10 September, 2018

Dubai Properties awards Arabtec unit $71mln MEP deal

The deal covers 1,388 units

Dubai – Mubasher: Arabtec Holding has announced that its subsidiary Emirates Falcon Electromechanical Co (EFECO) has been awarded a contract from Dubai Properties.

The AED 260 million ($71 million) contract entails mechanical, electrical, and plumbing (MEP) works for Dubai Properties’ Amaranta and La Quinta homes.

The deal covers 1,388 units including villas, townhouses, and cluster houses, EFECO said in a statement released on Monday.

The two projects EFECO will be working are part of Dubai Properties’ first and second phases of the Villanova master development. Arif and Bintoak are acting as Dubai Properties’ consultant, while Arabtec Construction is involved as main contractor, it added.

In December, Arabtec Construction had announced winning a $278 million (AED 1.02 billion) deal for development works for the project.

In June, EFECO said it won an AED 117 million ($31.8 million) MEP contract for Emaar's Creek HorizonPlot 19 in Dubai.

Arabtec last reported a 97% year-on-year profit surge to AED 113 million in the six months ended 30 June 2018 from AED 57 million.

By 12:25 pm Dubai time, Arabtec’s stock was stable at AED 1.90.

Source: Mubasher

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