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Construction firm Arabtec, which is partly owned by Abu Dhabi state fund Aabar, has launched a joint venture with South Korea's Samsung Engineering that will focus on large energy and power related projects in the region
According to Reuters, each company will own 40 per cent of the new Arabtec-Samsung Engineering venture and the remaining 20 per cent will be owned by Tasameem Property Investment.
Arabtec and Samsung first agreed on the venture in April 2013, with an aim to bid for projects in the oil and gas, power and infrastructure sectors in the Middle East and North Africa, for contracts worth US$3bn to US$10bn.