Arabtec wins orders worth $166 million including Dubai Expo concourse

Arabtec has won an order to build concourses at the Dubai Expo site. (Supplied)
Updated 24 October 2018
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Arabtec wins orders worth $166 million including Dubai Expo concourse

  • Arabtec to build concourses at Expo site
  • Burj Khalifa builder bags second order for Damac

LONDON: Arabtec, the UAE construction group, has bagged a pair of contracts worth more than 610 million dirhams ($166 million) that includes work on the Dubai Expo site.
The contractor that helped to build the Burj Khalifa, the world’s tallest tower, said on Wednesday that it had been selected to build public concourses covering 268,000 square meters at the site on the outskirts of Dubai.
“This award demonstrates our commitment to diversifying our business and building upon our social infrastructure capability as a core competency,” said CEO Hamish Tyrwhitt.
After a sharp slowdown that followed the collapse of the oil price in 2014, activity in the Dubai construction industry is starting to pick top once again, helped by a clutch of major contract awards for the Dubai Expo 2020.
Arabtec also revealed details for a second order on Wednesday for the construction of 478 villas for Dubai developer DAMAC.
It said in a filing that it had been awarded the 299 million dirhams contract for work on the Akoya Oxygen project, a vast development that is also home to an 18-hole championship golf course designed by Tiger Woods.
Work is set to start immediately with construction completed within 16 months.


Iraq’s southern oil exports hold near record in January

Updated 21 January 2019
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Iraq’s southern oil exports hold near record in January

  • Southern exports so far in 2019 close to 3.6 mbpd — tracker
  • OPEC-led oil supply cut deal started in January

LONDON: Oil exports from southern Iraq are holding close to a record high so far in 2019, according to shipping data and an industry source, which could raise questions over whether OPEC’s second-largest producer is following through on a deal to cut output.
Southern Iraqi exports in the first 21 days of January averaged close to 3.6 million barrels per day, according to tanker data on Refinitiv Eikon and separate tracking by an industry source. That’s close to December’s 3.63 million bpd — a monthly record.
The figures suggest there is little sign yet of lower supplies from Iraq, despite a deal by the Organization of the Petroleum Exporting Countries and allies to reduce output by 1.2 million bpd as of Jan. 1 to support the market.
“So far, no cuts,” the industry source said on Monday of Iraq’s export rate.
The south is the main outlet for Iraq’s crude. An Iraqi official, the director of Iraq’s Basra Oil Company, on Jan. 11 gave similar figures for January exports to those suggested by the tanker data and source.
Iraq, which has been expanding its oil export capacity, was reluctant to join a previous OPEC-led supply cut effort which began in 2017 and was at times OPEC’s least compliant member with the initiative.
To be sure, the OPEC-led deal applies to production, not exports. It is possible that Iraq could have cut production and maintained exports from crude held in storage, or reduced supply to domestic refineries.
Nonetheless, oil traders and analysts will be looking at exports to gauge whether the deal is lowering supply to the global market. So far, Iraq’s shipments abroad from the north haven’t declined significantly either.
Iraq’s northern exports appear to have held steady in January at about 400,000 bpd, according to tanker data compiled by Reuters and the industry source. That is still far below levels of more than 500,000 bpd in some months of 2017.
Baghdad says it will stick to the accord. Oil Minister Thamer Ghadhban said on Jan. 4 Iraq would keep production at the level of its OPEC target in the first half of 2019.
Under the deal, Iraq agreed to cut production by 141,000 bpd to 4.512 million bpd as of Jan. 1.