Avax lands stake in Qatari stadium building consortium

TAGS: Business

Greek construction company Avax is eyeing a share of the large pie of projects in the Middle East, so it has bought out three subsidiaries of its defunct parent company J&P Overseas, so as to ensure its presence in the Arabian Gulf.

Avax won the international tender to acquire 100 percent of Conspel Construction Specialist Limited and 49 percent of J&P Qatar WLL and of Abu Dhabi J&P LLC, which exclusively concern the Qatari market.

With these acquisitions Avax obtains a 24 percent stake in the consortium constructing the Qatar Foundation Stadium, budgeted at 575 million euros, ahead of the 2022 soccer World Cup in the Arab emirate.