Arabtec’s subsidiary wins contract in Egypt for $42.7M

CAIRO – 22 May 2018: UAE’s based group Arabtec Holding announced that its subsidiary, Arabtec Construction, won a contract to construct Phases III and IV of Village E “Levana” in Uptown Cairo Master Project, for AED 157 million (LE 755 million/ $42.7 million).

The company said in a filing to Dubai Financial Market that the total built up area of both phases spans over approximately 61,000 square meters, clarifying that Phases III & IV entail the construction of 128 villas along with the surrounding roadworks and infrastructure.

The statement noted that Uptown Cairo is an integrated development located in the heart of Egypt’s capital.

“The Uptown Cairo Project award marks one of the first projects we have been awarded outside the UAE in over a year,” Arabtec Holding’s Group Chief Executive Officer, Hamish Tyrwhitt, said.

“We look forward to working on another project for Emaar as we build on our solid relationships with our key clients. We will continue to strategically onboard work in our key competencies and key geographic markets where our clients operate that makes business sense for Arabtec’s success and sustainability,” he added.

Arabtec marked a jump of 281 percent in its net profit during the first quarter of 2018, recording AED 63.6 million from AED 17.6 million.

Arabtec Construction is a wholly owned subsidiary of Arabtec Holding.

Arabtec Holding is an engineering and construction Group specialized in complex projects in the Middle East and North Africa. The group delivers construction and infrastructure projects, including commercial, residential, social, industrial and economic infrastructure in UAE and other selected countries in the region.