Arabtec subsidiary Target wins two $871,222 deals

Target Engineering has been awarded two new contracts, it has been revealed.

The company is a wholly-owned subsidiary of UAE-based Arabtec Holding.

In a filing to Dubai Financial Market, Arabtec revealed that Target's contract wins have a combined value of $871,222 (AED3.2m).

Names of the contracts' clients or projects were not revealed in the listing.

This July, Target announced it has won four contracts worth a combined $78.7m (AED289m) in the UAE.

Three of the projects are located in Abu Dhabi, and one is situated in Dubai’s Business Bay area.

Target’s Abu Dhabi contract awards include a cofferdam removal and revetment construction project in the Western Region; the fabrication and installation of duplex stainless steel process tanks in Taweelah; and engineering, procurement, and construction (EPC) works for the upgradation and replacement of a substation on Das Island.

The Business Bay deal relates to an “award-winning high-rise development”, according to a missive issued by Arabtec Holding to Dubai Financial Market.

Earlier this month, Arabtec announced $1.14bn (AED4.2bn) in revenues for the first half of this year, a 2% year-on-year (YoY) rise over H1 2016's revenue of $1.11bn (AED4.1bn).

Net profit attributable to Arabtec's parent company for H1 2017 stands at $15.5m (AED57m), compared to a net loss of $63.4m (AED233m) in H1 2016.