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Arabtec to construct hotel in Dubai Media City

Abu Dhabi: Arabtec Holding, the Dubai-listed construction company, confirmed on Tuesday it has been awarded a contract for the execution of a five-star hotel at Dubai Media City, worth Dh340 million. In a statement posted on Tuesday to the Dubai Financial Market (DFM), where Arabtec is listed, the company provided no further details on who awarded the contract, when it was awarded, or a timeline for the development. The contract is the latest in a series of awards for Arabtec, which has been seeking more contract awards this year in an effort to increase its revenues and turn around financial performance. In August, Arabtec reported around Dh233 million in losses attributable to owners for the first half of 2016, an improvement from the Dh998 million in losses in the first half of 2015. The figure was, however, over three times higher than the Dh60 million losses the market was expecting from the company said that it hoped to break even in 2016 and return to profitability in 2017. The losses also marked the seventh consecutive quarter of losses. Arabtec’s share prices ended the day on Tuesday unchanged at Dh1.44, with a total of just Dh22.5 million worth of shares traded during the day.

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Posted on :10/15/2016