Arabtec Holding, a leading construction group, has entered into a definitive agreement to increase its stake in Target Engineering, a top EPC contractor to 98 per cent, with senior management retaining the remaining two per cent stake.
Dubai-based builder Arabtec will buy the 40-percent stake in Target Engineering it does not already own to expand its move into the oil and gas construction business, two sources with knowledge of the deal said.
An Arabtec Holdings unit has won three contracts in Qatar and the United Arab Emirates worth $137.22 million, the Dubai builder said on Monday
The largest of the contracts, worth a combined Dh504 million, is from Qatar Petroleum for
A unit of Dubai-based Arabtec Holding has won a 206 million UAE dirham ($56.08 million) construction contract for the Shah Gas development project in Abu Dhabi, the company said.
Target Engineering Construction Co would start work on the p