Thursday, May 17, 2012
Construction Tech lands Iraq deals totaling over $47 million, includes the new Central Bank of Iraq ...
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Thursday, May 17, 2012
Construction Tech bags Iraq deals totaling over $47 million
Construction Tech has bagged two significant deals in Iraq totaling over $47 million as it firms up its presence in the country across reconstruction and redevelopment activities.
The deals include a prestigious $45 million deal for the revamp of the Central Bank of Iraq and a $2.15 million partnership with Royal Dutch Shell to support developing its main office in Burjisia, Basra, a statement from the company said.
Under the terms of the contract, Construction Tech is mandated to undertake extensive reconstruction of the exteriors of the Central Bank of Iraq, elevator overhauling and updating of the apex bank’s IT systems.
Under the agreement with Shell, the company will supply and erect the main office building of the global oil major across an array of construction-related works. The company’s main office will be the base for its operations in the Majnoon oil field.
Ghaleb Kamel Jaber, vice chairman and partner of Tech Group, said: “Winning these contracts signifies the increasing presence of the UAE-based companies in the infrastructure development and maintenance activities in Iraq. For Tech Group, these projects will help us further firm up our presence in Iraq across various construction and redevelopment opportunities.”
The project contract for the bank was signed by Ghaleb Kamel Jaber with Iraqi authorities and the work on the project has already commenced at the site. “Our expertise in construction related activities with seven specialised companies in the field under our portfolio, we are poised to win more contracts in Iraq, with some of these upcoming projects already under advanced stages of negotiations,” he added.
The bank revamp project will be spearheaded by Construction Tech. Other companies in the group will support the renovation with its respective expertise. The companies include Elevators-Tech, MEP Tech and Wood Tech.
Ali Ghaleb Jaber, Group CEO, said: “We consider winning these two contracts in Iraq within a short span of time ever since we made our presence in that country a testimony to the capabilities of the group as a whole and specifically an endorsement to the expertise of Construction Tech.”
“We are now one of the major players in Iraq’s construction and infrastructure development activities with a line-up of significant projects under our portfolio. We are also present in the oil sector now with significant wins,” he said.
Tech Group set up its office in Iraq in 2009 and has been involved in a host of redevelopment projects across the country including piling works for the Sports City, bridges, water desalination plants and buildings in Basra and Baghdad.
“Tech Group has been able to stay on the growth trail in construction-related activities because of the obvious advantage it has with its portfolio of companies that have made a mark in the UAE and the region. As a group with companies that have expertise across sub-segments in the construction field, we offer our clients unparalleled synergy across activities,” Jaber added.
Construction Tech offers a range of pre-construction and construction services in the UAE and the region.
– TradeArabia News Service