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Dubai's Arabtec wins two contracts worth AED 356 million

2011-01-17

DUBAI, Jan 17 (Reuters) - Dubai builder Arabtec said on Monday that it won contracts worth 356 million dirhams ($96.92 million) to build an underground car park in Abu Dhabi and residential villas in Egypt. The largest builder in the United Arab Emirates by market value said the project to build the underground car park at the head quarters of the Abu Dhabi National Oil Co (ADNOC) is valued at 219 million dirhams and is expected to be completed in 24 months. The project awarded by Emaar Misr to build residential villas at Al Marassi project in Egypt is worth 137 million dirhams and would take 20 months to complete. Arabtec said earlier this month that it plans to raise capital through a $108.5 million rights issue and a $150 million convertible bond. The firm said it plans to use the proceeds to fund its expansion plans and increase working capital. The company is expanding overseas to diversify its portfolio away from Dubai"s once-booming property sector which has been hit hard by the global financial crisis as developers slow or cancel projects and jobs are slashed.