Arabtec has won a Dh1.7 billion contract to build 1,100 houses for Emiratis in Fujairah.
The UAE government’s Ministry of Presidential Affairs awarded the contract for the homes that will be built on a 2.15 square kilometre plot at Mohammed bin Zayed City.
Work is due to start imminently and take two and-a-half years to complete.
Arabtec Holding’s acting chief executive, Saeed Al Mehairbi, said the project was of “national significance”.
Arabtec’s share price finished the day 7 per cent higher at Dh1.73.
It is the fourth major contract win announced by the company since the start of the year, bringing the combined value of deals won to almost Dh8.5bn.
Contractors across the region have been enduring tough market conditions as the falling oil price has led to a squeeze in government budgets in most markets.
In Saudi Arabia, in particular, there have been widespread reports of workers going without pay for months as government ministries have halted payments.
Despite this, the UAE’s federal budget for 2016 was cut only marginally to Dh48.56bn, down from Dh49.1bn in 2015.
When announcing preliminary results last month for 2015 showing a Dh2.3bn loss for 2015, Mr Al Mehairbi pledged that Arabtec would adopt a “more selective approach” to winning new work.
The company also told analysts that it would focus on the UAE market.
Speaking about current market conditions in the construction sector, Gary Adams, the Middle East president of the engineering consultancy Parsons, said: “The ongoing downward pressures on energy prices are having an impact on government budgets, which in turn affects our customers.
“However, there still is a lot of work going on in the region and we believe that the companies who bring to the table new ideas about efficiencies are going to be successful.”
Aabar Investments, an investment vehicle owned by the Abu Dhabi government, holds a 36.11 per cent stake in Arabtec.
mfahy@thenational.ae
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
ESSENTIALS
The flights
Etihad (etihad.com) flies from Abu Dhabi to Mykonos, with a flight change to its partner airline Olympic Air in Athens. Return flights cost from Dh4,105 per person, including taxes.
Where to stay
The modern-art-filled Ambassador hotel (myconianambassador.gr) is 15 minutes outside Mykonos Town on a hillside 500 metres from the Platis Gialos Beach, with a bus into town every 30 minutes (a taxi costs €15 [Dh66]). The Nammos and Scorpios beach clubs are a 10- to 20-minute walk (or water-taxi ride) away. All 70 rooms have a large balcony, many with a Jacuzzi, and of the 15 suites, five have a plunge pool. There’s also a private eight-bedroom villa. Double rooms cost from €240 (Dh1,063) including breakfast, out of season, and from €595 (Dh2,636) in July/August.
