Arabtec subsidiary wins $38.7m Saudi deal despite parent company’s liquidation plans

  • Date: 08-Nov-2020
  • Source: Arabian Business
  • Sector:Economy
  • Country:UAE
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Arabtec subsidiary wins $38.7m Saudi deal despite parent company’s liquidation plans

Target Engineering Construction Company awarded sub-contract for Jubail 3A Independent Water Project at Jubail city

Arabtec Holding, which is currently going through a process to liquidate the company, announced on Sunday that Target Engineering Construction Company, its wholly-owned subsidiary, has won a major contract in Saudi Arabia.

According to a release through Dubai Financial Market (DFM), Target has been awarded a 14-month sub-contract worth SAR145m ($38.7m) from Shandong Tiejun Electric Power Engineering Company Ltd, for the construction of offshore marine works in the Jubail 3A Independent Water Project at Jubail city in the kingdom.

Recent reports suggested Arabtec Holding had requested banks afford it a three-month standstill on debt repayments for Target, which specialises in oil and gas projects and marine work in the UAE, Qatar and Saudi Arabia.

Construction giant's board of directors