Arabtec Holding announced that its joint venture between Arabtec Saudi Arabia and Greece’s Terna has been awarded a SR 404 million contract by Aldara Medical Corporation to build Aldara Hospital and Medical Center, a 105-bed hospital in Riyadh.
Arabtec, which has a strong track record of complex construction projects, is implementing a strategy to diversify across the GCC region and expand into specialized, high-margin areas of construction. The company has a 60 percent stake in the Arabtec-Terna joint venture.
The hospital is being constructed on a built-up area of 107,000 square meters. It will consist of six floors and include two medical centers.
"Saudi Arabia is rapidly developing its social and physical infrastructure, and we believe there is a strong opportunity for Arabtec to participate in construction projects in the Kingdom such as hospitals, schools and transportation. This is another sign that the regional construction market is returning to health," said Arabtec Holding CEO Hasan Abdullah Ismaik.
Arabtec’s current backlog is valued at nearly AED 21 billion.
Arabtec’s operations in Saudi Arabia, where the company is building a 5,000-villa project, have been a key driver of revenue growth.
Construction work on the Aldara Hospital and Medical Center is expected to be completed in early 2015.
Arabtec is a UAE-based construction company specializing in complex projects, including high-rise commercial and residential development, infrastructure and oil and gas.
The company delivers demanding projects, ranging from iconic buildings such as the world’s tallest building, the Burj Khalifa in Dubai and Abu Dhabi landmark, the Emirates Palace Hotel, to technically challenging work on airports and oil and gas installations.
Arabtec’s strong track record and commitment to timely and cost-efficient delivery have contributed to rapid growth in recent years and a reputation for quality that has often translated into a market-led pricing premium for completed projects.
The company is currently working on some of the most prestigious projects in the Middle East, such as the Louvre Abu Dhabi and a regeneration project in the center of the Qatari capital, Doha, and is also expanding into other regions.