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July 6, 2021

Abu Dhabi Airports cancels $2.94bn AUH terminal deal

Abu Dhabi Airports has contracted Trojan for the remaining construction work of the airport terminal after the operator reportedly cancelled a previous deal.

The state-owned operator of Abu Dhabi International Airport (AUH) has reportedly cancelled a $2.94bn (AED10.8bn) contract that involved building the main terminal at the airport.

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AUH-operator Abu Dhabi Airports junked a previously agreed deal with a consortium after the project costs exceeded the budget, Reuters reported quoting sources familiar with the matter.

In 2012, a consortium comprising local company Arabtec, Turkey’s TAV Insaat and Greek firm Consolidated Contractors Company (CCC) secured the contract to build the Midfield Terminal Building at AUH.

Initially, the terminal was scheduled to open in 2017 but since then suffered several delays. Another source told the news agency that Abu Dhabi Airports has contracted local firm Trojan to complete the remaining construction works.

However, Abu Dhabi Airports did not confirm the development.

The new 700,000m² Midfield Terminal Building was conceived to support the growth of the national carrier Etihad Airways.

To be situated between the AUH’s two runways, the terminal will feature passenger and cargo facilities, duty-free shops, restaurants and a transit hotel.

According to Abu Dhabi Airports website, the terminal will also help in increasing the airport’s overall capacity to 45 million passengers a year.

AUH is the second largest airport in the United Arab Emirates (UAE). More than 30 airlines offer services with flights to more than 100 destinations in more than 50 countries from the airport.

Abu Dhabi Airports is operating AUH since 2006.

Earlier this year, the operator completed the development of a solar-powered car park at the airport.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
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by GlobalData
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