On Sunday, Dubai contractor Arabtec expressed joy over winning a 710 million dirhams ($193.3 million) contract, under which it will construct an 80-storey tower in Dubai from Abu Dhabi-based developer Tasameem Real Estate.

Arabtec, the UAE's biggest contractor by market value told that the first stage of the project will have contract value, which would take 38 months to finish.

In the initial quarter of 2010, the Secretariat General of the Gulf Cooperation Council (GCC) will be floating a public tender for the GCC's proposed $25 billion regional railway network.

On Saturday, Mohammad Bin Obeid al Mazroui, the GCC assistant secretary general for economic affairs, explained that the project will involve not more than five companies. He added that the whole project would be undertaken by one company or many companies would work on the project in a partnership.

The Wolverhampton-based building and support services firm Carillion has said that it is looking for more opportunities in Middle East to report an adequate growth rate for the financial year. The company performed well in Abu Dhabi and Oman and that would offset the losses it has met in the crisis hit Dubai.

The firm reported a significant growth rate from its operations in the UK, the Middle East and Canada that helped to strengthen its balance sheet despite many challenges in the way in the wake of global financial crisis and economic uncertainties.

Britain's construction and engineering giant Balfour Beatty has delighted investors and economists by posting a strong performance report for the first half of the current fiscal year. The company also asserted that it is now confident about posting a successful report for the complete 2009 fiscal year. Profits have been reported by the firm in both its UK and US divisions.

Arabtec, leading Dubai-based construction company, has reported a dip of 35% in its third-quarter net profit.

The company has posted a net profit of Dh166.6 million ($45.36 million) in the reporting quarter.

In the comparable period of 2008, the construction company has registered a net profit of Dh255.35 million.

The sources informed that the company has ventured into new markets such as Russia as the downtrend has hit business at home.

Dubai-based WS Atkins and Partners Overseas, has informed that it has secured an architectural and infrastructure design contract from Bahrain-based developer, Durrat Khaleej Al Bahrain Company, for phase III of Durrat al Bahrain project, a 20 sq km reclaimed series of islands at the southern tip of the kingdom.

The scope of contract under phase III includes design and documentation of infrastructure works, landscaping and architectural engineering of the luxury villas plus facility buildings on the remaining four of the planned 13 islands.

Arabtec Holding PJSC, UAE's major construction conglomerate, has commenced foundation-test work in Russia on a Dh10 billion tower.

The sources informed that Arabtec has inked a Dh50 million agreement with Gazprom in order to execute foundation tests to construct the Okhta Center in St Petersburg.

The sources further informed that the agreement may be inked by the company in November, while a third is expected by year-end.