Australia’s CIMIC expects to take $1.8bn hit on Middle East exit – The National

Australia’s CIMIC expects to take $1.8bn hit on Middle East exit – The National

Company bought a 45% stake in company, formerly known as Habtoor Leighton Group, for A$870m in 2007. Australian contracting group Cimic is exiting the Middle East, a move which it says, could result in an A$1.8 billion (Dh4.5bn) hit to its bottom line.. The company, formerly known as Leighton Contracting, owned a minority stake in BIC Contracting, formerly known as Habtoor Leighton Group, since 2007, but is now in talks with a "shortlist of potential acquirers for all or part of BICC", the company said in a statement to the Australian stock exchange, where its share trade.. The company was involved in a number of flagship projects around the region, including the construction of Dubai's Jumeirah Beach Hotel, work on both Abu Dhabi and Dubai's international Airports and the building of Abu Dhabi Islamic Bank's headquarters.. It is currently working on the construction of residences at Dubai's Al Habtoor City.. The subsequent slump in the UAE property market led to the company extending millions of dollars of loans and injecting further equity into the business.. "CIMIC has reassessed its financial exposure to BICC, mainly shareholder loans and financial guarantees.. Cimic Group is majority-owned by Germany's Hochtief, which is owned by