Target is now working on both phases of Forte residential scheme in Dubai
Arabtec subsidiary Target wins Dh950m contract for Emaar project
Arabtec Holding, the UAE’s top-listed contractor said its wholly-owned subsidiary Target Engineering Construction Company has won a Dh950 million contract to build the second phase of Emaar’s Forte residential project in Downtown Dubai.
Target has already been appointed to build the first phase of the project by Emaar – the UAE’s biggest publically-traded real estate developer – through a Dh196m contract awarded in September.
The scope of the second contract includes the construction of the podium and twin towers with 67 and 46 floors, Arabtec said in a statement to Dubai Financial Market, where its shares are traded.
The first phase involves the construction of five basements for the two residential towers. Both phases are expected to take 40 months to complete, the statement added.
“The award of Forte Phase 1 & 2 to Target Engineering demonstrates the strength and confidence of the groups’ relationship with Emaar Properties,” Hamish Tyrwhitt, group chief executive of Arabtec Holding said. “We look forward to further building the solid relationships we have with our clients in delivering quality projects.
Arabtec earlier this month posted its third consecutive quarterly profit for the three months ended September 30, as the construction firm continues to recover from a string of losses on the back of a slowdown in construction sector across the region.
Net profit attributable to equity holders rose to Dh18m in the third quarter of 2017 compared to a loss of Dh226m in the same period last year. The company is assessing further divestments and options to increase efficiency and productivity through the integration of its operating units, it said at the time.
During the third quarter, Arabtec sold its 14.6 per cent stake in Jordan Wood Industries, a listed Jordanian company that manufactures office and household furniture.