Dubai-based construction company Arabtec announced that its joint venture in Saudi Arabia has won a SAR404 million ($107.7 million) contract to build Aldara Hospital and Medical Center, a 105-bed hospital in Riyadh.
The joint venture, 60 per cent owned by Arabtec and 40 per cent by Greece’s Terna, was awarded the contract by Aldara Medical Corporation.
The six-storey hospital is being constructed on a built-up area of 107,000 square meters, and will consist of six floors and include two medical centres.
Construction is expected to be completed in early 2015, Arabtec said in a statement.
“Saudi Arabia is rapidly developing its social and physical infrastructure, and we believe there is a strong opportunity for Arabtec to participate in construction projects in the Kingdom such as hospitals, schools and transportation,” said Arabtec Holding CEO Hasan Abdullah Ismaik.
The company, which is currently building a 5,000 villa project in Saudi Arabia and a regeneration project in Doha, said it is eager to expand into specialised, high-margin areas of construction across the GCC .
Last month, its shareholders also approved a $1.8 billion capital increase program to promote further expansion.
Arabtec’s current backlog is valued at nearly Dhs21 billion.