Arabtec unit wins deal for Dubai Airport T2

[News Story] DUBAI - A unit of Arabtec Holding has won an over half-a-billion dirham contract for the expansion of Dubai's Terminal 2, the company said on Wednesday in a statement posted on the Dubai Financial Market website.

Dubai's Arabtec Construction announced that it was awarded a Dh561 million ($153 million) contract for the expansion of Dubai International Airport. The project will take 25 months to complete and will include structural works, engineering, mechanical and site works for Terminal 2's expansion.

"This project demonstrates Arabtec's track record in carrying out infrastructure works for airports where this is the 12th project awarded to Arabtec relating to civil aviation work," Arabtec Construction chief executive officer Greg Christofides said.

Projects completed at Dubai Airport and Dubai World Central included passenger terminals, control towers, energy centers, maintenance hangars, cargo buildings and fuel storage and distribution, according to Arabtec.

These projects included renovation, expansion, civil works, structural works, mechanical, engineering and plumbing, special airport system, water drainage and sewerage systems, it added.

Terminal 2 is hub for Dubai's first low-cost carrier flydubai, which has an annual capacity of three to five million passengers.

Source: Zawya.com

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Arabtec Holding (ARTC.DU) MCap is AED2.5 billion (US$671.4 million) at the last price of AED1.65. Debt to Equity of 0.3 [0.7]. Total Liabilities/EBITDA of 7.2 [8.4].

Currency Conversion: United Arab Emirates dirham AED1= US$0.2722 [or US$1= AED3.67]. AED1 = 100Fils.

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