Dubai – Mubasher: Arabtec Holding on Tuesday revealed that its fully-owned subsidiary Target Engineering and Construction Company has been awarded a contract for a project in Downtown Dubai by Emaar Properties.
The deal worth AED 196 million ($53.37 million) is for the main contract works of phase1 of a project called Forte, Arabtec said in a filing to the Dubai Financial Market (DFM).
Under the 12-month deal, Arabtec will build five basements for two residential towers.
“We look forward to working on another project with Emaar Properties. We continue to win projects that are aligned with our key geographies and our key competencies whilst maintaining a robust risk management approach,” commented Arabtec Group CEO Hamish Tyrwhitt.
In August, Arabtec had revealed that Target Engineering was awarded two deals worth a combined AED 3.2 million, following a previous four projects worth combined value of 289 million.
Arabtec’s recent announcements have included additional awards both to the mother company and to its subsidiaries. Traders and analysts view such awards as positive for the company, particularly after its restructure.
Analysts previously told Mubasher that newly-awarded contracts were likely to improve Arabtec’s financial position.
Analyst Fadi Al Kiswani had forecast that Arabtec would achieve positive results in the second quarter of 2017. Dubai-listed Arabtec did succeed in turning a profit in the second quarter of 2017 with AED 40.8 million against the losses in the year-ago period following a number of awards.
