x Abu Dhabi, UAESunday 23 July 2017

Arabtec subsidiary wins Dh878 million contract as part of joint venture

Arabtec Holding has won a Dh878 million contract for mechanical, electrical, and plumbing work at Abu Dhabi airport’s new Midfield Terminal Building.

An artist's impression of inside the new Midfield Terminal buidling. Courtesy of Abu Dhabi Airports Company
An artist's impression of inside the new Midfield Terminal buidling. Courtesy of Abu Dhabi Airports Company

A joint venture that includes a subsidiary of Arabtec Holding has won a Dh878 million contract for mechanical, electrical, and plumbing work at Abu Dhabi airport’s new Midfield Terminal Building, Arabtec said today.

Arabtec said in a bourse statement the joint venture had been set up by its unit, Emirates Falcon Electromechanical Company (Efeco), together with BK Gulf and China State Construction.

Efeco will play a full role in delivering the complex mechanical scope of the project, it said.

“We are pleased with this new contract win, adding to Efeco’s already impressive backlog which has already crossed the Dh1 billion mark,” said Hasan Abdullah Ismaik, the managing director and chief executive of Arabtec Holding.

Efeco became a 100 per cent owned subsidiary of Arabtec in October 2013, when Arabtec Construction completed the acquisition of the remaining 45 per cent stake in the company.

Shares of Arabtec were marginally higher mid-morning, trading at Dh5.1, compared with Sunday’s close of Dh5.08.

* with Reuters