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  • 04-05-10

    Dubai- Damac awards $136m contract to Arabtec

    (MENAFN) Bloomberg reported that construction firm Arabtec has been awarded a $136.1 million contract to build a residential tower in Dubai. The contract was awarded by Damac Properties and was signed earlier this week, Arabtec said in a statement. The Dubai-listed contractor previously worked with Damac on its flagship Ocean Heights project, also in Dubai. Arabtec and Abu-Dhabi-based Aabar recently called off a $1.7 billion agreement for Aabar to take over Arabtec. The two firms did not disclose any reason for canceling the deal.

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