Arabtec unit wins Dh504m contracts in UAE and Qatar
Building work to centre around Halul Island
Dubai: Arabtec Holding said one of its units won contracts valued at Dh504 million in the UAE and Qatar.
Target Engineering Construction won a Dh455 million contract from Qatar Petroleum to build accommodation facilities and a Dh5.76 million subcontract for shore protection works on Qatar's Halul Island, the company said in a statement to the Dubai bourse yesterday.
It also said it won a Dh43.26 million contract in Abu Dhabi.
The contract wins follow the company announcing on Sunday that Aabar Investments, which dropped a $1.74 billion offer for Arabtec two years ago, awarded a Dh222 million contract to one of its units.
Aabar, through its units, increased its shareholding in Arabtec this year and now holds a 10.5 per cent stake, the latest filings on the stock exchange show.
Arabtec shares declined 1.2 per cent to Dh3.40 in Dubai before the contracts were announced.
The stock has surged 114 per cent this year compared with a 21 per cent increase for the benchmark DFM General Index.
