against Dh4.9bn last year, according to a projection by investment bank Shuaa Capital.Arabtec won contracts worth Dh4.3bn this year but adjusted cancellation of deals worth Dh1.1bn to record the net year-to-date contracts at Dh3.2bn, said a study released yesterday.
Abu Dhabi was the largest source of year-to-date awards, followed by Qatar, Dubai and the Levant. The company's 72 per cent or Dh3.1bn of contracts are outside Dubai.
The Shuaa study claimed that Arabtec 's backlog stands at an estimated value of Dh 3.9bn; Russia being the largest backlog contributor. With no major news coming on the Russian front, Shuaa remained cautious on the Dh10bn project and continue excluding it from projections and valuations.
Shuaa said Meydan , Nakheel , Zabeel Investments , Dubai Silicon Oasis and Dubai Properties are among the largest of Arabtec 's debtors.
Shuaa reduced Arabtec 's revenue projections by 27.7 per cent from Dh9.74bn to Dh7.04bn this year. The revenues are expected to increase to Dh8.465bn next year and Dh8.75 in 2012.
By Waheed Abbas
© Emirates Business 24/7 2010
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