Nov 30 2011 |
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Dubai's Arabtec Wins SAR670M Saudi Construction Project
Wednesday, Nov 30, 2011
DUBAI (Zawya Dow Jones)--Dubai-based Arabtec Holding (ARTC.DFM) said Wednesday it received a letter of award to proceed with works for a 670 million Saudi riyal ($179 million) construction project in Jeddah.
"The award of this project demonstrates further the strategic importance of the Saudi market for Arabtec . This is the third major project awarded to Arabtec Saudi Arabia ," said Arabtec Holding Chief Executive Officer Riad Kamal in a statement posted on the Dubai Financial Market website.
Arabtec said it expected the award to increase in value to around SAR1.5 billion, adding that negotiations were ongoing to finalize this increase. The company didn't say who the project client is and didn't provide any further details on the deal.
Like other contractors, Arabtec has been hit hard by a severe downturn in Dubai's property market where prices have slumped by more than 50% since late 2008 and many projects are on hold or cancelled. The company has begun to diversify away from dependence on contracts in Dubai and the U.A.E., entering new markets such as Saudi Arabia, Pakistan and Egypt.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
30-11-11 0655GMT
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