FINANCIAL NEWS

Dubai- Damac awards $136m contract to Arabtec

04 May 2010

(MENAFN) Bloomberg reported that construction firm Arabtec has been awarded a $136.1 million contract to build a residential tower in Dubai.

The contract was awarded by Damac Properties and was signed earlier this week, Arabtec said in a statement.

The Dubai-listed contractor previously worked with Damac on its flagship Ocean Heights project, also in Dubai.

Arabtec and Abu-Dhabi-based Aabar recently called off a $1.7 billion agreement for Aabar to take over Arabtec. The two firms did not disclose any reason for canceling the deal.

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