Arabtec wins construction contract in India
Arabtec said its joint venture company, under formation in India, has received a 750 million dirhams ($204.19 million) contract to build three residential apartments in the country.
The projects, to be completed in over four years, have been awarded to its joint venture with Raheja Developers Ltd. It would be located in Gurgaon, Haryana and includes both a high-rise apartment tower and low-rise buildings comprising a total of 1,000 units.
“We believe that the fourth quarter of 2011 is likely to witness a jump in new contracts for regional contractors – for Arabtec this award presents a strong start albeit with Indian help,” Roy Cherry, Shuaa Capital vice-president for research said in a note on the announcement.
The builder reported a 74 percent fall in its second-quarter net profit as general and administrative expenses almost doubled.
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