China State Construction Engineering Corp Ltd, one of China's largest project contractors, said on Wednesday it had bagged a construction project worth $2 billion in Abu Dhabi, capital of the United Arab Emirates.
The State-owned construction giant signed the contract alongside Abu Dhabi sovereign wealth fund AABAR Investments PJS and Industrial and Commercial Bank of China Ltd, which will act as owner and financial supporter of the project respectively.
AABAR, a subsidiary of Abu Dhabi-based International Petroleum Investment Company, will take its revenues generated from crude oil and finished oil trade to repay ICBC.
According to the contract, the project involves building 30 properties including five-star hotels, office buildings and high-end apartments.
Chinese project contractors have been expanding their overseas' profile in recent years. According to the annual report on foreign project contracting released by China International Contractors Association, China's offshore contracting industry will expand 5 to 10 percent this year.
"Governments, contractors and financial institutions in different countries should strengthen cooperation and introduce more financial products that project managers and contractors need, maintaining the sustainable development of the industry," Chen Jian, vice-minister of commerce said.
baochang@chinadaily.com.cn
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