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Kuwait’s Combined Group inks $11.2m deal in Abu Dhabi

Kuwait’s Combined Group inks $11.2m deal in Abu Dhabi
(Photo Credit: Arabianeye-Reuters)
CGC
CGC
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Kuwait – Mubasher: Combined Group Contracting (CGC) on Sunday announced that its arm in Abu Dhabi, the UAE, signed a deal with the emirate’s municipality.

Under the agreement worth AED 41.84 million (KWD 3.43 million or $11.24 million), CGC’s subsidiary will execute internal roads and infrastructure works as part of the fourth stage of New Al Falah region for the Abu Dhabi City Municipality, the company said in a bourse filing.

The eleven-month deal will result in a profit margin of 6% of the total value of the project by the end of the first year, the Kuwaiti company added.

Earlier in March, CGC had said it was awarded a five-year tender worth KWD 72.94 million ($238.14 million) by Kuwait Oil Company (KOC).