Arabtec UAE wins a Saudi contract

Arabtec Holding announced that its subsidiary Al Hadaf Engineering Construction Company has won a sub-contract worth 145 million riyals (142 million dirhams) in the Saudi city of Jubail.

The company said in a statement to the Financial Market yesterday that the 14-month contract from “Shandong Taejun Electric Power Engineering Ltd.” includes the construction of marine works in the Saudi city of Jubail 3A, which is an independent water project. On the other hand, two sources familiar with the matter said that the company had appointed Matthew Holland, a consultant at the state-owned investment company, Mubadala, as interim financial director to assist with the liquidation plans.

It owns Mubadala 34% in Arabtec. Arabtec shareholders voted in September in favor of liquidating the company due to the repercussions of the Coronavirus crisis.

The Board of Directors gave a two-month period to discuss the move with the main shareholders before addressing the judicial authorities.

These were the details of the news Arabtec UAE wins a Saudi contract for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Ireland trade minister: Saudi Arabia offers ‘extraordinary opportunity’ for Irish firms looking to invest
NEXT Larger declines in oil prices or extended OPEC+ cuts could weigh on Iraq’s fiscal account, IMF says