Monday, 7 June 2010 at 15:28, Reuters, Abu Dhabi
Dubai's Arabtec said on Monday its unit won three contracts related to energy projects in Abu Dhabi worth Dh747 million ($203.5m) as construction paces ahead in the United Arab Emirates capital, sending the builder's shares higher.
Target Engineering Construction Company won the contracts to undertake civil, engineering and construction works for expansion of refineries, Arabtec said in a statement.
Two of the projects relate to a refinery expansion in Ruwais awarded by Korean firm GS Engineering & Construction while the third was awarded by a joint venture of Petrofac and GS E & C for a natural gas-related project.
In March this year, Target Engineering won two marine project contracts valued at Dh835m, the statement said, adding that the total value of contracts won in the first six months of this year was Dh1.6 billion.
Arabtec's shares closed 2.1 per cent higher in earlier trading on Monday, outperforming Dubai's bourse which rose 0.3 per cent.
In April Arabtec and Abu Dhabi's Aabar Investments called off a $1.7bn merger.
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