Arabtec's shares rose 1.6% in the early morning trading on Sunday following the announcement. Arabtec will also set up an investment firm, Arabtec Capital, to provide financial services both to other Arabtec units and outside companies. Arabtec has been expanding aggressively since the arrival of a new chief executive, Hasan Abdullah Ismaik, early last year. He was backed by Arabtec's biggest shareholder, Abu Dhabi's Aabar. The fund has a 22% stake in Arabtec and last week signed a $6bn contract with the firm. Arabtec has also won a series of other contracts in Abu Dhabi, including high-profile projects such as development of Abu Dhabi's main airport and the Louvre museum there, since Aabar began building a major stake in the firm in 2012. Expanding abroad, Arabtec secured a $1.55bn contract to build a resort in the Aqaba area of southern Jordan last month.