Arabtec Holding increases profits by 122 per cent

22 October 2008
UAE-based Arabtec Holding has posted a profit increase of 122 per cent for the first nine months of 2008.

The firm recorded a profit of AED761m ($207m) for the first three quarters of 2008, compared to AED343m for the corresponding period in 2007.

Its revenue over the period also saw an increase of 129 per cent. The company had revenues of AED6.4bn for the first nine months of 2008, compared to AED2.8bn a year earlier.

The company has secured a number of major contracts in the UAE in 2008. In September, it received a letter of intent for the AED2.4bn contract to build the Atrium project at Dubai Waterfront.

It has also secured villa contracts. In April it was awarded a AED3bn design and build contract for 2,290 villas at Mohammed bin Rashid Housing Establishment in Dubai.

In June, it was awarded an estimated AED3bn contract to build the first phase of villas at the Al-Furjan project in the Jebel Ali area of Dubai (MEED 8:6:08).

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