Drake & Scull subsidiary Passavant Energy & Environment will construct and operate two wastewater treatment plants in the North Indian state of Punjab.
WBG will utilise the rail network’s operations for the distribution of materials from its crusher location at Tawyeet.
The contract incudes the construction of a 400 kilovolt (kv) power transmission line in the northern state of Uttarakhand.
Arabtec chairman assured investors on Wednesday that Aabar still considered it a long-term investment and might even raise its stake in future.
The Securities and Commodities Authority clarified that it could not have suspended trading in Arabtec shares during their recent plunge.
The new facility will further expand the company’s presence in the UAE.
Aabar’s chairman says investors misunderstood the significance of the small reduction of its stake in Arabtec.
Arabtec has issued a string of statements saying it will protect shareholders’ rights, but it has not so far publicly addressed the strategy and ownership issues.
The agreement will help Etihad Rail expand its distribution capacity beyond its export terminals within the UAE.
The survey by PwC found that 75 per cent expect an increase in funding for infrastructure and capital projects over the next 12 months.
Construction has begun and should be completed in the first quarter of 2017, with commercial operations beginning later in that year, a statement said.
Egyptian state news agency MENA said Saudi would inject $124 million dollars into the Saudi Egyptian Construction Company (SECON).
Arabtec’s shares, the most heavily traded in Dubai, plunged 53 per cent this month, dragging down the entire market.
Ismaik said he had left Depa to focus on his personal business.
Hasan Ismaik, who resigned as head of the firm last week, said that he has offers from government entities and an international construction firm.
Arabtec confirmed on Tuesday that it had laid off a “limited number” of staff to improve productivity.
Large numbers of staff, including at least two senior executives, have departed the company since Ismaik resigned.
The tramway’s stations are also almost complete, confirms RTA chairman Mattar Al Tayer.
The company confirmed the appointment of Mohamed Al Fahim as Arabtec’s acting CEO for an unspecified “temporary period”.
Dubai builder Arabtec’s share price plunged as much as 50 per cent in the last six weeks.
Shares in Arabtec, one of the most heavily traded stocks in Dubai, have plunged 48 per cent from their May peak.
The level of Aabar’s stake in Arabtec is important because the deep-pocketed fund has backed the construction firm’s expansion to become one of the region’s largest builders.
The union will charge a nominal membership fee of BD1.200 per year, which will amount up to 100 fils a month.
In a brief statement on Sunday, Dubai Financial Market said the stake had now risen slightly to 18.94 per cent.
Aabar cut it stake from 21.6 per cent to 18.85 per cent since Sunday.
Arabtec, which had more than tripled in value this year, saw share prices dropping 24 per cent this week.
The 362-key property will be located 97 kilometers from Doha.
The start of building had been delayed after the government intervened to consider how the project would affect views of the Houses of Parliament and Big Ben.
The firm will provide the world’s highest double decker elevators, which will travel at a speed of over 10 metres per second.
The project is now also costlier by $2 billion, according to the Saudi government.