ECONOMY

Ellaktor awarded 97 mln euro Doha contract

Construction group Ellaktor will participate in a joint venture awarded the building of a 97 million euro project in Doha, giving the company its second contract in Qatar in the last few months.

Ellaktor said that it will hold a 50 percent holding in the joint venture with construction company Redco that will build a 33 floor building to accommodate the headquarters of the International Bank of Qatar.

The project is expected to be completed in 27 months, it added in a bourse filing.

Despite the small size of the project for Ellaktor, which has an order backlog of some 2.8 billion euros, the deal is positive for the Athens based company, EFG Eurobank Securities said in a morning note.

In February, Ellaktor said that the ADCC group of companies, in which it has a 40 percent stake, was declared the winner of a 68-million-euro airport maintenance contract in Doha.