Dubai, Nov. 13th, 2007 (WAM) - Arabtec Holding PJSC announced that it has acquired 60% of Target Engineering Construction Company LLC (TARGET), a leading construction company whose name is associated with quality landmark oil and gas and marine projects in the UAE.

Arabtec's acquisition of TARGET will complement its existing business, expand its current market share in the UAE, and allow the company to gain access to additional market segments in the oil & gas and the marine construction marketsRiad Kamal, the CEO of Arabtec Holding PJSC said, "Acquiring a majority stake of Target Engineering Construction Company LLC complements Arabtec's geographic diversification policy plan and strategic expansion. Target Engineering Construction Company LLC is a progressive company and we believe that our combined strengths will have a very positive impact on both companies operations and financial results."Target Engineering Construction Company LLC is a privately owned company, established in 1975 and registered in Abu Dhabi (HQ), Dubai and Sharjah. TARGET currently executes projects in the UAE and Qatar and operates through its four specialized divisions comprising of Civil Division, Power & Electrical Division, Oil & Gas Division and the Marine Construction & Transportation Division.

Current projects of TARGET include the ZEN II Discovery Gardens, the Executive Heights, the ADCO Jabal Dhana Tank Farm Facilities upgrade project, the Sahil Accommodation Project at Das Island, the GASCO Power System upgrade project and Ras Abu Fontas Desalination Plant sea water intake pipelines.

Target Engineering Construction Company LLC has witnessed tremendous growth in revenue & profits during the recent years with combined revenues reaching Dh 4.2 billion with a backlog of Dh 2.8 billion programmed for completion during the next years.

Future revenues are poised to increase due to the combined synergies of the two companies, aggressive expansion policy and the overall ability to secure mega projects through the new partnership in-house specialist divisions.