Arabtec wins $76.2m contract from Nakheel
Dubai, August 17, 2011
Dubai builder Arabtec has won a Dh280 million ($76.2 million) contract from developer Nakheel, Dubai World's property arm, to build a residential project in the emirate, it said on Wednesday.
The largest builder in the United Arab Emirates by market value will take 22 months to complete the 523 unit project at Jumeirah Village Circle, which will consist of villas and townhouses, it said in a statement on Dubai's bourse website.
Arabtec is looking to eventually more-than-double its workforce to 25,000 in Saudi Arabia as it continues to shift its focus to other markets following a real estate collapse in Dubai, it said in June.
The builder also expects to maintain its current backlog of projects worth around Dh15 billion in all of its markets by the end of the year.
Developer Nakheel will issue a $1.63 billion Islamic bond to trade creditors by August 25, as part of a $10.9 billion restructuring process, its chairman was reported as saying earlier this month. – Reuters