Dubai’s Arabtec says unit wins $272m Kazakh contract

Shares in Arabtec were down by 0.21 percent local time. (File photo: Reuters)

A subsidiary of Arabtec Holding has won a 1 billion dirham ($272 million) contract in Kazakhstan, in the latest of several wins for the Dubai-based construction firm.

Arabtec said on Wednesday its subsidiary EFECO will carry out mechanical, electrical and plumbing work at the Abu Dhabi Plaza development in the Kazakh capital Astana, Reuters reported.

The development is under construction by a joint venture of Arabtec and Consolidated Contractors Co, under a 4 billion dirham contract with Abu Dhabi's Aldar Properties.

Shares in Arabtec, which is listed in Dubai, were down by 0.21 percent at 4.86 dirhams at 11.15am local time.

Previous 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.

Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41