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RELATED ARTICLES: Struggling Al Habtoor Leighton to receive US $272m | Al Habtoor Leighton eyes Qatar World Cup projects | Al Habtoor Leighton owed $1bn in late payments
Al Habtoor Leighton, a joint venture between Dubai’s Al Habtoor Group and Australia’s Leighton Holdings, won two projects in Abu Dhabi worth more than AED600m ($163.4m).
The company, which received a $272m cash injection from its parent company in April after writedowns squeezed earnings, secured an AED150m deal to construct buildings for the Abu Dhabi Co. for Onshore Oil Operation.
The project involves the construction of accommodation and administrative offices, Leighton Holdings said in a statement Wednesday.
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A second project worth AED110m would see Al Habtoor Leighton Group design and build a chilled water plant at the new Zayed University in Abu Dhabi.
“These two awards give another boost to our work in hand and position us well as we move in 2011," Al Habtoor Leighton CEO Laurie Voyer said in a statement.
Leighton owns 45% of Al Habtoor Leighton Group.
The chairman of Al Habtoor Group said last week the construction firm needed AED4bn to continue its operations in the Gulf and hadn’t ruled out a further bailout from its parent firm.
“There is a deficit and this deficit is because a lot of money is needed by the company,” Khalaf Al Habtoor said. “If it [more money] is required definitely, yes [it will be available].”
The company said in January it was owed some $1.8bn in payments for completed projects, some 50% of which is owed by Qatar firms.
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