Arabtec wins enormous $283m Aramco villa project
Deal is for 380 villas and the project in Al Dhahran is due to be completed within 28 months
Dubai construction giant Arabtec has sealed a $283m (AED1.04m) deal with Saudi Aramco to build 380 villas in Al Dhahran.
In a statement to the Dubai bourse, Arabtec said that the project would be completed over a 28 month period and would cover the design, construction, completion and maintenance of the villas and associated external work.
The villas will be built on a 454,500m2 plot with a total built-up area of 166,200m2.
Arabtec last month secured a number of deals totalling $235m (AED930m) through its oil and gas sector subsidiary Target.
Target will deliver seven projects for Saudi Aramco - the biggest of which is a project to improve a liquefied petroleum drain in the Abqiq refinery worth $74m (AED272m). It also landed a project to reduce water content in a liquefied gas station at Aramco's Shadqam and Al Othmania plants worth $64m (AED235m).
A third major deal involved expanding liquefied gas facilities at Aramco's giant Yanbu refinery, which is valued at $37.3m (AED137m), while a fourth will see two new buildings constructed at its Ras Tanura terminal at a cost of $32m (AED117m).