This time it’s AED142 mn work in Saudi’s Jubail
DUBAI/November 8-2020: Target Engineering Construction Company, the wholly owned subsidiary of the embattled construction major, Arabtec Holding, has bagged yet another contract worth SR145 million (AED142 million).
The latest contract is a 14-month sub-contract from Shandong Tiejun Electric Power Engineering Company Ltd for the construction of offshore marine works in JUBAIL 3A Independent Water Project located at Jubail city in the Kingdom of Saudi Arabia.
Arabtec under liquidation
Though the holding company, Arabtec, is under liquidation, its well-known subsidiary Target is said to enjoy good reputation in the market so as to bag work contracts even in a slow market like the present one.
In September, Target Engineering Construction Company, has won an approximately $110m (AED 403.76 million), 20-month contract from Abu Dhabi Company for Onshore Petroleum Operations LTD (ADNOC ONSHORE).
The work was for ‘detail engineering, procurement and construction’ of the crude receiving facilities at Jebel Dhanna Terminal (JDT) in Abu Dhabi, UAE to import Upper Zakum and Non-System Crude and transfer it to the Ruwais Refinery West (RRW).
The large accumulated losses, amassed over the quarters, had landed Arabtec Holding, one of region’s largest and most reputed construction companies, in trouble and the shareholders’ meeting on September 30 decided to liquidate the company.
Though Arabtec is currently going through liquidation process, Target is likely to be in the market as long as it can win construction contracts in the region.