Business | Construction
Arabtec holds talks to buy major piling contractor
Arabtec, the largest UAE contractor, is in close negotiations to acquire a major piling contractor, which will help it to consolidate its construction business, a top official said.
- By Saifur Rahman, Business Editor
- Published: 00:03 June 13, 2008
Dubai: Arabtec, the largest UAE contractor, is in close negotiations to acquire a major piling contractor, which will help it to consolidate its construction business, a top official said.
The company, which is constructing Burj Dubai - the world's tallest tower, has an order backlog of Dh34 billion, including Dh24 billion worth of construction projects within the Middle East and North Africa (Mena) region, Riad Kamal, Arabtec chairman said in an exclusive interview to Gulf News.
"We are in the final negotiations for acquiring a major piling company that will help us to manage the entire supply chain and help us to undertake projects on turnkey basis," he said.
"We are continuously on the lookout for opportunities that add value to our shareholders at the same time create synergies with our existing business."
He, however, refrained from divulging the name of the company.
The company is currently in negotiations for more projects worth Dh5 billion, he said. "These include Dh3 billion worth of projects in the UAE and another Dh2 billion outside the UAE," he added.
Arabtec is a consortium partner with Samsung Corporation and Besix in constructing Burj Dubai, which rose to 160 floors - the highest habitable floor in any tower in the world.
Malaysian contractor Eversendai is building the spire, which will sit on the 160th floor of the tower, he said.
Progress
"More than 50 per cent of the spire has already been assembled in the UAE. The steel pipe is being brought from Korea," he said.
The spire will be fixed in four months, when the final height is expected to be revealed. Subcontractors are now installing the exterior cladding and glass panels.
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