A whooping $187 million contract has been won by Arabtec, the UAE's biggest contractor by market value, from Ishraqah, a Saudi-owned developer, under which Arabtec will construct a three-tower commercial and retail project in Dubai.

The Onyx Towers project, which is situated on Shaikh Zayed Road, next to Emaar Business Park in Dubai, is a multi-purpose free-hold development.

It will be on a 22,000 sq m plot where the project will be built, with a total built-up area of 202,800 sq m.

A leading brokerage said: "The new contract increases Arabtec's exposure to Dubai's once-booming property sector to 9.1 billion dirhams ($2.48 billion), which represents
32.4 percent of the firm's total outstanding backlog of 28 billion dirhams, Al Mal Capital."

In the month of March, a Saudi wing, Arabtec Saudi Arabia, was initiated by Arabtec, with the aim of tapping the kingdom's booming construction sector and is seeking opportunities in North Africa, to weather a downturn at home.

While considering an improving liquidity situation in the first half of 2009, Al Mal expressed, "While we maintain our near-term negative view of the UAE construction sector and a recovery is not expected before the first half of 2010, we retain our favorable view of Arabtec given its geographically diversified portfolio."