4 February 2014
Arabtec Holding has announced plans to open an office in the Iraqi capital Bagdad to capitalise on projected growth in the country’s oil and gas sector.
The UAE-based construction firm said it expects Iraq to become its most lucrative construction market.
It wants the expansion into Iraq to pave the way for its joint venture with Samsung Engineering, announced in September last year, in targeting major energy-related projects in the MENA region.
UAE-based Arabtec will open an office in Iraq to capitalise on the country’s oil and gas sector (Wikimedia Commons)
Another joint venture with GS Engineering and Construction has also been reported.
Managing director and CEO of Arabtec, Hasan Abdullah Ismaik, said: "Launching our business in Iraq follows our recent expansion into the Balkan States, and achieves yet another significant step in our growth strategy."
Mr Ismaik added: "We are already in talks with the Iraqi Government over a number of mega projects. These talks are at an advanced stage and we hope to announce the results in the very near future."