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Dubai builder Arabtec wins $152 million contracts in Abu Dhabi

Published 25/01/2015, 05:52
© Reuters.  Dubai builder Arabtec wins $152 million contracts in Abu Dhabi
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ABU DHABI (Reuters) - Dubai's Arabtec Holding has won two contracts in Abu Dhabi worth 560 million dirhams (170.9 million pounds) combined through its Target Engineering unit, the builder said on Sunday.

Abu Dhabi National Oil Company (ADNOC) has awarded a 345 million dirham contract to expand a housing complex in Ruwais, near Abu Dhabi, to Target, a fully-owned subsidiary of Arabtec.

Abu Dhabi Company for Onshore Oil Operations (ADCO) also awarded a 215 million dirham contract to Target to construct a new management building and a civil defence station, Arabtec said in statements to Dubai's bourse.

Both contracts are expected to be completed in February 2016.

Target Engineering handles construction projects in the oil and gas sectors in the United Arab Emirates, Saudi Arabia and Qatar. ($1 = 3.6730 UAE dirhams)

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