Dubai-listed Arabtec, Abu Dhabi's Trojan eye potential collaboration
Any further developments regarding the potential collaboration will be shared by the companies, Arabtec said
Dubai Financial Market-listed (DFM) construction heavyweight, Arabtec Holding has announced that the company along with Abu Dhabi-based Trojan Holding are looking to explore opportunities to enter into a cooperation agreement in the construction sector.
In a stock market missive the company said that, further developments regarding the potential collaboration will be shared if and when the companies finalise an agreement or otherwise.
Last month, Arabtec had won $111.4m (AED409.4m) worth contracts from Emaar Misr for the Uptown Cairo development in Egypt, with Arabtec Construction set to develop Celesta Hills and The Fourteen Golf Residences as part of the deal. Work on the projects began in August 2019, and is expected to complete in 38 months.
In July, Abu Dhabi’s Trojan was picked by Aldar to work on the $544.5m (AED2bn) Al Falah home expansion project that is being developed for Abu Dhabi Government and comprises 899 villas, each of which spans 515m2. As part of the contract, Trojan will build the homes over the next three years.