Mubasher: Combined Group Contracting (CGC) has signed a KWD 9.64 million (AED 116.4 million) contract to construct a school in the emirate of Abu Dhabi.
Under the deal, CGC will build the Abu Dhabi Future School Phase 8, Package 4, while the construction duration will last 503 days, according to a statement to bourse.
The Kuwaiti firm further noted that Combined Group Contracting Emirates and Combined Group Contracting Company in Abu Dhabi will implement the project.
CGC expected to achieve an operating profit from this agreemtn which will be listed in its financial results of coming years.
In February, the Boursa Kuwait-listed firm announced that its subsidiary in the UAE, Combined Group Contracting Emirates, was awarded a tender worth KWD 9.64 million.
CGC last reported a profit decline of 35.8% in the fourth quarter of 2018 to KWD 1.88 million, from KWD 2.93 million during Q4-17.
The Kuwaiti company’s unit in the UAE inked in March a AED 94.98 million deal to design, implement, and develop Sieh Shuaib Road.
