Analysts say Arabtec’s 2010 contracts worth nearly AED 7.5 billion

Analysts say Arabtec’s 2010 contracts worth nearly AED 7.5 billion

Abu Dhabi is the single largest site for Arabtec contracts this year.

June 22, 2010 9:18 by Katherine Azmeh

Arabtec Holding is expected to announce contracts worth more than AED 7 billion this year, according to estimates by Shuaa Capital, Emirates Business reported Tuesday.

Abu Dhabi is the site of the most contracts, followed by Qatar, Dubai, and the Levant. More than AED 3 billion in projects are located outside of Dubai, according to the report.

Shuaa estimates that the backlog of projects for Arabtec currently amounts to nearly AED 4 billion, with an additional 10 billion AED backlog in Russian projects excluded from Shuaa projections, due to uncertainty.

The report added that Arabtec’s biggest debtors include Nakheel, and Dubai properties. Revenue projections for the company were reduced by 27.7 percent this year, with expectations that revenues will approach AED 8.5 billion in 2011, climbing to AED 8.75 billion in 2012.