Dubai-based contracting giant Arabtec Holding said on Tuesday that it is in talks with UBS to act as a financial advisor on a possible merger of its construction business with Trojan Holding.
Arabtec Holding recorded a net profit of AED58 million on revenue of AED4.2 billion for the first half of 2019.
It said this reduction was mainly attributed to a decrease in awards in the construction sector in H1 in addition to a number of legacy projects completing through 2019.
Arabtec added that its backlog remained strong at AED14 billion despite a decline in new awards during the first half of 2019.
Last month, Arabtec Holding appointed Wail Farsakh, a former Dutco Balfour Beatty executive as its new group chief operating officer.
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