01 June 2017

Arabtec Holding has announced that its subsidiary Arabtec Construction has been awarded a Dh1.46-billion ($398 million) contract by Wasl for the construction of the 2020 Tower, a mixed-use high-rise tower in Dubai.

Hamish Tyrwhitt, group chief executive officer of Arabtec Holding, said: “The contract for the construction of the 2020 Tower has been awarded based on our track record of delivering world-class mixed-used developments, adding to Arabtec Construction’s existing portfolio of over 22 projects we are currently building in the UAE.”

Tyrwhitt added: “With the combination of the strategic repositioning of the business, strong industry fundamentals and catalyst events such as Expo 2020 fast-approaching, we believe that the year ahead will see Arabtec continue on its path to a successful and sustainable future.”

Arabtec has a project backlog of approximately Dh17 billion ($4.62 billion), equivalent to over two years of revenue, the company said.

The awarding of the project marks the latest key milestone in Arabtec’s three-phase strategic plan to return the group to growth, and highlights the continuing strength of its operating divisions and its strong, committed growth pipeline, it added.

Arabtec Holding last month reported its first quarterly bottom line profit in the last three years. The group is undergoing a series of restructuring measures including the appointment of a strengthened executive management team.

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