Dubai’s Arabtec wins $1bn hospital contract
The new hospital will be built by 2018
Dubai-based builder Arabtec has been awarded a contract worth nearly $1 billion to build a hospital in Al Ain in the United Arab Emirates with its joint venture partners, the company said on Saturday.
The New Al Ain Hospital will be built by 2018 under a 3.3bn dirhams ($900 million) contract awarded by state agency Abu Dhabi General Services Company (Musanada), Arabtec said.
“This new award is in line with our strategy to expand into specialized, high-margin areas of construction,” Arabtec’s chief executive Hasan Abdullah Ismaik said in a statement.
The company did not name its partners in the venture.
Arabtec, partly owned by Abu Dhabi state fund Aabar, said in October that it had won a contract worth 196m dirhams to build the final phase of a hotel project on the emirate’s palm-shaped island.
The builder has been on an aggressive expansion drive after a management shake up in February and has won a series of contracts in the United Arab Emirates and in the region.
Also Read
-
Dubai builder Arabtec launches venture with Samsung Engineering
Arabtec, the construction firm part-owned by Abu Dhabi state fund Aabar, said it launched a joint venture with South Korea's Samsung Engineering Co ... Energy -
Dubai’s Arabtec said to mull merger with Kuwait, Saudi firms
Arabtec Holdings is said to be in merger talks with property contractors in Saudi Arabia and Kuwait, and has appointed a new chief executive its ... Property -
Dubai contractor Arabtec’s Q2 profit beats forecasts
Dubai contractor Arabtec, which raised over $650 million in a rights issue in July, swung to a second-quarter profit on Thursday helped by growth in ... Property
