Dubai's Arabtec wins $43mln project in Egypt

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Dubai – Arabtec Holding on Tuesday announced that its wholly-owned subsidiary, Arabtec Construction has been awarded an AED 157 million (EGP 755 million) contract for the construction of Phase III and IV of Village E “Levana” in the Uptown Cairo Master Project.

Uptown Cairo is an integrated project located in the centre of Egypt, the Dubai-based firm said in a filing to the Dubai Financial Market (DFM).

The total built-up area of each phase is around 61,000 square metres of both, the company highlighted.

The Emirati firm will construct around 128 villas, as well as road and infrastructure within the framework of Phase III and IV, according to the filing.

Arabtec had said last April that its subsidiary, Arabtec Engineering Services (AES), has been awarded an AED 433 million ($117.91 million) contract from the Dubai Municipality.

The company had reported a 261% year-on-year hike in net profit for the first quarter of 2018, recording AED 63.6 million from AED 17.6 million.

Revenues grew to AED 2.42 billion in the three-month period ended last March, versus AED 2.18 billion in Q1-17