Gulf News reported that Arabtec has been awarded a contract worth AED 900 million to build 2 colleges in Kuwait in conjunction with a local firm.

Arabtec's share of the work at the Sabah Al Salem University will take 42 months to complete with the rest being built by Kuwait's Combined Group Company.

The full cost of the project is valued at AED 1.5 billion and includes the construction and external works of 4 buildings comprising a basement and 6 floors over a total area of 226,000 square meters at the Colleges of Arts and Education.

Mr Riad Kamal CEO of Arabtec Holding PJSC said that "We are proud to be associated with this prestigious project in partnership with the Combined Group Company PLC, a leading publicly listed construction company in Kuwait. The award of this project is yet another solid step in our successful geographic expansion strategy and we look forward to more successful awards in the State of Kuwait."

Mr Ziyad Makhzoumi CFO of Arabtec said that the company was primarily looking at projects in Saudi Arabia, Kuwait, Qatar and Syria. The sentiment in the market is positive and we have recently been awarded several contracts in the sectors in which we operate. We hope this will continue as there are lots of projects on offer across the GCC and further afield.

(Sourced from Gulf News)