UAE's Al Habtoor eyes Kuwait, Africa building deals

Dubai-based Al Habtoor Leighton Group is seeking building contracts in Kuwait and North Africa as it shifts away from relying on work in the United Arab Emirates, its managing director said on Wednesday. Construction companies have stepped up efforts to move into new markets as the real estate sector in Dubai experiences a slowdown that has led to scores of project cancellations and estimated price declines of 41 percent in the first quarter.

Al Habtoor, an affiliate of Australia's Leighton Holding, generates about 80 percent of its revenues from the UAE, particularly the capital Abu Dhabi, which has been less hit by a real estate downturn than neighbouring Dubai.

"We are actively looking for work in Kuwait and North Africa," David Savage told Reuters.