Arabtec forms venture with Samsung Engineering Co.
Arabtec had announced the launch of a joint venture prokect with Samsung Engineering Co. The construction firm which is partly owned by Aabar, the Abu Dhabi state fund, would be building large energy and power projects in the Gulf region with the South Korean engineering firm.
Each company would own 40% of the venture to be named as Arabtec-Samsung Engineering. The remaining 20% would be owned by Tasameem Property Investment. The said portioning of shares was confirmed through a statement submitted to the bourse last Tuesday.
The two companies initially agreed on the venture project last April with the venture participating in infrastructure, oil and gas as well as power contracts in both the Middle East and North Africa. The average project cost would be between USD3 billion and USD10 billion.
According to Arabtec CEO Hasan Abdullah Ismaik, "The new joint venture company is a powerful combinatiuon of construction expertise, decades of successful project management, strong engineering capability and an extensive regional network in government and business. The company will also contribute to the development of young Emiratis through the Center of Excellence, which will train and educate Emirati engineers of the future."
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