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.


Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018
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Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.