Dubai's Arabtec wins $60m contract from India's Raheja Developers
Works on Raheja Developers' 21.4ha Navin Minar project, 22km from Delhi Airport, will commence immediately
Indian real estate company Raheja Developers has awarded Dubai-based building giant Arabtec Construction a $60m (AED219m) contract to build its Navin Minar development in the Indian capital city of New Delhi.
The contract's scope of works include a 42-storey residential tower with four basements, alongside associated works such as landscaping, utilities, swimming pools, club house, sports, and community facilities.
Fifteen community housing towers, all 15 storeys each, also fall under contract.
The construction arm of Dubai Financial Market-listed Arabtec Holding said project works would commence immediately and last 36 months.
Located roughly 22 km from Delhi Airport, the Navin Minar development has a total built up area of 21.4ha.
The contract wins comes days after Arabtec Holding announced the departure of group chief executive officer Hamish Tyrwhitt.
Tyrwhitt's departure and Pollard's appointment were announced after Arabtec Holding posted a net profit attributable to parent of $8.6m (AED31.8m) in Q1 2019, a year-on-year decline of 50% from Q1 2018's figure of $17.3m (AED63.6m).
The company's Q1 2019 revenue of $544.4m (AED2bn) was 16% lower than Q1 2018's value of $653.3m (AED2.4bn).
Arabtec's backlog as of Q1 2019 was valued at $4bn (AED14.8bn), with the group stating that it "experienced a contraction in margins year on year, attributable to lower revenue from a slowdown in awards in the construction sector, coupled with a number of legacy projects closing out in the coming months".