The Abu Dhabi Government has awarded more than Dh350 million (US$95.2m) in construction contracts to UAE companies, providing further evidence that the emirate is renewing its building program.
Target Engineering, a subsidiary of Dubai construction company Arabtec, today announced Dh256m worth of deals in Abu Dhabi, including a Dh110m contract for work on the Ruwais Refinery Expansion Project and a Dh116m deal to work on the Emirates Aluminum Smelter Project.
Drake & Scull International also announced a Dh127 mn deal to perform mechanical, electrical and plumbing work on an "iconic government facility," which it declined to name.
"We're optimistic about Abu Dhabi," said Zeina Tabari, the chief corporate affairs officer of DSI. "We hope to announce more projects in Abu Dhabi."
The announcements follow last week's decision by the Executive Council to fund millions of dirhams in projects, after a lengthy review of Abu Dhabi's building program.
Meanwhile, signs continue to emerge about the impact of the slowdown on local companies. Yesterday [Monday] Bildco--the group of companies including the Abu Dhabi National for Building Material, Bildco Reinforcing Steel Services and Bildco Cement Products--reported a Dh5.5 million loss for 2011, compared to a Dh28mn profit the previous year.
Bildco's sales fell 41 per cent, to Dh312m from Dh538m in 2010.