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Arabtec’s Shares Hit after Reports from Russia

Dubai, UAE : 18 June 2010

Arabtec had bad news this week when its shares took a hammering on the markets after reports that work had been stopped, under Russian Presidential orders, on the Okhta Tower in St Petersburg.   

The project, a glass and steel tower which will sit in St Petersburg’s historic baroque centre, has an estimated value of $2.7billion.   It is one of Arabtec’s largest works in progress, but has been subject to huge controversy and is currently subject to a UNESCO bid to halt construction. 

Arabtec announced new construction projects this week in Abu Dhabi, through its subsidiary company Target Engineering Construction Company, as it continues to diversify into foreign markets.   The Abu Dhabi contracts, of an estimated value of Dh 747 million, are small fry compared to the Dh9.91bn value of the Okhta Tower project.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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