File - A general view of Burj Khalifa the world's tallest tower, and Dubai mall April 12, 2013. (Reuters/Ahmed Jadallah)
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Dubai construction firm Arabtec clinched a $6.1 billion contract Sunday, its biggest ever by value, as its relationship with Abu Dhabi state fund Aabar, a key shareholder, promised to make the firm one of the region's top builders.Arabtec said it had signed a memo of understanding to build 37 mixed-use, residential and hotel towers for Aabar in Abu Dhabi and Dubai. The fortunes of Arabtec, already a major player in the region with a workforce of about 63,000 people, may be transformed by its relationship with Aabar, which is Arabtec's largest shareholder with a 22 percent stake.The new $6.1 billion contract dwarfs Arabtec's 2012 revenues of $1.5 billion. In addition, Aabar said Sunday that it would assign all future construction work in its $20 billion real estate portfolio around the world to the Dubai firm.
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