Dubai-based Arabtec Construction has established a new construction company in the kingdom in partnership with two local companies, CPC Services Company and Prime International Group Services.
The company, known as Arabtec Saudi Arabia, aims to capitalise on ongoing infrastructure and housing projects in the kingdom as the volume of construction work available in the UAE continues to fall.
According to Arabtec Construction chairman Riad Kamal the company aims to generate SR1.5bn ($408m) of turnover within one year and SR3-5bn within three years.
Arabtec will hold a 45 per cent stake in the company; CPC, which is part of the Saudi Binladin Group, will hold 35 per cent; and Prime International will hold 20 per cent.
Arabtec is one of the UAE’s largest contractors and is working on a number of high-profile real estate projects such as Burj Dubai (MEED 9:3:09).