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