UK Company Strikes Oil With Construction Tenders

6 September 2007 (Last Updated September 6th, 2007 10:59)

UK construction firm Carillion has been given access to £470m worth of projects due to be completed in the Middle East, where construction is booming thanks to high oil prices. Carillion has also secured framework agreements for a further £5.3bn of work under a joint venture business it

UK construction firm Carillion has been given access to £470m worth of projects due to be completed in the Middle East, where construction is booming thanks to high oil prices.

Carillion has also secured framework agreements for a further £5.3bn of work under a joint venture business it has in the Middle East - Al Futtaim-Carillion - of which the company owns a 49% stake.

The company has been named the preferred bidder for contracts valued up to £192m with a potential value to the company of £2.6bn over seven years.

These include deals in Egypt, where Al Futtaim-Carillion is the preferred bidder for the first phase of construction of the Cairo Festival City project and in Dubai, where the firm will undertake additional construction at Festival City, alone worth £3.5bn in six years.

Reported by staff writer