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LONDON: The UAE-based contractor Arabtec’s wholly-owned subsidiary Target Engineering Construction has won a 950 million dirhams ($258.6 million) contract for the second phase of an Emaar residential development in Downtown Dubai.
The Forte project is a two-tower development with apartments set to look over Dubai Opera, the 2,000-seat performing arts centre. It is due to be completed by December 2019, according to Emaar. The contract scope includes the construction of the podium and two towers of 67 and 46 floors.
Target was previously awarded a 196 million dirhams contract for phase 1 of the project in September. The scope of this award included the construction of five basements for the towers.
The phase 2 contract award follows Arabtec’s third quarter results released on Nov. 8, with the Dubai-listed company posting a net profit of 75 million dirhams for the first nine months of the year. This compared to a net loss of 458 million dirhams a year earlier.
Arabtec secured two other major contracts in the third quarter alongside the first phase of Forte, including a 628 million dirhams contract to build 1,296 villas at Akoya Oxygen in Dubai from property developer Damac and a 363 million dirhams contract to build Dubai South Mall, awarded by Emaar.
Mohammad Kamal, executive director, equity research at Arqaam Capital said that while Arabtec’s third-quarter results and new contract awards demonstrated a “solid earnings trajectory”, he remained “cautiously optimistic” due to the volume of overdue receivables and legacy claims still on the builder’s books.
He said the company’s earnings have only just began a “long process of recovery.”