UAE's Arabtec says wins 1.7 bln dhs gov't contract

March 20, 2016 10:44 AM

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DUBAI, March 20 Dubai-listed Arabtec has won a 1.7 billion dirhams ($462.85 million) contract from the UAE federal government to build 1,100 houses in the eastern emirate of Fujairah, the company said on Sunday.

Arabtec, 36-percent owned by Abu Dhabi state fund Aabar Investments, said construction would begin immediately and is expected to take about 2-1/2 years, according to a bourse statement.

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