UAE-based Arabtec Holding has signed a memorandum of understanding with South Koreas GS Engineering & Construction Corporation to form a joint venture company to work on heavy infrastructure projects in the region.
Arabtec, which traditionally has generated most of its turnover from building work, has sought to diversify its business this year by establishing joint ventures with South Korea partners.
In September it formed a joint venture company with South Koreas Samsung Engineering that aims to become the regions leading engineering, procurement and construction contractor working in the oil and gas, petrochemicals, and power and water sectors.
Arabtec-Samsung Engineering and will be headquartered in Abu Dhabi. Arabtec will hold 40 per cent of the new company, Samsung Engineering will have a 40 per cent share, and Abu Dhabis Tasameem will hold the remaining 20 per cent.