Commenting on the results, Riad Kamal, CEO of Arabtec Holding said, "The revenues and profits for the first quarter of 2009 are very satisfactory considering the difficult times that the real estate and construction sectors are experiencing in the UAE and are in line with our expectations for this period."
"The UAE construction sector has been going through a major correction phase since the last quarter of 2008 and the results that were achieved are attributed to the positive steps taken by the management of the company in relation to reducing costs and improving productivity and efficiency and to our continuous geographic expansion strategy and business consolidation," he said.
"We hope to deliver good results for the rest of this year also". He added "Our expansion in Saudi Arabia will compensate for the slowdown in the UAE market, which we hope will recover in the near future. We are seeking to establish successful operations in new geographic markets in the Middle East and North Africa in the very near future."
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Arabtec Holding achieves consolidated profits of Dhs161m
- United Arab Emirates: Monday, April 20 - 2009 at 14:14
- PRESS RELEASE
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Arabtec Holding PJSC has achieved consolidated profits of Dhs161m and consolidated revenues of Dhs1,875bn for the first quarter of 2009 in line with its forecast for 2009.
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Posted by Rana MesbahMonday, April 20 - 2009 at 14:14 UAE local time (GMT+4)
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About Arabtec:
Arabtec Holding PJSC, formerly known as Arab Technical Construction Company PJSC, is a Public Joint Stock Limited Liability Company formed in 2004 to invest in the contracting sector through establishing, acquiring and owning shares in construction related companies in the UAE and abroad. Arabtec Construction LLC, Austrian Arabian Ready Mix Concrete Co. LLC and Arabtec Pre-cast LLC are wholly owned subsidiaries of Arabtec. Arabtec Construction Company LLC, the company behind the world renowned and iconic Burj Dubai are widely recognised as one of the top construction companies in the UAE.
Arabtec Holdings was formed to invest in the construction sector with a view to benefit from the unprecedented construction boom that is expected to continue over the next few years. The company relies on a highly motivated management team with vast experience in the contracting sector. Mr Riad Kamal, a founding shareholder, has overseen the development of several construction projects in Dubai and Abu Dhabi since 1975, many of which are considered landmarks in the UAE and soon to be recognised worldwide. Some of these buildings and landmarks include the Jumeirah Beach Residences, Al Mazaya Sky Gardens, Emirates Hills Developments as well as DIFC Gate Village.
For further information, please contact:
Mustafa Al Khafaf
Project Manager
SAHARA Communications
PO Box: 73310 Dubai - UAE
Tel: +971 4 3298996
Fax: +971 4 3298995
Arabtec Holding PJSC, formerly known as Arab Technical Construction Company PJSC, is a Public Joint Stock Limited Liability Company formed in 2004 to invest in the contracting sector through establishing, acquiring and owning shares in construction related companies in the UAE and abroad. Arabtec Construction LLC, Austrian Arabian Ready Mix Concrete Co. LLC and Arabtec Pre-cast LLC are wholly owned subsidiaries of Arabtec. Arabtec Construction Company LLC, the company behind the world renowned and iconic Burj Dubai are widely recognised as one of the top construction companies in the UAE.
Arabtec Holdings was formed to invest in the construction sector with a view to benefit from the unprecedented construction boom that is expected to continue over the next few years. The company relies on a highly motivated management team with vast experience in the contracting sector. Mr Riad Kamal, a founding shareholder, has overseen the development of several construction projects in Dubai and Abu Dhabi since 1975, many of which are considered landmarks in the UAE and soon to be recognised worldwide. Some of these buildings and landmarks include the Jumeirah Beach Residences, Al Mazaya Sky Gardens, Emirates Hills Developments as well as DIFC Gate Village.
For further information, please contact:
Mustafa Al Khafaf
Project Manager
SAHARA Communications
PO Box: 73310 Dubai - UAE
Tel: +971 4 3298996
Fax: +971 4 3298995
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