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Arabtec wins contracts in the UAE and Egypt worth US$267mn

Arabtec, the largest builder in the United Arab Emirates by market value, has won contracts valued at US$96.9mn to build an underground car park in Abu Dhabi and residential villas in Egypt.

The company was also awarded contracts to build two residential projects in Abu Dhabi and a staff accommodation building in the northern emirate of Fujairah. These projects are worth US$169.6mn.

The underground car park project is for Abu Dhabi National Oil Co (ADNOC) head quarters and is valued at US$59.6mn. It is expected to be built in 24 months.

The Egyptian project, awarded by Emaar Misr, is to build residential villas at Al Marassi project in Egypt which is a US$1 billion 1,544-acre tourist and residential development located on Egypt's North Coast.

The project is valued at US$32.2mn and will take 20 months to complete. The project to construct two residential towers in Abu Dhabi with a total built up area of over 90,000 sqm is valued at US$150.2mn and is expected to be completed in 24 months.

The first tower will consist of a 3 level basement, a ground floor, 5 floor podiums and 40 residential floors. The second tower will consist of a 2 level basement, a ground floor, 5 floor podiums and 35 residential floors. The work involves all enabling and structural works, MEP works and all fit out works as well as external landscaping.

The staff accommodation project in Fujairah is valued at US$19.3mn with a total built up area of over 14,000 sqm and will take 16 months to complete. The building is 16 floors high with 2 podiums and a basement.

Arabtec said in early January that it plans to raise capital through a US$108.5mn rights issue and a US$150mn convertible bond. The firm said it plans to use the proceeds to fund its expansion plans and increase working capital.

The company is expanding overseas to diversify its portfolio away from Dubai's once-booming property sector which has been hit hard by the global financial crisis as developers slow or cancel projects and jobs are slashed.