WCT joint ventures for RM486m Dubai project
KUALA LUMPUR: WCT Engineering Bhd has teamed up with Arabtec Engineering Services LLC to undertake the Dubai World Central International Airport’s storm-water drainage and sewerage contract worth RM486mil.
In a statement to Bursa Malaysia yesterday, WCT said the 50:50 joint venture would supply and install the underground utilities for the airport.
“The works include networks for storm-water, sewerage and irrigation, pumping stations, irrigation storage tanks and retention ponds,” it said.
WCT said it would finance its share of the cost through internal funds and bank borrowings.
The firm said the contract would not have any effect on its issued and paid-up share capital but was expected to contribute positively to the group’s earnings and net assets for the financial years ending Dec 31, 2007 and 2008.
“The contract is expected to further enhance its reputation and presence in the Gulf region, especially as it moved towards the United Arab Emirates’ civil works and infrastructure projects,” it said. – Bernama
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