|02-04-2015, 02:32 AM||#1|
Arabtec win two new contracts from Emaar
Dubai`s leading construction company Arabtec won two new contracts worth $102 million from the UAE`s top developer of premium shopping mall and retails assets; Emaar.
The first contract includes the construction of vullas in the Al Mira Residental project that is due to be completed by May 2016 while the second one covers villas in Arabian Rances and is to be finished by March 2016.
Such projects can support Arabtec to stand back up on a constant profitable track as the company osted 32% drop in third-quarter net profit, trailing analysts` average forecast as overall expenses almost doubled compared to a year earlier.
he builder revenue climbed in the third quarter to AED2.4 billion from AED1.94 billion the same period last year while overall administrative expenses rose by 89 percent to AED241.6 million within the same period.
Arabtec is considered the largest construction company in the whole Gulf region by market value and is behind the largest mega projects such as Burj Khalifa, Terminal 1 of Dubai International Airport and Dubai World Central International Airport.
Such a decline of profits reflects higher expenses and Arabtec plans to continue on expanding into the emerging markets of the Middle East and North Africa (MENA region) starting with Algeria, Angola, Azerbaijan, Libya, and Turkmenistan.
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