Saturday, May 25, 2013
DUBAI (Zawya Dow Jones)--U.A.E.-based construction firm Arabtec Holding (ARTC.DFM) said a joint venture between its Saudi unit and Greece's Terna S.A. has been awarded a 404 million Saudi riyal ($110 million) contract to build a hospital and medical center in Riyadh.
Construction on the Aldara Hospital and Medical Center is expected to be completed in early 2015, Arabtec said in an emailed statement on Saturday. The six-storey hospital is being constructed on a built-up area of 107,000 square meters and will consist of six floors and include two medical centres.
"Saudi Arabia is rapidly developing its social and physical infrastructure, and we believe there is a strong opportunity for Arabtec to participate in construction projects in the Kingdom such as hospitals, schools and transportation. This is another sign that the regional construction market is returning to health," said Arabtec Holding's Chief Executive Officer Hasan Abdullah Ismaik.
Arabtec's current backlog of work is valued at nearly 21 billion U.A.E. dirhams ($5.72 billion), the company said.
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(END) Dow Jones Newswires
25-05-13 0827GMT
