30 May 2013
An Arabtec Holding subsidiary has won a $108-million contract to build a six-storey hospital and two medical centres in the Saudi capital, Riyadh.
Arabtec Terna, the joint venture that built Dubai’s Palm Island, signed the deal for the Aldara Hospital and Medical Centre, a 107,000-sq-m facility scheduled to finish in early 2015, the company said in a statement.
The JV, owned 60:40 by Dubai-based Arabtec and Greece’s Terna, said it wants to expand in the Gulf region.
Riyadh, Saudi Arabia
Shareholders last month approved a $1.8-billion capital increase program to fund Arabtec’s further expansion.
"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," said Arabtec Holding CEO Hasan Abdullah Ismaik.