Arabtec to venture into affordable housing segment

Dubai: Arabtec Holding, one of the Middle East’s largest construction companies, is heading into the real estate development with the launch of a new property subsidiary.

Arabtec Real Estate Development Company will initially develop residential housing in Abu Dhabi and Dubai before expanding into other Gulf Cooperation Council (GCC) countries and the wider Middle East and North Africa market, the company said in a statement on Sunday.

Arabtec will launch joint ventures with other real estate developers and investors in the UAE and Middle East.

Underserved segment

The company did not release a start date for the subsidiary, instead stating that project evaluations were underway and would be announced in due course.

Arabtec shares closed flat on Sunday at Dh2.79 a share.

— With inputs from agencies