Arabtec wins $1bn hospital contract

December 07, 2013 - 2:37:41 pm

DUBAI: Dubai-based builder Arabtec has been awarded a contract worth nearly $1 billion to build a hospital in Al Ain in the United Arab Emirates with its joint venture partners, the company said on Saturday.

The New Al Ain Hospital will be built by 2018 under a 3.3 billion dirhams or $900 million contract awarded by state agency Abu Dhabi General Services Company Musanada, Arabtec said.

"This new award is in line with our strategy to expand into specialised, high-margin areas of construction," Arabtec's chief executive Hasan Abdullah Ismaik said in a statement.

The company did not name its partners in the venture.

Arabtec, partly owned by Abu Dhabi state fund Aabar, said in October that it had won a contract worth 196 million dirhams to build the final phase of a hotel project on the emirate's palm-shaped island.

The builder has been on an aggressive expansion drive after a management shake up in February and has won a series of contracts in the United Arab Emirates and in the region. (Reuters)

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