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Arabtec wins Dh453m contract to build Europe’s tallest office tower
Arabtec, UAE’s biggest construction company by market value, has signed a Dh453 million contract to build Europe’s tallest office tower in St. Petersburg.
The Dubai-based construction major inked the deal with from OAO Gazprom, or OGZD, to provide enabling works on what will become Europe’s tallest office building at 463 meter-high.
Arabtec said in a statement to the stock exchange that the headquarters of Russia’s natural-gas exporter and oil arm will be located in the 85-storey Gazprom Tower.
Gazprom plans to move its headquarters from Moscow to the St Petersburg development once it is completed. The latest is among a spate of new contracts the Dubai company had been signing as part of is expansion outside of Dubai in the aftermath of the 2008 property-market crash.
The builder, which derived all revenues from the GCC last year, said it expects to win more projects in Russia.
Arabtec’s Target Engineering Construction unit also won Dh270 million of contracts in Abu Dhabi and Qatar, the company said in a separate statement.
The $3 billion Gazprom Tower has drawn controversy ever since it was proposed in 2006, with UNESCO at one point claiming the development could ruin St Petersburg’s historic skyline and lead to its delisting from its list of world heritage sites.
Gazprom won final approval from the Russian government to build the tower in 2010 regardless of the public outcry.
In June, Arabtec won a contract valued at about $3 billion to build a terminal at Abu Dhabi Airport along with partners including TAV Insaat of Turkey. The second phase of the five-year project in Russia includes two more buildings and other facilities, Arabtec said on Monday.
Arabtec made a net loss of Dh11.6 million compared to a profit of Dh29 million in the second quarter compared to a year earlier as revenue increased to Dh1.3 billion from Dh1.2 billion.
Arabtec’s shares have surged 66 per cent this year on bets the builder will benefit from regional infrastructure spending, outpacing the 17 per cent advance in the benchmark Dubai Financial Market General Index.
Abu Dhabi government-controlled Aabar Investments PJSC raised its stake in Arabtec this year to 21.6 per cent, fueling bets it’s poised to win more contracts in Abu Dhabi.
Arabtec shares gained 0.4 per cent at 10:08 a.m. on Monday in Dubai after jumping 3.3 per cent on Sunday, giving the company a market value of Dh3.97 billion. — issacjohn@khaleejtimes.com
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