April 30, 2014 / 9:47 AM / 4 years ago

Dubai's Arabtec to carry out multiple acquisitions by 2018 - CEO

DUBAI, April 30 (Reuters) - Dubai’s largest listed builder Arabtec, which is on an aggressive expansion drive, will carry out multiple acquisitions and mergers by 2018, the chief executive of the company said at the annual shareholders’ meeting on Wednesday.

In a presentation on his 2018 vision for Arabtec, Chief Executive Hasan Ismaik said the company would “carry out multiple acquisitions and mergers with attractive value to Arabtec in sectors with high profit margins.”

The contractor, in which Abu Dhabi state fund Aabar is a key stakeholder, has won a series of contracts in the region recently including high-profile projects such as the development of Abu Dhabi’s main airport and building of a Louvre museum and a contract to build 1 million homes in Egypt.

Analysts polled by Reuters expect the company to nearly double its first quarter net profit year-on-year. (Reporting by Stanley Carvalho; Writing by Praveen Menon; Editing by Olzhas Auyezov)

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