The capital will be raised through the issuing of shares to existing shareholders. It is expected to be completed by September.

According to Donald Featherstone, chief executive officer (CEO) Mushrif, the capital is being raised to fortify the balance sheet and provide additional capital to expand its operations.

The contractor is currently relocating its corporate headquarters from Kuwait to Abu Dhabi, as it looks to capitalise on the fast-growing construction sector in the emirates.

While the firm will continue to have a base in Kuwait, Featherston says the developments planned and under way in Abu Dhabi represent key opportunities for growth (MEED 08:07:08)