Burj builder Arabtec buys 60% of Target
Burj Dubai builder Arabtec says it has has acquired 60% of UAE construction firm.
Arabtec announced that it has acquired 60% of Target Engineering Construction Company (TARGET), a leading construction company associated with oil and gas marine projects in the UAE.
The move will complement its existing business, expand its current market share in the UAE, and allow the company to gain access to additional market segments in the oil and gas markets.
Riad Kamal, the CEO of Arabtec Holding PJSC said, "Acquiring a majority stake of Target Engineering Construction Company LLC complements Arabtec's geographic diversification policy plan and strategic expansion.
Current projects of TARGET include the ZEN II Discovery Gardens, the Executive Heights, the ADCO Jabal Dhana Tank Farm Facilities upgrade project, the Sahil Accommodation Project at Das Island, the GASCO Power System upgrade project and Ras Abu Fontas Desalination Plant sea water intake pipelines.