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UAE: Arabtec confirms $2.4bn deal awards in 2015

In a bourse filing, Arabtec Holding also confirmed the value of the Bahrain Airport Modernisation project it was awarded last year

Arabtec was awarded deals worth $2.4bn in 2015. [Representational image]
Arabtec was awarded deals worth $2.4bn in 2015. [Representational image]

Arabtec Holding has confirmed it was awarded deals worth $2.4bn (AED9bn) in 2015.  

This information was revealed during Arabtec's annual shareholder meeting in the UAE, and later confirmed by the company in a bourse filing to Dubai Financial Market. 

Projects awarded to Arabtec last year included works on the Bahrain Airport Modernisation project, which it will carry out with Turkey's TAV. 

Arabtec's bourse filing estimates the Bahrain deal to be worth $1.1bn (AED3.8bn). 

Speaking at the meeting, Arabtec Construction's chairman Mohamed Al Rumaithi, said: "2015 was a severe year, 2016 is still tough.

"I am confident of 2017, that's when I see (profit).

"For 2016, maybe we will break even," he said, when asked if that meant the company would record another annual loss this year." 

 

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Jun 15, 2019