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22/02/2016 05:35 AST
The Dubai construction company that helped build the city's record-breaking Burj Khalifa and many other buildings in the United Arab Emirates says it lost more than $600 million last year as building slows amid a slump in oil prices.
Arabtec Holding's preliminary results released Sunday show a loss of 2.3 billion dirhams ($626.7 million) in 2015. That compares with a profit of 215 million dirhams a year earlier. Sales fell 12 percent to 7.3 billion dirhams.
Arabtec says results were hurt by "the continuing difficult environment ... and the challenging economic backdrop," as well as several "poorly performing projects."
Backed by Abu Dhabi's state-run Aabar Investments, the company has cut costs following the abrupt departure of its then-CEO in 2014. It says it plans further cuts this year.
Arab News
08/03/2018
Arabtec Holding, a leading contractor for social and economic infrastructure, said that its wholly owned subsidiary Arabtec Construction has been awarded a Dh424 -million ($115.4 million) contract fr
Trade Arabia
14/02/2018
Arabtec Holding PJSC, a leading contractor for social and economic infrastructure, today announced its 2017 preliminary unaudited financial results. The Group reported a net profit to parent of AED 1
Press Release
07/01/2018
Emirates Falcon Electromechanical Company (Efeco), a wholly owned unit of the UAE's biggest-listed contractor Arabtec Holding, has won a Dh250 million contract for an Emaar-led project in Dubai.
The National
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
Ticker | Price | Change |
---|---|---|
EMAAR | 5.61 | -0.03 (-0.54 |
EMAARMALLS | 2.16 | 0.00 (0.00 |
EMAARDEV | 5.33 | 0.03 (0.56 |
DAMAC | 3.01 | -0.01 (-0.34 |
UPP | 0.88 | -0.01 (-1.13 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News