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.
The Sultanate’s largest cement firm by market value has appointed Salem Alawi Mohammed Baabood as chief executive.
The deals were awarded by a consortium consisting of UAE contractors Arabtec, CCC and Drake & Scull Construction.
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.