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Belgium's Deme wins Abu Dhabi island deal

Brussels, February 8, 2011

Belgian dredger Deme said on Monday its subsidiary Dredging International had won a share of a $260 million contract to build two artificial islands off Abu Dhabi.

The work would be carried out in a 50:50 joint venture with Qatari dredger Medco, Deme said in a statement.

Since Deme also owns a 44 percent stake in Medco, its share of the project would be some 72 percent or $187.2 million, a company spokesman said.   

Deme, jointly owned by Belgian holding company Ackermans & van Haaren and building group CFE, said construction of the islands would commence in mid-February and would last about two years. - Reuters




Tags: abu dhabi | Island | Dredging International | Deme |

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