Dubai builder Arabtec said on Wednesday that its board had elected Abu Dhabi businessman Mohamed Thani Murshed Ghannam Al Rumaithi as its new chairman in a move that analysts said could unnerve investors who have witnessed much turmoil in recent
Dubai builder Arabtec said on Wednesday it was in talks with several local and international banks on financing the first phase of its project to build one million housing units in Egypt.
Arabtec, which has yet to sign a final dea
Dubai-listed construction firm Arabtec will have a profit margin not exceeding 7.5 per cent for its project to build homes in Egypt, a company spokesman said on Saturday.
He also told Reuters that within six months of work on the
Dubai-listed Arabtec has agreed terms with Egypt's Ministry of Housing for the first phase of a EGP280 billion ($36.70 billion) plan to construct one million homes across the country, the builder said on Thursday.
Dubai's Arabtec has been awarded a Dh1.04 billion ($283.16 million) contract from Saudi Aramco to build 380 villas in Saudi Arabia, the contractor said on Tuesday.
Arabtec, which this week put four of its five Saudi subsidiari
Dubai's Arabtec plans to sell four of its five Saudi Arabian units, according to the builder's annual results which also state that one of its main aims this year is to expand its activities in the kingdom.
The board of Ar
UAE-based Arabtec, a leading construction firm, on Sunday reported a net profit of Dh241.6 million ($65.7 million) for full-year 2014 versus Dh468.3 million ($127.4 million) in the previous year, marking a decrease of 48.4 per cent.
Egypt's housing ministry and Dubai's Arabtec have agreed some of the terms for a $40-billion project to build one million homes across the country, and they will sign a final contract within 10 days, a ministry spokeswoman said on Tuesda
Egypt's housing minister said that talks with Dubai-listed Arabtec are continuing and that he hopes to reach a final deal on a plan to build a million homes before a March 13 to 15 investment conference in Sharm El-Sheikh.
Arabtec's chairman will meet officials of Egypt's housing ministry on Wednesday to renegotiate the terms of a $40 billion plan to build one million homes in that country, a source familiar with the matter said.