Dubai’s Arabtec wins $1bn hospital contract

Arabtec was awarded a $1bn contract to build a hospital in Al Ain emirate. (File photo: Reuters)

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.

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Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42
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