Carillion JVs win new contracts worth US$ 196 million
By Richard High08 October 2008
UK-based Carillion's joint venture (JV) businesses in the Middle East have won three new contracts worth about UK£ 205 million (US$ 355 million), of which Carillion's share of the revenues generated will be some UK£ 113 million (US$ 196 million).
In Dubai, Al Futtaim Carillion (AFC) secured a UK£ 125 million (US$ 217 million) contract to build two residential towers with podium and underground car parking, together with associated retail facilities, for Emaar Properties at its Burj Dubai development.
Al Futtaim Carillion has also been awarded a UK£ 60 million (US$ 104 million) contract by Al Futtaim Group Real Estate for the first phase of the Al Badia Business Park at Dubai Festival City.
In Oman, Carillion Alawi has secured a UK£ 20 million (US$ 35 million) contract to build the next phase of infrastructure facilities for the Asian Beach Games for the Oman Tourism Development Company.
Commenting on the wins, Carillion CEO John McDonough, said, "We are delighted with the progress our joint venture businesses are making in the Middle East, where we continue to have an excellent order book and pipeline of opportunities to negotiate high-quality orders with long-term key customers.
"These latest contracts keep us firmly on track to achieve our objective of doubling Carillion's share of its joint venture revenues to over UK£ 600 million (US$ 1,04 billion) by the end of 2009, at a margin of some 6%."