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.
Facilities under development include The Butterfly, DuBiotech’s headquarters, the Makateb development and the Publishing Pavilion.
Wire World is set to cover 25,000 square feet and will be located adjacent to Meydan Racecourse.
The project was designed by award-winning architects Rafael Vinolycovers and developed by state-owned investment company Mubadala.
Ras Al Khaimah’s biggest property developer gained revenues of Dhs86 million for the first three months of the year.
The project will include the upgrade and refurbishment of all 393 guest rooms
The 60,000 seat venue has taken 14 months to construct.
UAE developer says it is awaiting approval for the master plan of the project, which is expected to house 200,000 to 250,000 people upon completion.
The firm will undertake the civil construction portion of the mixed use development in Algiers, it said in a statement.
The Gulf state has cut down the number of stadiums to eight from the original plan of 12, a senior official said.
The Kingdom Tower project has been undergoing exhaustive testing works before construction begins on April 27.
The firm’s operating profit fell 96 per cent partly due to reforms in Saudi Arabia’s labour market.
Dubai’s Roads and Transport Authority (RTA) confirmed that the diversion of utility lines is almost complete.
Construction projects worth more than $23 billion were awarded in the UAE last year.
A joint venture between US-based Parsons and Halcrow has won the deal.
Qatar is planning to spend $27.5 billion over the next five years on new roads and interchanges.
The projects will be in transport, energy and other sectors, the central bank governor said.
The projects have a total developmental value of Dhs5.7 billion and are being fully funded by the Abu Dhabi government.
The project will cover 160 million square meters across 13 sites in Egypt for lower income individuals, a statement said.
Under the deal, Arabtec Construction will build over 1,500 townhouses in Emaar’s Reem community.
Earlier on Wednesday, Arabtec issued another statement saying its board had not taken any decision on the acquisition of another company.
No reason was provided for the suspension of trading.
The firm will provide complete MEP works for the automated passenger mover system (APM), which will connect Concourse 4 of Dubai International Airport to Terminal 1.
The deal, if completed, would be worth about Dhs2 billion ($545 million).
The contractor reported a 69 per cent decline in fourth-quarter net profit last month.