UAE's Arabtec says wins 1.7 bln dhs gov't contract
Date
3/24/2016 1:23:25 PM
DUBAI: Dubai-listed Arabtec has won a 1.7 billion dirhams ($462.85 million) contract fromthe UAE federal government to build 1100 houses in the easternemirate of Fujairah the company said on Sunday.
Arabtec 36-percent owned by Abu Dhabi state fund AabarInvestments said construction would begin immediately and isexpected to take about 2-1/2 years according to a boursestatement.
The houses will be for Emirati nationals.
Before the statement was published Arabtec's shares ended6.8 percent higher on Dubai's bourse outperforming the mainstock index which rose 0.06 percent.
($1 = 3.6729 UAE dirhams)
REUTERS