Mubasher: One of the subsidiaries of Combined Group Contracting Co. (CGC) in Abu Dhabi has signed a tender contract worth AED 295.8 million, equivalent to KWD 24.95 million ($81.2 million).

The deal involves developing a rainwater drainage network for Abu Dhabi's Al Reef residential area within 730 days, according to the a disclosure to Boursa Kuwait on Sunday.

The company referred that the tender's operational profits will be registered in the company's financial statements for the coming years.

It is noteworthy to mention that in 2019, the company's net profits plunged by 29.3% to KWD 3.6 million, compared with KWD 5.1 million a year earlier.