Dubai’s Arabtec unit wins Dhs610m worth of contracts from Expo 2020, Damac

Dubai contractor Arabtec Holding’s wholly-owned subsidiary has been awarded two contracts worth a combined Dhs610m ($166m), it announced on Wednesday.

Arabtec Construction has won a Dhs311m ($84.6m) contract from Expo Dubai 2020 to construct the public realm in concourses and arrivals plazas.

The project comprises the construction of 268,000 square metres of concourses including public entrance plazas, landscaping, lighting water features, irrigation, landscape structures and furniture.

Construction is scheduled to begin this month and is slated for completion in the last quarter of 2019.

Group CEO Hamish Tyrwhitt said: “This award demonstrates our commitment to diversifying our business and building upon our social infrastructure capability as a core competency.”

Also read: Dubai Expo 2020: Two year countdown begins

Meanwhile Dubai developer Damac has also awarded Arabtec Construction a Dhs299m ($81.4m) contract for the construction of 478 luxury villas in the developer’s Akoya Oxygen project.

Construction is expected to commence immediately, with plans to complete the villas within 16 months, a statement said.

The contract is Arabtec’s third project within the Akoya Oxygen development.

Read more: Dubai’s Arabtec wins Dhs628m contract from Damac for Akoya Oxygen project

Spread across 55 million square feet in Dubailand, the overall Akoya Oxygen includes residential and hospitality properties of various sizes surrounding an 18-hole championship golf course designed by Tiger Woods – which will also feature a clubhouse, restaurants and a pro-shop.

Dubai-listed Arabtec has been seeing a spike in new contracts and recently reported a 24 per cent rise in its net profit for the second quarter to reach Dhs49.4m.

The company also posted a 16 per cent increase in revenues to reach Dhs2.39bn in Q2.