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Arabtec flies high on commitment for Gazprom tower in Russia

: Monday, April 21 - 2014 @ 18:05

A buoyant Dubai bourse saw its Dubai Financial Market General Index (DFMGI) gaining 1.70 per cent to close at 4,843.35 points on Monday, April 21. Arabtec jumped by 9.47 per cent to AED7.23. Earlier in the day, the Middle East region’s first construction firm said it will complete the construction of the Gazprom tower in St. Petersburg, Russia, which is poised to be the highest tower in Europe. In a filing to the DFM, Arabtec said recent media speculations that it had cancelled the project due to the political events in the Ukraine were “baseless”. An Arabtec spokesperson said in the filing: “The project is well on its way as per the schedule agreed upon with Gazprom.” The biggest gas firm in the Russian federation, whose shares a listed on the Moscow stock exchange, awarded Arabtec on October 2012 the right to build the 462-metre tall Gazprom tower in St. Petersburg. The project has a value of AED453 million ($123.3 million).


Gérard Al-Fil

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Monday, April 21- 2014 @ 18:05 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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