Arabtec Construction, a subsidiary of Arabtec Holding, has formed a joint venture with two Saudi partners to establish Arabtec Saudi Arabia.
The Saudi participants are CPC Services, a member of the Saudi bin Laden Group, and Prime International Group Services. Arabtec will have a 45% stake in the partnership, while CPC will hold 35% and Prime 20%.
'The aim of Arabtec Saudi Arabia is to play a key role in the ongoing growth of the Saudi construction and infrastructure market,' said Riad Kamal, the chief executive of Arabtec Holding.
He added that the company’s first project, which has been secured by CPC, would be in Riyadh.