Arabtec secures $202m Qatar, Nablus contracts

Dubai contractor Arabtec said on Wednesday it won contracts worth Dh740.7 million ($201.7m) in Qatar and the West Bank, as it continues its overseas expansion to weather a downturn in its home market.

Arabtec, which earlier this month sold a 70 per cent stake to Abu Dhabi's Aabar Investments, said it won a Dh696m contract to build an office and hotel towers project in Doha, and a water loss reduction project worth Dh44.7m in Nablus.

The Doha project will last 30 months to complete, and the Nablus project, its first in the West Bank, will take 20 months, Arabtec said in statements.

"This is an important social project for helping the people of Nablus, and is part of our geographic expansion in the Mena region," said Riad Kamal, Arabtec's chief executive. The contract with Nablus Muncipality was signed by Arabtec and Al Mukawilon Contracting Co in a joint venture, Arabtec said.

Arabtec has won a number of contracts in Saudi Arabia, Abu Dhabi and Qatar over the last few months to diversify its portfolio away from Dubai, where property prices have fallen some 50 per cent from their peaks and billions of dollars worth of projects have been cancelled or put on hold.

Arabtec's shares closed 2.6 per cent higher in earlier trading on Wednesday.