Arab Today, arab today arabtec tav near 3b adac contract
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Arabtec, TAV near $3b ADAC contract

Arab Today, arab today

Arab Today, arab today Arabtec, TAV near $3b ADAC contract

Dubai - Arabstoday

An Arabtec Holding consortium that includes Greek and Turkish firms is on the cusp of securing an estimated $3 billion contract for the expansion of Abu Dhabi’s international airport, four industry sources told Reuters. The group, which includes Turkey’s TAV Insaat and Athens-based Consolidated Contractors Company (CCC), have pipped three rival consortia for the lucrative contract to build a midfield terminal building. An Abu Dhabi-based source aware of the deal said the TAV-Arabtec group had been chosen but that final details still needed to be hammered out. Meanwhile, a source in the consortium said the group “had gotten positive signals but no official information had been sent.” “They have the lowest bid ... it’s likely they will win it,” said a third source, who was involved in the bidding process, speaking on condition of anonymity. TAV declined to comment. Arabtec and CCC officials in the United Arab Emirates were not immediately available for comment. An Abu Dhabi International Airport Company (ADAC) spokesman said an announcement would be made only once the tender is finalised. Shares of Arabtec, in which Abu Dhabi-owned investment fund Aabar owns a 10.45 per cent stake, reversed earlier losses and jumped 2.2 per cent at 0858 GMT. The stock has risen 114 per cent this year, driven by the fund’s interest in the UAE’s biggest builder by market value. Abu Dhabi Airports Company (ADAC) had short-listed four groups in February for the general construction contract.

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