After Doubling Backlog, Arabtec Looks to Manage Growth - Middle East Real Time - WSJ

After Doubling Backlog, Arabtec Looks to Manage Growth - Middle East Real Time - WSJ:



"A week after winning a $6.1 billion contract to build 37 towers in the United Arab Emirates, the Dubai-listed Arabtec is setting up five new subsidiaries, an apparent move to better manage the sudden growth.



The contract awarded last week by the Abu Dhabi-based Aabar Properties represented a leap ahead for Arabtec, which was founded in 1975. The deal came with the promise of $20 billion in new construction contracts globally, setting the stage for even more growth. Aabar Investments, the parent of Aabar Properties, is a major shareholder in Arabtec.



Arabtec said Sunday that its board approved the establishment of five units that will invest both inside and outside the U.A.E. and focus on airports, power plants, water projects and other infrastructure. One unit will be focused on Egypt, while another, called Arabtec Capital, will provide financial services to Arabtec divisions and other companies."



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