Dubai’s Arabtec Holding says will set up five new subsidiaries
The subsidiaries include units that will focus on infrastructure projects inside and outside the country
Dubai-based builder Arabtec Holding said on Sunday it would set up five new subsidiaries as it expands into new markets and infrastructure projects.
Two of the units will focus on infrastructure projects inside and outside the United Arab Emirates, one will focus on water and energy project and one will concentrate on the Egyptian market, it said in a bourse statement.
Arabtec will also set up an investment firm, Arabtec Capital, to provide global financial services.
The news comes as Dubai construction firm Arabtec clinched a $6.1 billion contract in early February, its biggest ever by value, as its relationship with Abu Dhabi state fund Aabar, a key shareholder, promised to make the firm one of the region’s top builders.
Arabtec said it had signed a memorandum of understanding to build 37 mixed-use, residential and hotel towers for Aabar in Abu Dhabi and Dubai.
The announcement pushed up stock markets, especially cement shares, in Abu Dhabi and Dubai because it was a fresh sign that their real estate markets are recovering strongly after prices halved during the global financial crisis.