Arabtec Progresses Refinancing

Nov 21,2018

Dubai UAE – 21 November 2018: On 5 November 2018, Arabtec Holding PJSC (Arabtec or Group), a leading contractor for social and economic infrastructure, confirmed its refinancing process was underway. At the commencement of 2017, Arabtec embarked on its 3-phase Strategic Roadmap to stablise and prepare the business for growth. In June 2017, the Group achieved the first major milestone raising AED 1.5 billion through a Rights Issue. Delivering on its Strategic Roadmap, the Group has now achieved 7 consecutive quarters of profitability supported by positive cash from operating activities and a reduction in net debt.

One of the strategic objectives for 2018 has been to continue strengthening the Group’s balance sheet, including the refinancing of debt. Following the appointment of Moelis & Company as financial advisers, Arabtec is progressing the refinancing which simplifies the Group’s existing term debt and provides a sustainable platform and debt structure for growth aligned with the Group’s requirements. Mashreqbank is facilitating the refinancing.