Arabtec unit in $227m new contract awards
Dubai, March 29, 2010
A subsidiary of Dubai's Arabtec was awarded two construction projects in Abu Dhabi for a total contract value of 835 million dirhams ($227.3 million), Arabtec said on Monday.
Abu Dhabi Oil Refining Company (Takreer) awarded the Arabtec affiliate and construction contractor Target Engineering Construction with a seawater intake project and associated pumping facilities for completion within 28 months and amounting to 358 million dirhmas, Arabtec said in a statement.
Takreer is the refining unit of state-run Abu Dhabi National Oil Company (Adnoc).
The second project was awarded by the joint venture Petrofac GS to run a seawater intake system and pipeline for the Abu Dhabi Gas Industries (Gasco) "Ruwais Fourth NGL Train" project, for 477 million dirhams and a duration of 20 months.
"Our company's backlog includes significant and major projects which positions Target as a leading construction company in the region," Ayman Taji, chief executive of Target Engineering Construction Company, said in the statement.
Arabtec is the largest builder by market value in the UAE, and has been aggressively expanding abroad to diversify its portfolio away from debt-troubled Dubai.
Arabtec holds 60 percent of the Target Engineering Construction Company since 2007. - Reuters