Dubai – Mubasher: Arabtec Holding’s project backlog reached AED 22.6 billion ($6.15 billion) by the end of the second quarter of 2016, up 12% from the same period last year.
The Dubai-listed construction company secured new projects worth AED 9.0 billion including the AED 3.7 billion Bahrain International Airport Modernisation Porgramme.
Projects also included 1,100 villas for UAE nations in Fujairah for AED 1.7 billion and 500 villas for UAE Nationals’ Housing in Oud Muteena for AED 500 million, Arabtec said in a statement.
An AED 1.1 billion twin tower development in central Dubai was also among the projects awarded during Q2-16, it added.
Arabtec Construction won an AED 340 million award for a hotel development in Dubai’s Media City, the statement revealed.
Moreover, Target Engineering secured over AED 600 million worth of projects including an integrated as expansion project and a structural, steel and piping installation.
The mega construction company trimmed its losses in Q2-16 by 80.45% to AED 194.77 million from AED 996.4 million in the same period in 2015.
Arabtec’s stock gained 1.32% to AED 1.53 on Monday, after 29.44 million shares were exchanged at a turnover of AED 44.9 million.
