Built to inform

Sign up for the daily newsletters

No, Thank you

Arabtec subsidiary Target wins two deals worth $871,000

The company is a wholly-owned subsidiary of Arabtec Holding, which is listed on the Dubai Financial Market

Target was awarded three Abu Dhabi contracts last month [representational image].
Target was awarded three Abu Dhabi contracts last month [representational image].

Target Engineering has been awarded two new contracts, it has been revealed. 

The company is a wholly-owned subsidiary of UAE-based Arabtec Holding. 

READ: Arabtec wins $99m contract to build mall in Dubai South

In a filing to Dubai Financial Market, Arabtec revealed that Target's contract wins have a combined value of $871,222 (AED3.2m). 

Names of the contracts' clients or projects were not revealed in the listing. 

READ: Arabtec's YoY H1 revenue up 2% as recapitalisation completes

This July, Target announced it has won four contracts worth a combined $78.7m (AED289m) in the UAE.

Three of the projects are located in Abu Dhabi, and one is situated in Dubai’s Business Bay area.

Target’s Abu Dhabi contract awards include a cofferdam removal and revetment construction project in the Western Region; the fabrication and installation of duplex stainless steel process tanks in Taweelah; and engineering, procurement, and construction (EPC) works for the upgradation and replacement of a substation on Das Island.

The Business Bay deal relates to an “award-winning high-rise development”, according to a missive issued by Arabtec Holding to Dubai Financial Market.

READ: Target lands contracts worth $78.7m in UAE

Earlier this month, Arabtec announced $1.14bn (AED4.2bn) in revenues for the first half of this year, a 2% year-on-year (YoY) rise over H1 2016's revenue of $1.11bn (AED4.1bn).

Net profit attributable to Arabtec's parent company for H1 2017 stands at $15.5m (AED57m), compared to a net loss of $63.4m (AED233m) in H1 2016. 

READ: UAE: Arabtec scoops $398m main contract for Wasl Tower

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 761
Mar 21, 2020