Arabtec secures US $54.4m Bahrain Bay contract

UAE builder to construct Al Baraka headquarters as expansion continues

Arabtec, which co-built the Burj Khalifa, is expanding around the Middle East.
Arabtec, which co-built the Burj Khalifa, is expanding around the Middle East.

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Arabtec Construction has won an AED200m ($54.4m) contract to build the headquarters of the Al Baraka Group in Bahrain Bay.

The 14-storey, twin towers will span more than 38,000m2 and is a 20-month project, the Arabtec Holding subsidiary said in a statement to the Dubai bourse on Monday.

Riad Kamal, Arabtec Holding CEO, described the deal as a “successful step” in the company’s geographic expansion.

It is the third project announced by the company in the last week following announcing that it had received a letter of award for two  UAE projects worth a combined AED623 million.

The company has sought to aggressively expand across the Middle East following the slump in the real estate market in the second biggest emirate, including a win for its Saudi Arabian branch that will see it build 5,000 villas in the kingdom. In October the company announced a joint venture with Bahrain's Masawa Holding.

The following month, Thomas Barry, CEO of Arabtec Construction, told an audience at the ConstructionWeek conference in Abu Dhabi that it had a focus on developments in Saudi Arabia as well as the UAE capital, Syria and Egypt.

Kamal was last week barred from trading in UAE stocks for six months, following an investigation by the Abu Dhabi Securities Exchange in trades carried out in May 2009.

The ban was due to Kamal selling shares prior to the announcement of project wins, he told Arabian Business.

Arabtec’s net profits for the third quarter fell 95.6% to AED6.8 million, down from AED166.6 million in the same period a year earlier. Its shares closed down 0.4% yesterday to AED 2.
 

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