Monday, May 28, 2012
DUBAI (Zawya Dow Jones)--Dubai-based developer Arabtec Holding (ARTC.DFM)said Monday its subsidiary Arabtec Engineering Services won three contracts in Dubai totalling 47.2 million U.A.E. dirhams ($12.9 million).
The contracts include work on a sewerage and drainage system for the Dubai Municipality and improvements on infrastructure and utilities for Salini Costruttori SpA Dubai and Todini Construzioni Generali SpA Dubai.
"We are delighted to have picked up this work, which falls in line with our core business activities in Dubai," said Arabtec Engineering Services CEO Amin Shahin in a statement posted on the DFM website.
Last week, Arabtec Construction CEO Greg Christofides said Arabtec expects to improve growth and profitability in 2012 despite the continuing difficulties faced by the global economy and anticipates more contract awards later this year.
So far this year, Abu Dhabi investment firm Aabar Investments has increased its stake in Arabtec Holding to 21%.
While there has been some pick-up in Dubai real-estate activity this year, many analysts believe that Aabar's growing influence over Arabtec will open new opportunities for the construction firm in oil-rich Abu Dhabi. In April, Arabtec Construction said it was awarded project work worth AED222 million by Aabar.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
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28-05-12 0610GMT
