Dow Jones reported that Dubai based Arabtec Holding has won a AED 561 million contract from Dubai Aviation City Corporation to carry out infrastructure works related to the Dubai International Airport expansion project.

The project, which includes structural works, mechanical engineering and plumbing, and site works at Terminal 2 of Dubai International Airport, will have duration of 25 months once it commences.

Mr Greg Christofides CEO of Arabtec said that "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 along with other contractors was hit hard by a severe downturn in Dubai's property market where prices have slumped by more than 50% in some areas since peaking in 2008 and many projects are now on hold or cancelled. The company has in recent times increasingly looked to diversify away from dependence on contracts in the UAE, tapping new markets such as Saudi Arabia, Pakistan and Egypt.

Analysts at Cairo based Beltone Financial expect the Dubai based contractor to post a 59.3% YoY decline in fourth quarter profit as revenues shrink.

(Sourced from www.dowjones.com)