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 Dhs3.3 billion ($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 Dhs196 million 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.