EFECO awarded Abu Dhabi Plaza $1bn MEP contract
Second major award in a week for Arabtec subsidiary
Emirates Falcon Electromechanical Company (EFECO), a subsidiary of Arabtec Holding PJSC, has been awarded a AED1bn ($272mn) mechanical, engineering and plumbing (MEP) contract at the Abu Dhabi Plaza developing in Astana, Kazakhstan.
The mixed-use development will see the construction of five towers – the tallest of which will be 320m – on a 500,000m2 site. It will contain 556 luxury apartments, 107,000m2 of office space, a five-star hotel with serviced apartments and a 50,000m2 retail podium with four large basement car parks below.
Abu Dhabi Plaza is currently under construction by a joint venture of Arabtec and Consolidated Contractors Company ‘CCC’, under a AED4bn ($1.09bn) contract with Aldar Properties, which was awarded in June last year.
The award of the contract in Kazakhstan, EFECO’s first project outside the Middle East region, follows the AED878mn ($23.9mn) contract at Abu Dhabi International Airport’s Midfield Terminal awarded last week to a joint venture between EFECO, BK Gulf, and China State.
Hasan Abdullah Ismaik, managing director and CEO of Arabtec Holding and chairman of EFECO, said: “We are incredibly pleased with this new announcement, as it marks EFECO’s second contract award this month and adds to the company’s already impressive portfolio of projects.
“This award is a true demonstration to EFECO’s work towards establishing its name as a leader and key player in the MEP Sector in the Middle East and North Africa region.
“We also have a strong aspiration to develop the company into a global leader in the MEP sector, and have put in place the right senior management in place along with some of the best talent in the industry to support in growing the business and maximising shareholder value.”
Established in 2001, EFECO became a 100% owned subsidiary of Arabtec in October 2013, when Arabtec Construction completed the acquisition of the remaining 45% stake in the company.
Following the acquisition, Arabtec Holding announced plans to increase EFECO’s share capital by AED500mn, to grow the business by investing in equipment and machinery, in turn enabling EFECO to bid for higher value projects and expand into the Gulf alongside Egypt and other North African countries.