Arabtec unit wins $282m deal to build 1,500 Dubai houses
Subsidiary to build townhouses for developer Emaar Properties, Arabtec says
A unit of Arabtec Holding has won a Dh1 billion ($282 million) contract to build more than 1,500 townhouses for developer Emaar Properties, the Dubai construction firm said on Wednesday.
The Arabtec Construction subsidiary will begin work on the project in the first quarter of 2014 and the project will be delivered in two years, it said in a statement.
Shares in Arabtec, which is listed in Dubai, rose by 2.32 percent early on Wednesday on the back of the news.
The win is the latest of several for Arabtec. On Feb. 19 it said its subsidiary EFECO had won a 1 billion dirham ($272 million) contract in Kazakhstan.
Other recent contract wins by Arabtec include a $6.1 billion deal to build 37 major buildings in the UAE for Abu Dhabi state fund Aabar. A joint venture including an Arabtec subsidiary also won a $239m contract for work at the Abu Dhabi airport extension, Arabtec said on Feb. 10.