Dubai, United Arab Emirates - January 24, 2017.  The ongoing construction of Tiara United Towers, a high rise development by Arabtec.  ( Jeffrey E Biteng / The National )  Editor's Note;  for stocks. *** Local Caption ***  JB240117-Arabtec03.jpg
Arabtec on Wednesday reported 58.6 per cent rise in its fourth quarter net income. Jeffrey E Biteng / The National

Arabtec unit wins Dh424m contract for Damac's Akoya project



Arabtec Holding, the UAE’s biggest contracting company by market capitalisation, said on Wednesday its main construction arm won a Dh424 million contract from Dubai-listed real estate developer Damac Properties.

Arabtec Construction, a wholly-owned unit of Arabtec, will build 916 villas at the real estate firm's Akoya Oxygen development, it said in a statement to Dubai Financial Market, where its shares are traded.

Emirates Falcon Electromechanical company, another Arabtec subsidiary, will carry out mechanical, electrical and plumbing work for the project.

“The on-boarding of repeat business from our clients is a testament to our strengthened relationships across our core geographies and in our core competencies,” Arabtec’s group chief executive Hamish Tyrwhitt said.

The project entails construction of units in phase six of Damac's Akoya Oxygen master development, comprising a built-up area of approximately 148,000 square metres, according to Arabtec. Work will commence this month and will take 22 months to complete, it said.

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Read more:

Arabtec swings to profit in 2017, beats analysts' expectation

Arabtec subsidiary wins Dh250m contract at Dubai Opera District

Arabtec unit wins Dh1bn contract for Dubai residential community

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Arabtec last year completed a recapitalisation programme by raising Dh1.5 billion via a rights issue and reduction of capital to cancel nearly Dh5bn of accumulated losses from previous years when construction activity dipped in the wake of the UAE's slowing economic growth.

The construction firm, whose annual losses sank to Dh3.4bn in 2016, returned to profit in 2017, a year which saw it win a number of contracts, including work on Dubai's Expo 2020 pavilion. In the fourth quarter, it also finalised a Dh950m contract with Emaar Properties and a Dh1bn contract with Dubai Properties.

Arabtec's net profit attributable to equity holders for 2017 climbed to Dh123.1m, while revenues grew 12 per cent to Dh9.1bn from Dh8.2bn in 2016.

The project backlog for the company, in which Aabar Investments holds a 37.7 per cent stake, stood at Dh17.2bn at the end of last year.

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

JOKE'S ON YOU

Google wasn't new to busting out April Fool's jokes: before the Gmail "prank", it tricked users with mind-reading MentalPlex responses and said well-fed pigeons were running its search engine operations .

In subsequent years, they announced home internet services through your toilet with its "patented GFlush system", made us believe the Moon's surface was made of cheese and unveiled a dating service in which they called founders Sergey Brin and Larry Page "Stanford PhD wannabes ".

But Gmail was all too real, purportedly inspired by one – a single – Google user complaining about the "poor quality of existing email services" and born "millions of M&Ms later".

England-South Africa Test series

1st Test England win by 211 runs at Lord's, London

2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham

3rd Test July 27-31 at The Oval, London

4th Test August 4-8 at Old Trafford, Manchester


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