{"id":8632,"date":"2016-03-21T00:26:50","date_gmt":"2016-03-20T17:26:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=8632"},"modified":"2016-03-20T21:33:34","modified_gmt":"2016-03-20T14:33:34","slug":"arabtec-lands-dh1-7bn-housing-contract-in-fujairah","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-lands-dh1-7bn-housing-contract-in-fujairah\/","title":{"rendered":"Arabtec lands Dh1.7bn housing contract in Fujairah"},"content":{"rendered":"


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\nArabtec 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 immi\u00adnently and take two and-a-half years to complete. Arabtec Holding’s acting chief executive, Saeed Al Mehairbi, saidthe project was of “national significance”.
\nArabtec’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.
\nDespite this, the UAE’s fed\u00aderal 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 com\u00adpany 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.
\n“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.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Arabtec lands Dh1.7bn housing contract in Fujairah<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec has won a Dh1.7 billion contract to build 1,100 houses for Emiratis in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-8632","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2fe","jetpack-related-posts":[{"id":28497,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-to-build-hotel-in-dubai-internet-city\/","url_meta":{"origin":8632,"position":0},"title":"Arabtec to build hotel in Dubai Internet City","date":"October 4, 2016","format":false,"excerpt":"\r The UAE's largest listed builder, Arabtec, confirmed that it has been awarded a contract to build a hotel in Dubai Internet City. In a statement to the Dubai Financial Market on Monday morning, Arabtec said that it had won the contract for the Dh340 million five-star hotel project earlier\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7446,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-wins-dh1-1bn-deal-to-build-twin-dubai-towers\/","url_meta":{"origin":8632,"position":1},"title":"Arabtec wins Dh1.1bn deal to build twin Dubai towers","date":"March 10, 2016","format":false,"excerpt":"\r \r UAE contractor Arabtec has won a contract to build a pair of twin, 50-storey towers in central Dubai. The company said that the contract was for a residential development worth Dh1.1bn and that the towers will have a built-up area of 227,000 square metres. In a statement, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86246,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-unit-awarded-major-dubai-municipality-contract\/","url_meta":{"origin":8632,"position":2},"title":"Arabtec unit awarded major Dubai Municipality contract","date":"April 22, 2018","format":false,"excerpt":"\r Arabtec Engineering services will construct sewerage and storm water networks to service part of Jebel Ali Industrial Area\r \r Source : arabianbusiness.com\r Read more...Arabtec unit awarded major Dubai Municipality contract","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55531,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-wins-dh1-46bn-contract-to-build-2020-tower-in-dubai\/","url_meta":{"origin":8632,"position":3},"title":"Arabtec wins Dh1.46bn contract to build 2020 Tower in Dubai","date":"May 21, 2017","format":false,"excerpt":"\r Arabtec said it won a Dh1.46 billion contract to build the 2020 Tower beside Dubai's main highway.The mixed-use tower is being developed by Wasl Asset Management (Wasl) on a site at Sheikh Zayed Road on the opposite side to Dubai Mall.The 63-storey, 300m-high building, previously known as Wasl Tower,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55535,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-wins-dh1-46bn-contract-to-build-tower-in-dubai\/","url_meta":{"origin":8632,"position":4},"title":"Arabtec wins Dh1.46bn contract to build tower in Dubai","date":"May 21, 2017","format":false,"excerpt":"\r Arabtec said it won a Dh1.46 billion contract to build the wasl Tower beside Dubai's main highway.The mixed-use tower is being developed by Wasl Asset Management (Wasl) on a site at Sheikh Zayed Road on the opposite side to Dubai Mall.The 63-storey, 300m-high building, will house a Mandarin Oriental\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1175,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-shares-surge-on-news-of-545m-aldar-contract-win\/","url_meta":{"origin":8632,"position":5},"title":"Arabtec shares surge on news of $545m Aldar contract win","date":"January 11, 2016","format":false,"excerpt":"\r Dubai contractor to build 1,017 luxury villas in Abu Dhabi\r \r Source : arabianbusiness.com\r Read more...Arabtec shares surge on news of 5m Aldar contract win","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8632"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=8632"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8632\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=8632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=8632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=8632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}