Arabtec is also planning to invest about $60 billion in Egypt over the next three years in sectors such as real estate development, infrastructure, trains, airports, and oil and gas.
The work on the third phase of the project will start in June and is scheduled to be completed by 2016, RTA said.
Shareholders owning the company’s stock at the end of trading on July 1 will qualify for the dividend, the company said in a statement.
The project will also include serviced apartment buildings, nine hotels and a marina.
Hasan Ismaik, who took charge early last year, previous held an 8.03 per cent stake in Arabtec.
The Dubai-based contractor will provide MEP services for the Plaza View project, a mixed-use development.
The 372-room hotel is part of the developer’s 28,000 square metre expansion of the Ibn Battuta mall complex.
UAE contractors United Engineering Construction and Actco General Contracting Company win contract to build the new complex, located in Palm Jumeirah.
Kuwait has projects worth more than $72.8 billion expected in 2014, says CEO.
The Jeddah headquartered company aims to increase Sphinx’s revenues to $63.2 million this year from $55 million in 2013.
Residential space accounted for 70 per cent of the total area of approved projects.
Total value of building construction expected to reach $128.5 billion, with the medical sector getting the biggest market share.
The over one kilometre tall Kingdom Tower will replace Dubai’s Burj Khalifa, 828 metres tall, as the highest in the world.
The proposed reforms include replacing a contentious sponsorship law, known as “kafala”, in which workers need their employer’s permission to change jobs.
Kingdom City in Jeddah will also include mixed-use residential and commercial developments, the chief executive said.
The company made a profit of OMR8.23 million ($21.4 million) in the three months to March 31.
The firm made a net profit of Dhs45.7 million ($12.4 million) in the first three months of 2014.
The second phase of the project is scheduled to be completed by 2016, RTA chairman Mattar Al Tayer said.
The Dubai-based contractor said is planning a series of acquisitions and mergers.
The six storey property is set for a 2015 completion.
The value hotel brand plans to supply over 1,750 new hotel rooms and serviced residences.
Constella is to be the first Hotel Apartments in Dubai to Receive Official Sharia-Certification
The Omani contractor will construct phase two of the Al Ghurair plant expansion in Abu Dhabi’s ICAD – I Mussafah.
72 By Hues is looking to capitalise on Sharjah’s growing tourism market.
The 10-year deal will be linked to the city’s railway project and will handle the procurement, operation and maintenance of the buses.
Arabtec is trying to evolve from a local contractor into a multinational development company as its finances are boosted by a recovery in Dubai’s property market.
Additions include a tunnel under the southern runway, nine new aircraft stands and an automated passenger mobility system.
The company had earlier proposed a cash dividend of Dhs0.1 ($0.03) per share plus bonus shares worth 30 per cent of its share capital.
The new subsidiary specialises in the training of Emiratis across a variety of sectors.
The contractor has won a series of deals in the region recently, including the development of Abu Dhabi’s main airport and the building of a Louvre Museum.