Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Arab Emirates
  4. Dubai Financial Market
  5. Arabtec Holding PJSC
  6. News
  7. Summary
    ARTC   AEA001501013

ARABTEC HOLDING PJSC

(ARTC)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancials 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Arabtec : Abu Dhabi cancels $3 bln airport terminal contract, sources say

07/05/2021 | 07:11am EST
FILE PHOTO: Visitors tour the construction site of the midfield terminal of Abu Dhabi International Airport in Abu Dhabi

DUBAI, July 5 (Reuters) - Abu Dhabi's state-owned airport operator has canceled a contract with a consortium which was building a 10.8 billion dirham terminal at the emirate's main airport, four sources familiar with the matter told Reuters.

The group, which comprises United Arab Emirates-based Arabtec, Turkey's TAV Insaat and Athens-based Consolidated Contractors Company (CCC), were awarded the contract in 2012 to build the Midfield Terminal Building at Abu Dhabi International Airport.

One of the sources said state-owned Abu Dhabi Airports canceled the contract after the group over ran project costs.

Abu Dhabi Airports and TAV Insaat declined comment. Arabtec, which filed for liquidation in January, and CCC representatives could not be reached for comment.

The terminal, which is still under construction and was once scheduled to open in 2017, has been plagued by years of delays. Abu Dhabi Airports in 2019 said that construction of the new terminal was 97.6% complete.

Two sources said Abu Dhabi-headquartered Trojan had been awarded the contract to finish the terminal's construction.

Trojan did not respond to a request for comment.

The new 700,000 square meter terminal was supposed to support the growth of Abu Dhabi's Etihad Airways. When the project was launched, the state-owned airline was seeking to build a major transit hub in the UAE capital, but it has restructured and scaled back its ambitions since then.

The contract cancellation also comes amid a deep pandemic-driven recession in the travel industry that is forecast to take years to recover.

($1 = 3.6726 UAE dirham) (Reporting by Alexander Cornwell, Davide Barbuscia, Hadeel Al Sayegh in Dubai, Ceyda Caglayan in Istanbul; Editing by Edmund Blair)


ę Reuters 2021
All news about ARABTEC HOLDING PJSC
07/05ARABTEC : Abu Dhabi cancels $3 bln airport terminal contract, sources say
RE
06/15HUSSAIN SAJWANI : Analysis-DAMAC delisting plan piles pressure on shrinking Dubai market
RE
02/04Arabtec Holding Pjsc Announces Executive Changes
CI
2020Dubai-listed arabtec, facing liquidation, asks banks for three-month debt standstill fo..
RE
2020Dubai's Arabtec asks banks for debt standstill for subsidiary, sources say
RE
2020ARABTEC HOLDING PJSC(DFM : ARTC) dropped from S&P Global BMI Index
CI
2020Arabtec collapse shakes foundations of Gulf construction business
RE
2020ARABTEC : Dubai builder of world's tallest building to be liquidated
AQ
2020Creditors take action against UAE's Al Jaber in decade-long saga
RE
2020Arabtec Holding Pjsc Reports Earnings Results for the Half Year Ended June 30, 2020
CI
More news
Analyst Recommendations on ARABTEC HOLDING PJSC
More recommendations
Financials
Sales 2019 7 786 M 2 120 M 2 120 M
Net income 2019 -774 M -211 M -211 M
Net Debt 2019 1 081 M 294 M 294 M
P/E ratio 2019 -2,50x
Yield 2019 -
Capitalization 795 M 216 M 216 M
EV / Sales 2018 0,37x
EV / Sales 2019 0,39x
Nbr of Employees -
Free-Float 55,2%
Chart ARABTEC HOLDING PJSC
Duration : Period :
Arabtec Holding PJSC Technical Analysis Chart | ARTC | AEA001501013 | MarketScreener
Income Statement Evolution
Managers and Directors
Najeh Awad Chief Financial Officer
Waleed Ahmed Salem Al-Muhairi Chairman
Ghannam Butti Al-Mazrouei Independent Director
Tareq Ahmed Al-Masaood Al-Mehairbi Independent Director
Khaleefa Ali Mohammad Al-Qamzi Independent Director
Sector and Competitors