Arabtec Holding has announced that its construction arm has landed a 222 million United Arab Emirates dirhams ($60.4 million) contract from Dubai Properties to build 352 new villas at its master planned Villanova project in Dubai.
The company said in a statement to the Dubai Financial Market that the villas would be within the Amaranta project at Villanova, which is based at the intersection between Al Ain Road and Emirates Road, and would be built within 20 months. It is the fifth phase of works the company has secured at Villanova, and follows on from a 1.025 billion dirham contract awarded in December last year for group companies Arabtec Construction and EFECO to deliver villas and townhouses in two communities under a 28-month contract.
In the statement on its latest win, Arabtec's group CEO Hamish Tyrwhitt said: “We are delighted that Dubai Properties continue to show confidence in Arabtec Construction through the award of our fifth phase at the Villanova Project, further building on our solid relationships in our core markets.”
Arabtec Holding last month announced that it had appointed advisor Moelis & Company to advise on a refinancing of the company's debt, which would be facilitated by Mashreq Bank.
The company, which is midway through a three-year turnaround strategy embarked upon in 2016 following a restructuring of the business, reported that pre-tax profits attributable to shareholders more than doubled year-on-year for the nine months to September 30, to 180.5 million dirhams. Revenue for the same period increased by around 13 percent to 7.15 billion dirhams.
(Writing by Michael Fahy; Editing by Mily Chakrabarty)
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